This Article brings to light just how serious of financial jeopardy we as American citizens are in. Come on people let's tighten and save so that our future families aren't riddled with generations of debt.
SOURCE: INVESTOPEDIA
BY: GLENN CURTIS
Many people in America are living beyond their means, as personal savings rates are at their lowest levels since the Great Depression, according to the U.S. Bureau of Economic Analysis. Dwindling savings mean that U.S. households are taking on more debt and are less able to absorb a financial blow like the loss of a job or a downturn in the economy.
If you are concerned that your finances could be in danger, there is a way to tell whether you're in over your head. This article will provide you with five key indicators to watch for. If you find that one or more of them apply to you, it is likely time to reevaluate your spending and work on a long-term financial plan. Recognizing the problem is the first step to finding a solution.
THE 5 SIGN
1.) Your Credit Score is Below 600
2.) You are Saving Less than 5%
3.) Your Credit Card Balances are Rising
4.) More than 28% of your Income goes to your House
5.) Your Bills are Spiraling out of control
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