At a time when many families live paycheck to paycheck and so many of us struggle to pay the bills, it might seem crazy that we’re a nation of savers – or at least we’d like to be.
Believe it or not, Americans prefer saving money over spending it. And that isn’t how we’ve always been. It’s a direct response to the 2008 financial crisis.
As Gallup reported in April:
In three Gallup polls before the 2008 crisis, an average of 49% of U.S. adults said they preferred saving. The average has jumped to 60% in nine polls since then. The highest percentage yet measured (65%) is the most recent.
That means 2/3 of Americans prefer to save. But it doesn’t mean they get to.
The Gallup poll reflects what people would do if they could, but many of the people surveyed don’t save their money because it isn’t an option. They use every penny (and more) just to get by. They aren’t prepared to buy a house, or a car, or a college degree – no matter how much they want and need it.
These numbers show it’s wrong to assume people don’t save because they’re irresponsible. So many people just need a fresh start, because it’s hard to save anything when you’re swimming upstream against unpaid bills, medical emergencies, bad investments, job loss, and credit card debt.
At my Memphis bankruptcy firm, we’ve helped hundreds of families restore their savings after the financial crisis. Depending on your needs, we either help you get rid of overwhelming debts entirely through a Chapter 7, or help you set up a reasonable payment plan through a Chapter 13. And we can even help you restore your credit to an A rating.
This means families can keep their homes, get back some normalcy, and start saving again.
Don’t wait any longer to get your finances under control. Talk with our Memphis bankruptcy attorneys about your situation and see if we can help. The conversation is completely free.