Shocking News - Most Americans are Dead Broke!

The average American is dead broke. At any given time up to 40% are living at or below the poverty level. The number of Americans who save money on a regular basis is close to a 1 percent average. Spending usually outpaces income when national statistics are taken. Some say the United States is a spendthrift nation, but the reality is that most working Americans pay thoroughly to have a comfortable or decent safe lifestyle.

Credit has become a way of life, nearly everyone who has good credit is in debt, not to mention those who have poor credit, and are often charged more in interest and fees for the luxury of purchasing on credit. We use credit and debt cards to pay for everything from a cup of coffee to a major purchase like a car.

Our savings are snatched from us on a monthly basis. It starts with the mortgage or the rent. Then continues with the car payment, the utilities the HD cable not to mention that big screen TV you just bought. It does not stop their, student loans, cell phones, insurance, clothing, food, entertainment, and if your working you must take the family on the annual vacations, which usually wipes out any savings you may have thought you had. If there’s anything left we can always find some medical bills, and birthday gifts for you to buy. Still have some change left in the bank? Good because your cousin Johnny needs to borrow $500 dollars, and your car is about to breakdown on the way to work. When you finally get to work, your wife call to inform you that the water heater is broke just like you. Funny how that works out. Then again not really.

How did we become a nation of broke people? What happened to us? Has easy access to credit brought about the demise of our economy? The number of Americans filing bankruptcy continues to rise, as does the number of people living paycheck to paycheck. The United States had the highest rate of minors living in poverty of any developed nation in 2006, according to an article published on “poverty in the United States” posted on Wikipedia. Financial advisors speculate that the number of Americans without any savings and so much debt may someday cripple our economy. The next American Revolution may be the rejection of credit, and a return to saving money.