| I think when the economy is good and job security is safe, people tend to spend more than they make using credit. It is a fast paced world of technology and we tend to want it now. However, for the last year as the economy was tanking, we personally have tried to cut all costs we can in our household, stopped traveling, etc. to try and pay off our debts and get serious about saving money. With inflation what it is and my husband being a self employed contractor-well, we are not incurring new debt, but our savings has not grown either. I know my grandparents were much more conservative and always saved money. This did not pass down through the next two generations so well. So I definitly think the majority of people don't having very good emercency cash funds and instead depend on a credit card to bail them out of trouble.
We are in our early 50's. |