The level of debt and poverty in the country was reflected in a shocking polls conducted by CreditDonkey.com, a website that compares credit card offers. The survey of over a thousand individuals found that forty percent do not have more than $500 in readily accessible savings.
The survey appears to show that many gainfully employed people continue to spend virtually everything that they have coming in either by necessity or poor personal management.
What is particularly frightening is the potential for a massive social collapse if this poll is correct. It would suggest that much of the country is one paycheck away from disaster — an ominous thought if we experience a sudden economic blow. It also shows the danger for some in having readily available credit cards and sales promotions that attract customers with offers involving no money down and automatic qualification.
This result reported from these types of surveys show not only a ticking economic bomb in our society but the ever-widening separation of classes in the United States.
Source: CBS
Woosty,
The week is young and you are already priceless. BTW, it is happening here in Sweden too. Buy more H&M fashions and IKEA furniture. No, don’t, it all is made in China anyway, not in Sweden.
===============================================
“Salaries have stagnated while costs and fees and taxes have all gone up. There are a few not hurting…perhaps you are referring to them? The people you seem to be referring to….that 40% of Americans, (who if they have credit cards….passed enuff markers at the time credit was advanced to them, were GIVEN credit and then encouraged to use it…) are the ones who have either already felt the blow of the economic ax or are the last vestige of support for the make believe world of wall street and the predatory machinations of others in the ‘market place’. I was denied a credit card because I had been too frugal and did not play the game of wracking up debt at an outrageous rate of interest….bad me. I had a very high credit rating at the time. It’s all a day late and a dollar short to most of the world at this point….but perfuming the air with argument may make the sinking of the ship less noticeable to some…..”
By Woosty.
===============================
Priceless!
[youtube http://www.youtube.com/watch?v=yPLcZ5Rk3Lg&w=560&h=315%5D
https://www.youtube.com/watch?v=yPLcZ5Rk3Lg&feature=related
[youtube http://www.youtube.com/watch?v=yPLcZ5Rk3Lg&w=560&h=315%5D
Frankly,
Are you reading, or has that capability left you also?
“My rant was clearly meant as such, not as a “reasoned or reasonable” essay of the kind above just above in the comment by Darren.”
Now where did I say “joke”.
And your comment was no joke, at least not consciously written.
Consider always the source is my advice to all here.
The survey appears to show that many gainfully employed people continue to spend virtually everything that they have coming in either by necessity or poor personal management.
———————————————————–
Given that the ‘say’ that most people have in dealing with banks and credit card companies, the setting of policy, etc….I don’t believe that ‘poor personal judgement’ has anything of contributory import at all to do with todays current economic crisis. Salaries have stagnated while costs and fees and taxes have all gone up. There are a few not hurting…perhaps you are referring to them? The people you seem to be referring to….that 40% of Americans, (who if they have credit cards….passed enuff markers at the time credit was advanced to them, were GIVEN credit and then encouraged to use it…) are the ones who have either already felt the blow of the economic ax or are the last vestige of support for the make believe world of wall street and the predatory machinations of others in the ‘market place’. I was denied a credit card because I had been too frugal and did not play the game of wracking up debt at an outrageous rate of interest….bad me. I had a very high credit rating at the time. It’s all a day late and a dollar short to most of the world at this point….but perfuming the air with argument may make the sinking of the ship less noticeable to some…..
“Does saving and not spending mean you have $500 in your bank account?? ” (nick)
mattresses
This does not comport w/ the reports that people have been saving too much during this recession. Our economy is consumer driven and we’ve been told one the reasons we’ve not come out of it is because people are saving and not spending. Does saving and not spending mean you have $500 in your bank account?? Frightening if that’s the case.
Darren Smith 1, October 22, 2012 at 9:07 am
While I believe there is certainly a cause for concern of any large group of citizens only possessing $500 in savings, I wonder how valid this sampling is.
==============================================
Good point.
I can tell you that it is in accord with many reputable university and government data sources linked to here: (The Homeland: Big Brother Plutonomy, The Graphs of Wrath).
707 so yours are jokes & mine are ad hominems – I see! Your jokes would be better if you tried writing them in English. ad hominems are what you should expect with content free jokes when you post them
Darren,
“Most people should have two month’s gross income in cash as a minimum. Another problem is lost opportunity of where they cannot buy into things that might be of good benefit to them such as a small business, higher education or future investment.”
I would instead, looking at many statistics which agree, that at least 10 years income as cash savings is necessary.
Considering the consequences, some of which Jimm showed us.
Getting a job (3 years), medical costs when no insurance is paid, paying the mortgage or the rent, education of children, etc, etc. Will those costs do for a start?
You mention the INDIVIDUAL getting new education, starting a business……! Great, what the EFF do you thing Obama has been trying to do—in spite of Republican obstruction.
He has introduced and passed laws for these purposes.
Stop smirkiing selfrighteously and go do some work to help get rid of these leechs, and their laws that drain us of our just rewards.
Frankly,
Thanks for the unnecessary tip.
My troubles are due to my impatience with your co-idiots who support the plutocrats.
Using ad hominems only do you harm, not to me.
My rant was clearly meant as such, not as a “reasoned or reasonable” essay of the kind above just above in the comment by Darren.
Darren obviously does not have a similar situation as Jimm does. Compare please! And so it is convenient for Darren to deny the statistical value as a way of avoiding the main issue:——–
YOU ARE ALL BEING SCREWED IF YOU DON’T BELONG TO THE ONEPERCENT. Of course, there are always those who are useful to the onepercenters, and hope for more crumbs.
BTW, do you have anything useful to say or is ad hominems your range for today?
What a joke you are. Notice me laughing? 😉
A great many of them could be keeping their money under a mattress given the trustworthiness of banks and the pitiful interest rate.
I don’t really believe that but I like to take a swipe at banks whenever I can.
I must be doing pretty well then. I have at least twice that much stashed away.
While I believe there is certainly a cause for concern of any large group of citizens only possessing $500 in savings, I wonder how valid this sampling is.
If the sample was based upon stats offered by people who were part of a group who showed a single issue of interest, in this case visiting a website that specializes in credit card rates, it might be this group as a demographic is probably in worse financial straights and a shopping for credit cards to address their cash problem. So the group could be outside of the normal realm of personal savings.
It would be probably noteworthy if the survey was based solely upon that website’s visitors or of a more scientific approach that attempts to find a more adequate profile of the public at large.
Either way $500.00 is worrysome. Most people should have two month’s gross income in cash as a minimum. Another problem is lost opportunity of where they cannot buy into things that might be of good benefit to them such as a small business, higher education or future investment.
From what I’ve seen, the survey is probably pretty accurate. I am lucky to work a mid-level job in local government. My wife’s employer folded two years ago. We have had to spend our daughter’s college tuition funds on her medication because it isn’t covered by our insurance. My wages have been frozen for almost six years while the cost of living has skyrocketed. We have gone from middle-class to near poverty in five years. And we are faring pretty well for our area.
It appears that simply working a full-time job is no longer the way to get ahead.
I’d suggest that most of America is bankrupt…..financially or morally…..or both…..
Idealist – please pull out now, the methane is starting to badly affect your verbal skills as well as your higher level reasoning.
PS
To avoid mass “immigration”, confiscate all passports, all private planes, etc. of persons having fortunes greater than one million. Call them “material witnesses” in a case of conspiracy against the USA economy, etc. The FBI is a useful tool in such cases.
f done, I am sure that the lower 40 percent and the middies will fix an constitutional amendment electing “Bama Hussein” as President for life.
Any bets.
Seriously, we are going to h&ll on plastic skis, size mini.
All the more reason to force through radical (NB word choice) changes by law.
1. Confiscate all savings greater than 5 million dollars.
2. Tax at 95 percent level all income above one million, and at somewhat lower at lower levels
3. Force all with incomes under one hundred thousand to go to household management course for two years in evening or weekend courses.
4. Etc, etc.
The “problem” is a real iceberg, however. (95% unseen)
The monies in motion through the international system as “investment” are said by RT economist as being large than the worlds combined GDP. If for any reason the monies should stop, we can have unseen repercussions of unspecified sorts.
If someone can confirm this RT statement, that would be helpful. I ain’t a national or international economnist, much less a WS-er.
That is life in a plutocracy.