Americans Gaining Debt Faster Than Retirement Funds

by James on October 24, 2013 · 2 comments

Hi All

A disturbing article came out from the Washington Post yesterday. In a nutshell, three out of five Americans are accruing credit card debt, mortgages and installment loans faster than savings. Why? Greater housing costs, more credit card debt and more car loans.

americans_accumulating_debt

Click here for the goods.



{ 2 comments… read them below or add one }

1 Jen @ Frugal Rules October 25, 2013 at 11:31 pm

The cost of almost everything keeps rising up, beyond the means of most people. Salaries and other income generation are slow to increase and can hardly keep up. No wonder this is the case. Sad!

2 James October 26, 2013 at 8:15 am

Jen,

I think that is a huge part of the problem. One thing that has historically been a big driver of household debt is medical expenses. Whats also been an issue is the fact that most families have both wage earners in the work force, which reduces the ability of families to bounce back in the event of job loss or illness.

Elizabeth Warren, before she became a senator, laid it out pretty well back in 2008.

http://www.dinksfinance.com/2008/04/coming-collapse-of-middle-class/

Scope it out if you get a chance.

James

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