In America today, 28% of us have more in credit card debt than we have in savings. That’s up 5% in the past two years. Another 17% of us don’t have any credit card debt, but we don’t have any emergency savings either.
It’s that time of the year again when the airwaves are humming with offers of lump sum payments on structured settlements, pennies-on-the-dollar tax payments, debt consolidation and instant cash for car titles. No credit check! Get cash with an easy payday loan.
The recent announcement from Family Dollar highlights the growing income gap between consumers who are regaining ground after the depression and those who are still stuck.
Watching all the glitz and glamor of Academy Awards recently I was struck by the thought that celebrities may be much like many Virginians. They, too, have run into overwhelming debt and filed for personal bankruptcy.
For many of us, January is the time for our annual renewal. We acknowledge that 2014 is over, along with the problems and joys, and that 2015 is here, bright and shiny. It’s time to get healthy and get a fresh start.
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