Aug 9 - New study says 64% of Americans have less than $1,000 in the bank

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 6 years ago '10        #1
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Ciggavelli 35 heat pts35
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Aug 9 - New study says 64% of Americans have less than $1,000 in the bank
 

 
New study says 64% of Americans have less than $1,000 in the bank


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TYLER - Cash, it seems to be harder to come by now-a-days. With a high unemployment rate, experts say it's becoming ever harder to find.

A new study says those who do have it, might not have that much in the bank. The study says sixty-four percent of Americans do not have one thousand dollars in savings and it boils down to a rotten economy.

One East Texan tells KETK "I used to have more than a thousand dollars in the bank but now that the economy is getting worse so I have less than a thousand dollars."

To find out what the problem was KETK spoke to an East Texas financial advisor.

"The reason why were notoriously bad savers is because people don't understand or have control of what their expenses really are. They take their income, they spend everything they have on day to day living and then they try to save what's left and the reality is there's usually no money left so it's hard to save."

The study points out that just because Americans may not have the "theoretical cash" in savings doesn't mean they'd simply give up.

Nine percent say they would take out a loan, seventeen percent borrow from a friend or family member, nine percent would get a cash advance on a credit card and even twelve percent would sell or pawn their a.ssets.

Hopefully, experts say, it wont ever come to that, but they say it's always important to be prepared.

"Well I think what they have to do is try to make a plan for themselves so they don't find themselves in that situation."


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 New study says 64% of Americans have less than $1,000 in the bank | KETK


Report: Most Americans have $75,000+ in debt



TYLER — We've heard plenty about the national debt, and it has left millions across the country struggling with their own financial problems.

A new report shows more than half of American families have more than $75,000 in personal debt.

The Federal Reserve says all that debt adds up ... totaling $11.5 trillion nationwide.

Financial experts here locally say they aren't too surprised.

"I think most families are struggling to find the right ratio of debt to income to be able to purchase the lifestyle they would like to have," said financial advisor Jay Oliver.

With signs of national economic growth, bankruptcy lawyer Amy Ames says on a personal level, it's probably going to take a little more time.

"I don't think its improving on the consumer or small business level yet," Ames said.

In Smith County, she works with clients who are struggling with anywhere from $20,000 in debt ... up to several hundred thousand.

"A lot of credit card debt, medical bills, sometimes they're dealing with IRS, litigation," Ames said.

She's seen a steady increase in foreclosures and bankruptcies here locally, too.

"Sometimes the debt is just unmanageable, and bankruptcy is an option that can give them a fresh start," Ames said.

Many are trying to dig themselves out by downsizing and limiting the amount they borrow.

"Limit your obligations to provide for your mortgage or housing to 20 or 25 percent of your household income," Oliver said. "Auto loans, credit cards, limit that to 10 to maximum of 15 percent."

The good news is ... no matter how big or small your debt is, there's always an option.

"It may not be the most comfortable option, but that's why we have counselors, bankruptcy, to help people get out of situation," Ames said.

Oliver also suggested only borrowing things at appreciate in value like real estate or a home, and avoid debt on things that depreciate in value.


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 http://www.ketknbc.com/re .. -75000-in-debt

228 comments for "Aug 9 - New study says 64% of Americans have less than $1,000 in the bank"

 08-09-2012, 06:17 PM         #2
CS35 
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part of the 36% right here
 6 years ago '07        #3
Ham Rove 3520 heat pts3520
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Mine is in a credit union But I've been lucky. hope this sh*t gets turned around.
 6 years ago '10        #4
Ciggavelli 35 heat pts35 OP
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 Fras1788 said:
Out of all you reading this, how many got $1,000 or more in the bank? I'll start it off...


No.



I'd bet the numbers are worse than 64%
I'm no as well

 6 years ago '09        #5
KNerd 2 heat pts
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I have more than a rack saved but it sure isn't in the bank. As soon as you deposit that sh*t it goes into the ponzi scheme we call banks.
 6 years ago '07        #6
CadillacVyse 1014 heat pts1014
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A few years post the great recession ppl are still broke...seems legit!
 6 years ago '05        #7
pnoi89 12 heat pts12
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Part of the 36% as well...
 6 years ago '07        #8
Ham Rove 3520 heat pts3520
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 KNerd said:
I have more than a rack saved but it sure isn't in the bank. As soon as you deposit that sh*t it goes into the ponzi scheme we call banks.
learn what a ponzi scheme is lol
 6 years ago '11        #9
Gatorfan2611 8 heat pts
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 Fras1788 said:
Out of all you reading this, how many got $1,000 or more in the bank? I'll start it off...


No.



I'd bet the numbers are worse than 64%
got about 2000. honestly im just glad to have no debt though.
 6 years ago '11        #10
Gatorfan2611 8 heat pts
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 NoTitleSince73 said:
learn what a ponzi scheme is lol
they kinda are though. hypothetically if everyone made a run on banks, they would all run out of "our" money. obviously theyre federally backed now because of the great depression, but in the worst case scenario the people at the bottom will lose
 6 years ago '05        #11
Andrefrbk 1071 heat pts1071
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Wow thats absolutely fuking terrible!

To be honest i took my savings out of the bank a long time ago, i might move it to a credit union. I dont deposit a lot of money in the bank. In and out asap.

If we were to have a collapse, the banks could hold on to my money. LEGALLY. So its best to keep some on deck if you can safely.

Bottom line though most Americans not having 1k to their name is kinda dangerous. And it also means that most Americans are living pay check to pay check. If something were to happen like an emergency idk, transmission failure, boiler broken the avg American is going to put it on a credit card. And we wonder why n*ggas are in so much debt.

I dont have any outstanding debt or serious lines of credit. Learned my lesson when i was 19... SMH took me forever to pay for 3k worth of junk i bought. I was charging everything man. FUK YOU CAPITAL ONE!


Last edited by Andrefrbk; 08-09-2012 at 08:41 PM..
 08-09-2012, 10:30 PM         #12
One Gud Cide 
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 Gatorfan2611 said:
they kinda are though. hypothetically if everyone made a run on banks, they would all run out of "our" money. obviously theyre federally backed now because of the great depression, but in the worst case scenario the people at the bottom will lose
no...they kinda aren't though.
 08-09-2012, 10:34 PM         #13
Everest 
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lol eyybody owe sh*t these days....no such thing as money...we all on a trust system...the world got trust issues...move w/ a small circle...the entire American economy makes it hard for people to have friend....America is the best evil created...the whole system is to fu*k the people and enslave us without us even realizing it....smart a.ss muthafu*kas man...
 6 years ago '12        #14
uncommonone 
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i owe the bank money......fu*k em:nasmad:
 6 years ago '11        #15
elvisfreshly 106 heat pts106
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I do but i never put a dime in it

Thanks mom
 6 years ago '11        #16
Suppafresh 26 heat pts26
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I learned along time ago from a old head. He said fu*king buy a new car every other year. fu*k rushing to get new clothes every weekend. Cat taught me how to live below my means but still live a great life. He told me once I retire then live like I'm 21.
 6 years ago '12        #17
Prostyle 2 heat pts
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Debt Slaves
 6 years ago '04        #18
Screwhead|m 194 heat pts194
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 KNerd said:
I have more than a rack saved but it sure isn't in the bank. As soon as you deposit that sh*t it goes into the ponzi scheme we call banks.
Monopolized banks, you should say.

Gold and/or silver coin is a much better way of saving & investing money.
 6 years ago '04        #19
SpyDa 180 heat pts180
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its getting hard for people out here...






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 08-10-2012, 05:32 AM         #20
Sam Rothstein 
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No excuse for being broke, especially if you are receiving benefits. Invest your money right, get a job, develop a skill and become self employed when you aren't working your real job, go to school, don't have any kids, sacrifice and you should be decent if you go hard.
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