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28 Feb 2012

Colorado Debt Piles Up When Consumers Can't Save

Nearly half of all Americans aren't able to save up as much money as they should, often necessitating debt relief in Southern Colorado and elsewhere in the country.

This is according to a recent poll which found about 45 percent of people have less savings than credit card debt.  Southern Colorado debt relief attorneys know that the economy is inching toward improvement, but many people are so deep in debt that they find it nearly impossible to claw their way out.


This most recent survey, from, Bankrate.com analyzed the spending habits of more than 1,000 adults, and looked at how much people have been able to save. What they found is that just 54 percent of U.S. consumers have more savings in case of an emergency than they do credit card debt. If and when an unplanned event or emergency happens, half the people in the country will be in serious financial trouble.

What's more, about 16 percent don't have any savings.

These figures represent about a 2 percent improvement over last year - not much to celebrate.

This kind of financial insecurity is harmful to the economy overall, experts say, because when people aren't able to save, they aren't likely to spend on more than what they need day to day. If they do, they are risking their own financial future, as having money stored away for an emergency can be critical in helping you avoid finding yourself crushed by debt.

Meanwhile, another survey found that Americans are having a hard time saving for retirement. In fact, almost half the country isn't saving enough to allow for a decent standard of living once they are no longer able to work. That survey also found that a third of Americans don't have enough to cover an unexpected doctor's visit or car repair. On average as a country, we're saving less than we used to.

Stephen Brobeck, the executive director of America Saves, said what this all collectively illustrates is that the recession has ended for a large number of families, particularly those in the lower income brackets. Working families are still struggling with a sagging housing market, sky-high unemployment rates and incomes that have stayed stagnant.

An experienced Colorado debt relief attorney can help.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

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