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I don't know what ALLGOV is, but I think the result is not very accurate. It sounds like a website in search of a purpose. As with any survey, it depends upon who you are asking.
A bunch of homeless people? yes.
A bunch of recent college grads? yes.
A bunch of people with jobs? no.
A bunch of retirees, no.
Reputable site. All the links are usually below and pulled from government or credible sites.
I'd say most Americans live paycheck to paycheck which would make the statistics accurate.
Many can always sell their smart phone and other non-necessities I guess. Or pawn them to go along with things they pawned to but them.
That was mentioned in the article. I believe there's a link in there to the study. Some would have to sell something. Some would have to borrow money or get a payday loan.
It's not saying people would go bankrupt, but that many people didn't have that much in savings.
Think about how many people are in debt though. Hell, anything our government spends it spends in debt.
"Financial security has been elusive for millions of Americans since the Great Recession ended. A new report (pdf) from the Federal Reserve demonstrates one way that this insecurity can manifest itself for people.
As part of its October 2014 survey, the agency asked 50,000 people if they could handle an unexpected “financial disruption” costing them $400. Just over half (53%) said they could “fairly easily handle such an expense” by using money in their bank accounts (checking or savings) or by leaning on a credit card.
But for 47% of respondents, $400 was a tougher problem to handle. Within this group, 14% said they simply couldn’t cover it. Another 10% would have to sell something, 13% would have to borrow money from a friend or relative and 2% would have to resort to a high-interest payday loan.
This finding was buried within the Fed report that otherwise offered a rosier outlook on the state of Americans’ financial status."
How do they not categorize using a credit card as BORROWING money. Using credit can be fine when needed, my point is that it's not being able to cover it yourself. Not sure how this is different from a payday loan or borrowing from a person.
How do they not categorize using a credit card as BORROWING money. Using credit can be fine when needed, my point is that it's not being able to cover it yourself. Not sure how this is different from a payday loan or borrowing from a person.
I believed they used the Federal Reserve's categorization/survey. 1st link. Not sure if that answers your question.
Not to surprised. Being landlords we see a lot of tenants who do not have savings or any emergency funds. Its also not all sad stories of unjust poverty. One we just evicted for non payment (who also left the place a mess) spent their entire $2000 tax refund check on a big screen TV. The mentality of people have really changed.
Not all, but many do not have a savings because they simply cannot hang on to the money and use it for things they dont really need. $400 isnt that much money in todays society and many unexpected expenses can be much more then this. I am thankful we have a good savings built up, it wasnt fun since we had to cut back on eating out and fun things but i sleep easier at night.
I don't know what ALLGOV is, but I think the result is not very accurate. It sounds like a website in search of a purpose. As with any survey, it depends upon who you are asking.
A bunch of homeless people? yes.
A bunch of recent college grads? yes.
A bunch of people with jobs? no. A bunch of retirees, no.
Is that your opinion or do you have some stats to back that up ?
Al kept working as a tax accountant into his late 70s. But Alzheimer's disease forced him into retirement.
The couple is getting by on about $2,500 a month in Social Security and Veterans Administration benefits, plus food stamps and help from their two sons. They stopped paying the mortgage and are fighting foreclosure in court.
Oh yeah. My son learned about overdraft fees the hard way.
And what a lesson it was. He now knows to the penny how much money is in his bank account.
It's not just "poor people". It's people that do not take care of their money.
It's not always just people who 'can't take care of their money'.
For example, one time I had a late payment while I was working. I was making good money for the work, and get large lump payments but my payment was late. Well I can't generate money on a whim, and I was young and didn't have a savings, so my account began to overdraft. When I got my paycheck finally I lost hundreds of dollars to overdraft fees. The opportunity cost sent me into months of catching up and a credit score knock.
I was working. Had a job. But there were things out of my control.
I just think its wrong to charge that much for each fee, and the compounded fees, etc. Not every bank deals with overdrafts the same in my experience. Some are much more forgiving and will actually work with you.
Al kept working as a tax accountant into his late 70s. But Alzheimer's disease forced him into retirement.
The couple is getting by on about $2,500 a month in Social Security and Veterans Administration benefits, plus food stamps and help from their two sons. They stopped paying the mortgage and are fighting foreclosure in court.
Sad to see.
Used to only think about our generation because we were the lowest on the wage scale, but the seniors don't have the ability to change course like we do. Sad situation for people who have worked their whole lives. Let them rest if they need to.
#TheMovement for seniors?
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