PRESS-NEWS.org - Press Release Distribution
PRESS RELEASES DISTRIBUTION

Half in US have more credit card debt than savings, according to study

A survey conducted by the consumer finance information website Bankrate.com in February 2014 revealed that almost half of people in the U.S. have more credit card debt than money in savings.

2014-02-25
February 25, 2014 (Press-News.org) Half in US have more credit card debt than savings, according to study

Article provided by Richard Banks & Associates
Visit us at http://www.rbankslawfirm.com

A survey conducted by the consumer finance information website Bankrate.com in February 2014 revealed that almost half of people in the U.S. have more credit card debt than money in savings. Those overwhelmed with credit card debt may want to consider how bankruptcy can help them reorganize their finances.

Low levels of savings

According to the survey, 49 percent of those in the U.S. do not have enough money in their emergency savings to pay off their credit card debt. This is the highest number of people with an unfavorable savings-to-debt ratio since Bankrate.com began tracking this information in 2011. Almost 30 percent of those polled have significantly more credit card debt than money in emergency savings, which is the highest percentage in four years.

People are saving less money overall. Of those polled, 17 percent reported that they had no emergency savings at all. The U.S. Department of Commerce reported that personal savings dropped to 4.2 percent in November 2013, which is near the historic low of under 3 percent in December 2007. A study completed by the Corporation for Enterprise Development revealed that 44 percent of U.S. households are "liquid asset poor," which means that they have less than three months' worth of savings. Analysts attribute the decline in savings and increase in debt-to-savings ratio to the slow economic recovery causing long-term unemployment and stagnant wages for many.

Bankruptcy may help

Those with little or no savings and high debts may want to consider how bankruptcy can help them address their financial problems. The automatic stay on debt collection that the court issues when a person files a bankruptcy petition can protect people from creditor harassment, wage garnishment, vehicle repossession and even foreclosure. People can discharge many unsecured debts by filing bankruptcy, freeing up future income to make themselves more financially stable.

Talk to a lawyer

Credit cards bills and other debts can make people feel overwhelmed, particularly when people do not have any money in savings. Such debts also prevent people from every being able to build up an emergency savings and become financially secure. However, people do have options to help them eliminate their debts. If you have questions about whether bankruptcy is appropriate for your circumstances, speak with a seasoned Tennessee bankruptcy attorney who can review your situation with you and advise you about the best course of action.


ELSE PRESS RELEASES FROM THIS DATE:

Illinois struggles to improve collection of child support payments

2014-02-25
Illinois struggles to improve collection of child support payments Article provided by Law Offices of Alexandra M. Goddard Visit us at http://www.goddardlaw.com Illinois does not have a stellar reputation for collecting unpaid child support amounts owed to the state's custodial parents, but it is trying to improve that record. Just less than 60 percent of the amounts owed in cases handled by the state were repaid in 2012, according to the Illinois Department of Healthcare and Family Services. Nevertheless, that percentage has risen over the past four years, and ...

Missouri debates ending mandatory helmet requirement for motorcyclists

2014-02-25
Missouri debates ending mandatory helmet requirement for motorcyclists Article provided by Law Offices if Dan Moody and Paul Wacker, L.L.C. Visit us at http://www.moodywackerlaw.com Missouri legislators are currently debating a statute that would allow motorcyclists to navigate the state's roads without helmets. This is part of a national trend toward repealing this requirement. Proponents of this campaign have won a series of state victories in recent years. However, critics of this trend worry that helmetless motorcyclists will be more vulnerable when motorcycle ...

Father's visitation with sons while cohabiting not against public policy

2014-02-25
Father's visitation with sons while cohabiting not against public policy Article provided by Rice & Adams Visit us at http://www.rice-adams.com While a couple may reach agreement on child custody and visitation at the time of a divorce, the circumstances related to such an agreement may change over time, leading to fresh conflict even after the divorce is final. In such a case, one or both parents may request a modification to the agreement. Visitation, in particular, may be a source of conflict, particularly as it relates to new romantic partners and their ...

Is an audit in your future? Divorce and Taxes.

2014-02-25
Is an audit in your future? Divorce and Taxes. Article provided by Donelson Ciancio & Grant, P.C. Visit us at http://www.colodivorceattorneys.com Divorce and taxes are two events that are difficult enough on their own. When paired together, this duo can be the thing of nightmares. A recent article in Forbes explored the issues that can arise during a divorce. Interestingly, the researchers with the report noted those going through a divorce can be at an increased risk of going through a tax audit by the Internal Revenue Service (IRS). Divorce and tax audits, ...

Dividing retirement assets in a New Jersey divorce can be complicated

2014-02-25
Dividing retirement assets in a New Jersey divorce can be complicated Article provided by Heymann & Fletcher Visit us at http://www.heymannfletcherlaw.com Retirement accounts can easily be the most highly valued assets in a divorce property division. Retirement accounts can be complex assets, however, and it is easy to make costly mistakes when dividing them. Knowing a little more about the basics of splitting up retirement assets in divorce can help you avoid some of the most common pitfalls and give you a realistic picture of what to expect in your divorce ...

Any alcohol at all increases crash risk, study shows

2014-02-25
Any alcohol at all increases crash risk, study shows Article provided by Young & Stein Visit us at http://www.youngstein.com "Buzzed driving is drunk driving," according to a slogan touted by the National Highway Traffic Safety Administration, and recent research suggests this may indeed be the case. Drivers with any amount of alcohol in their systems are significantly more likely to be found at fault for causing fatal car accidents, according to a study released in January 2014 by the University of California San Diego. The study, which was published ...

Study finds spinal cord injuries are increasing nationwide

2014-02-25
Study finds spinal cord injuries are increasing nationwide Article provided by Kelly, Symonds & Reed, LLC Visit us at http://www.mokanlegal.com The spinal cord plays one of the most important roles in the body. It is responsible for relaying messages between the brain and the muscular, urinary, gastrointestinal and other vital systems in the body. Needless to say, spinal cord injuries can cause symptoms that are life-long. Unfortunately, according to a recent study from Johns Hopkins, the number of traumatic spinal cord injuries is increasing in the United States. During ...

The probate process in Florida need not be complicated or overwhelming

2014-02-25
The probate process in Florida need not be complicated or overwhelming Article provided by The Law Office of Silverman, Vorhis & Mack Visit us at http://www.flstatewideprobate.com When a loved one dies, surviving family members are often overwhelmed with all that must be done. Not only are they mourning the loss of their loved one, they often must deal with legal documents, debt collectors, family disagreements and the probate process. Probating an estate in Florida can seem complicated to those who are unfamiliar with the process. However, with professional ...

"Portability" is good news for avoiding estate taxes

2014-02-25
"Portability" is good news for avoiding estate taxes Article provided by Karen Brady & Associates, P.C. Visit us at http://www.coloradoestateplanning.com There are many reasons to revisit an estate plan every few years. One reason is that federal and state legislators are continually revising estate tax and inheritance laws. As one example, in recent years Congress sought to help widows and widowers to avoid federal estate taxes through the "deceased spousal unused exclusion amount." The DSUE amount, as it is more commonly known, allows for ...

Rights of workers and potential employees in Wisconsin

2014-02-25
Rights of workers and potential employees in Wisconsin Article provided by Fox & Fox S.C. Visit us at http://www.fox-law.com/ The legal area of employment law and employee rights can be very confusing to the average worker and the rules seem to change constantly. Even large, nationwide companies fail to follow employment laws correctly. Just this month, drugstore giant CVS Caremark was sued in federal court in Chicago for ordering departing employees to sign illegal provisions in severance agreements. Additionally, earlier this year, Cargill was ordered to ...

LAST 30 PRESS RELEASES:

Orphan nuclear receptors in metabolic dysfunction-associated steatotic liver disease development

A technological breakthrough for ultra-fast and greener AI

Pusan National University researchers identify key barriers hindering data-driven smart manufacturing adoption

Inking heterometallic nanosheets: A scalable breakthrough for coating, electronics, and electrocatalyst applications

Adults with autism show similar brain mapping of body parts as typically developing adults

Uncovering behavioral clues to childhood maltreatment

Premenstrual symptoms linked to increased risk of cardiovascular disease

Newly discovered remains of ancient river landscapes control ice flow in East Antarctica

Newly discovered interstellar object 'may be oldest comet ever seen'

Animal-inspired AI robot learns to navigate unfamiliar terrain

Underserved youth less likely to visit emergency department for concussion in Ontario, study finds

‘Molecular shield’ placed in the nose may soon treat common hay fever trigger

Beetles under climate stress lay larger male eggs: Wolbachia infection drives adaptive reproduction strategy in response to rising temperature and CO₂

Groundbreaking quantum study puts wave-particle duality to work

Weekly injection could be life changing for Parkinson’s patients

Toxic metals linked to impaired growth in infants in Guatemala

Being consistently physically active in adulthood linked to 30–40% lower risk of death

Nerve pain drug gabapentin linked to increased dementia, cognitive impairment risks

Children’s social care involvement common to nearly third of UK mums who died during perinatal period

‘Support, not judgement’: Study explores links between children’s social care involvement and maternal deaths

Ethnic minority and poorer children more likely to die in intensive care

Major progress in fertility preservation after treatment for cancer of the lymphatic system

Fewer complications after additional ultrasound in pregnant women who feel less fetal movement

Environmental impact of common pesticides seriously underestimated

The Milky Way could be teeming with more satellite galaxies than previously thought

New study reveals surprising reproductive secrets of a cricket-hunting parasitoid fly

Media Tip Sheet: Symposia at ESA2025

NSF CAREER Award will power UVA engineer’s research to improve drug purification

Tiny parasitoid flies show how early-life competition shapes adult success

New coating for glass promises energy-saving windows

[Press-News.org] Half in US have more credit card debt than savings, according to study
A survey conducted by the consumer finance information website Bankrate.com in February 2014 revealed that almost half of people in the U.S. have more credit card debt than money in savings.