Too Much Debt, Concerns about Economy Prompt More Americans to Limit Their Spending

Cherry Hill Debt Management AttorneysThe U.S. economy is still struggling, which means that a lot of hardworking people in New Jersey, New York, Pennsylvania, and just about everywhere else are also struggling when it comes to managing their finances and paying their bills. According to a recent report issued by Bankrate.com, a major consumer financial services company and personal finance website, roughly two-thirds of all Americans are making a point of limiting the amount of money they spend each month.

The Bankrate.com report found that 65 percent of Americans are saving money in anticipation of a difficult future. This cautious approach to spending and saving could be viewed as a positive in the sense that it means people are prepared in the event of a financial emergency, such as the loss of a job or a medical issue. However, the lack of confidence in the US economy ultimately does not bode well for future economic growth.

The recent report specifically asked respondents to list the reasons for their decision to save more money. Most respondents offered a very general response, indicating that they simply feel the need to save money. Other, more specific reasons listed for the increased desire of many Americans to save more and more cash for a rainy day included concerns about the economy, stagnant or reduced income, and struggles to pay off costly student loans and other types of debt. (Student debt difficulties were a major reason provided by millennials.)

Despite the news that more and more Americans are limiting their spending and saving money, the vast majority of US residents still don’t have enough funds in their emergency savings. A report released earlier this year by The Associated Press-NORC Center for Public Affairs Research (AP-NORC) indicated that a majority of U.S. adults would have a difficult time covering a $1,000 emergency.

For additional information, check out the CNBC.com article, “65% of Americans Limit Their Monthly Spending.”

 

If you are struggling under a mountain of debt and can’t afford to pay your monthly expenses, you should speak with a qualified debt management attorney today. Joel R. Spivack, Esq., is an experienced debt relief lawyer who is prepared to help you explore your best options for getting out of debt. Contact Mr. Spivack today to schedule a free initial consultation.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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