Americans are in trouble if they can’t figure out how to get out of debt! The numbers below are scary and will get worse as time goes on. We will have a generation of people who have no money to live on in retirement.
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The United States does not do savings. Last year, the personal savings rate as a percentage of disposable income in this country was negative 0.5 percent, by far the lowest of any industrialized nation.In France, the savings rate was 11.6 percent. Germany’s rate was a robust 10.6 percent. Japan clocked in at 6.7 percent.What’s the problem? Americans like to spend too much, and it’s often money we don’t have. Revolving credit card debt hit $807 billion in April, according to the Federal Reserve.
Saving for the Future – Your Money – Yahoo! Finance
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