3 out of 10 workers have more credit card debt than retirement money

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Mogul of Pineapples
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3 out of 10 workers have more credit card debt than retirement money

Postby Mogul of Pineapples » Sun Sep 21, 2008 3:41 pm

A survey done by Rutgers University surveyed a 1,000 Americans and 587 of those were working at the time.

  • For people earning less than $35k a year, 51% reported having more credit card debt than retirement savings
  • For people earning $75k a year and above only 17% had more on their credit cards than in their retirement savings.
  • 37% said they don't even make enough for basic living expenses and that number rose to 69% for the people that earned less than 35k a year.

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But remember we were told we're only in a mental recession so this is all okay.
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AnthonyBarone
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Postby AnthonyBarone » Sun Sep 21, 2008 8:13 pm

Nowdays average folks out there don't get by on income. It takes two jobs and credit cards and loans just to cover the bare necessities. I'm telling you this here in America can't go on like this forever. Somethings gotta give here.

Multi-Purpose
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Postby Multi-Purpose » Mon Sep 22, 2008 9:44 am

Just think if our social security was privatized like they were trying to do in 2000- we would have even less!
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bikermike
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Postby bikermike » Wed Sep 24, 2008 2:34 am

Sad but no shocker. The middle class has really gotten squeezed.

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fffresh
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Postby fffresh » Wed Sep 24, 2008 2:30 pm

Credit isn't the only problem. Americans are tapping both their credit cards and their 401Ks so they can have enough to get by. Proportionately it may look bad but I think this statistic is skewed. First look at how much American's retirement funds have been depleted. This is why it is so proportionately close to the amount of debt. It's not only increased debt that is causing this.



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