dailymail.co.uk— More than a third of adults could survive financially for only 11 days if they were to lose their job or be too ill to work, according to a survey.
Jul 25, 2008View in Crawl 4
With such easy credit available, savings were never needed. People were saying I can drive a $40,000 car instead of a $10,000 car if you can work out similar payments. They didn;t care that it costs 4 times as much. This was all started at the doorstep of the federal reserve which is an unconstitutonal entity to begin with. They printed and the government spent and now that easy credit will be the noose around the middle class' neck when the inflation makes it so that they cannot come up with the payments and have no savings to ride it out. Then their houses lose 25-50% of their value and they walk away from their mortgage because it's not worth it to continue paying. People on fixed incomes like the elderly are suffering the worst as prices rise due to inflation which is the dollar falling, just another tax. People's salaries never keep up with inflation, especially in a time like now when businesses are struggling. Not alot of people are going to get a raise that will compensate for inflation. Instead they are trying to keep their jobs.
I've never been included in any survey for any national study. doesn't mean I don't trust any of that information. They're called surveys for a reason. Costs too much money to check every person in the country to see if they lost their job every month. Unless you've asked about 100,000 people of their unemployment survey history, I can't trust your survey of people who've taken survey's either.
The general idea is that savings earns you less than inflation (so you still lose a small amount of money) while credit cards suck your money faster than inflation (lose a large amount of money), thus if instead of paying off a credit card you put money in savings, you're choosing to lose your money the fastest way possible. Whereas if you pay off the credit cards quickly and then start saving, you're actually keeping the most money you can.Anything saying that you should have money in savings before you get rid of credit is possibly trying to say that it's better to have a months worth of liquid accounts (at high cost to yourself) than to have credit in an emergency. While there's some rationale behind that, it's hard to justify the sheer amount of money you have to give to credit card companies to do it.
silentboomJul 25, 2008
With such easy credit available, savings were never needed. People were saying I can drive a $40,000 car instead of a $10,000 car if you can work out similar payments. They didn;t care that it costs 4 times as much. This was all started at the doorstep of the federal reserve which is an unconstitutonal entity to begin with. They printed and the government spent and now that easy credit will be the noose around the middle class' neck when the inflation makes it so that they cannot come up with the payments and have no savings to ride it out. Then their houses lose 25-50% of their value and they walk away from their mortgage because it's not worth it to continue paying. People on fixed incomes like the elderly are suffering the worst as prices rise due to inflation which is the dollar falling, just another tax. People's salaries never keep up with inflation, especially in a time like now when businesses are struggling. Not alot of people are going to get a raise that will compensate for inflation. Instead they are trying to keep their jobs.
kyanJul 26, 2008
Dugg for living in Grand Theft Auto!
hanglyJul 26, 2008
You pour my coffee, I'll pour your coffee, and together we'll become millionaires!
bobbi21Jul 27, 2008
I've never been included in any survey for any national study. doesn't mean I don't trust any of that information. They're called surveys for a reason. Costs too much money to check every person in the country to see if they lost their job every month. Unless you've asked about 100,000 people of their unemployment survey history, I can't trust your survey of people who've taken survey's either.
aterimperatorJul 27, 2008
The general idea is that savings earns you less than inflation (so you still lose a small amount of money) while credit cards suck your money faster than inflation (lose a large amount of money), thus if instead of paying off a credit card you put money in savings, you're choosing to lose your money the fastest way possible. Whereas if you pay off the credit cards quickly and then start saving, you're actually keeping the most money you can.Anything saying that you should have money in savings before you get rid of credit is possibly trying to say that it's better to have a months worth of liquid accounts (at high cost to yourself) than to have credit in an emergency. While there's some rationale behind that, it's hard to justify the sheer amount of money you have to give to credit card companies to do it.
xalaitiJul 29, 2008
I doubt if the average person has only 11 days worth of credit to survive if they lose their job.
horatiohellpopAug 5, 2008
*Your generation ...Fixed that for you, happy in retirement. Take note.