March 13, 2013 (Press-News.org) Adequate savings the key to financial wellness
Article provided by Ferguson Scarbrough Hayes Hawkins & DeMay, PA
Visit us at http://www.fspa.net
No one ever plans to go into bankruptcy. To the contrary, a significant number of bankruptcies can be traced back to unexpected life events, like a job loss, divorce or illness. When these crises hit, the combination of interrupted income and added expenses can be financially devastating.
When events like these happen, having a robust emergency savings account can mean the difference between weathering the storm and falling into bankruptcy. Those without sufficient savings often end up relying on credit cards to make ends meet. As the bad times drag on, even the minimum payments quickly become unmanageable. Combine this with late fees, medical bills, missed loan payments and other financial problems, and it's not hard to see how bankruptcy can result.
Unfortunately, the bad economy has made it difficult for many people to build their savings accounts. With incomes lower and jobs still difficult to find, people are finding it hard to have anything left over to put aside at the end of the month.
Many have more debt than savings
In fact, not only has the savings rate fallen during the recession, but credit card use has also increased. According to a new survey from Bankrate.com, only 55 percent of Americans have more in savings than they do in credit card debt.
Even though the savings rate has started to grow since the depths of the recession, the survey shows that millions of Americans are still at risk of facing serious financial problems. Most experts recommend that individuals keep at least three month's worth of pay in an emergency savings account.
The survey revealed some interesting data about who is saving and who isn't. It found that men tend to be better savers than women -- 60 percent of men reported having more in savings than in credit card debt, while only 49 percent of women said the same. In addition, parents tend to be fairly good savers. Just 29 percent of parents with children under age 18 reporting having credit card debt that exceeded their emergency savings.
Unsurprisingly, individuals with higher incomes reported better debt-to-savings ratios. Approximately two-thirds of survey respondents who earned more than $75,000 per year reported having more savings than credit card debt. By contrast, only 41 percent of respondents earning less than $30,000 per year were in the same position.
Filing for bankruptcy
If unmanageable debt problems do arise, filing for bankruptcy may be the best solution. A successful bankruptcy will discharge most outstanding debt, giving the filer a chance to start over fresh. If you are struggling with your debt, talk to an experienced bankruptcy attorney who can evaluate your situation and help you understand the best options for moving forward.
Adequate savings the key to financial wellness
When bad life events happen, having a robust emergency savings account can mean the difference between weathering the storm and falling into bankruptcy.
2013-03-13
ELSE PRESS RELEASES FROM THIS DATE:
After foreclosure, "zombie titles" may haunt homeowners for years
2013-03-13
After foreclosure, "zombie titles" may haunt homeowners for years
Article provided by Caldwell & Kearns, P.C.
Visit us at http://www.caldwellkearns.com
Six years after the collapse of the U.S. real estate market, thousands of homeowners across the country are discovering that they are still on the hook for houses they thought had been foreclosed upon years ago. According to a recent Reuters report, these so-called "zombie titles" are wreaking havoc on the lives of homeowners nationwide, resulting in garnished wages, lawsuits and even threats ...
Struggling with student loans? Bankruptcy may help
2013-03-13
Struggling with student loans? Bankruptcy may help
Article provided by Enderton & Mathews, LLC
Visit us at http://www.emlegal.net/
Since the recession began in 2008, many Americans have drastically reduced the amount of debt that they carry. However, there is one exception: student loans. According to the Federal Reserve Bank of New York, there is $956 billion in outstanding student loan debt--an increase of almost 20 percent from the beginning of 2012 until the end.
As it has been difficult for many students to find gainful employment following graduation, ...
What happens to those unable to make health care decisions?
2013-03-13
What happens to those unable to make health care decisions?
Article provided by Gemma Law Office, P.C.
Visit us at http://www.gemmalawoffice.com
It can be very difficult for a person to think about making an estate plan. Dealing with what happens after passing away can lead some to feel that their time is almost over. They may think that they do not have enough assets to pass down, and believe that an estate plan is not necessary for their situation.
However, each person will have different wishes for what happens at the end of his or her life. Without having ...
Take steps to keep your divorce from jeopardizing your finances
2013-03-13
Take steps to keep your divorce from jeopardizing your finances
Article provided by Donelson Ciancio & Grant, P.C.
Visit us at http://www.colodivorceattorneys.com
Going through a divorce is never easy and, for many, it can be financially devastating. Many marriages end in divorce and, in Colorado, it is no different. While reasons for the high rates vary, most people going through divorce proceedings are in danger of jeopardizing their financial well-being.
Financial tips for divorce
During and following your divorce, there are a number of tips to follow ...
Professionals Compete for Custom Shape Business Cards: PrintFirm.com Hosts Social Media Contest for Marketers
2013-03-13
Despite the rise of digital media, business cards remain a big piece of the marketing puzzle. Business cards continue to circulate because they provide an easy way to pass along complete contact information on the go. But the old school standard black text on a white background no longer impresses hot prospects or promising contacts. To stand out in a web based world, business card designs need to be inspired and memorable. Many professionals focus on basic design elements, such as fonts and taglines, but they stop short of exploring all of the possibilities. Fortunately, ...
TheHub.fm Tops Digital Trends List of Favorite Apps for South By Southwest 2013
2013-03-13
TheHub.fm solves a conundrum that's plagued concert-goers since the dawn of time: You love the music, but you also want to support the artist by picking up a t-shirt ... just not enough to wait an hour in line after the show. So what do you do? Just in time for SXSW music week, there's an app for that. TheHub.fm is an e-commerce mobile platform for bands to sell their merchandise, with a perk: Fans can use the app to browse and buy merch during a live concert and pick up their purchase during or after the show.
While picking up the merchandise in person is a choice, ...
Innerwallco Website Makes Shop Drawing Quotes Easy
2013-03-13
Atlanta, GA-based Innerwall Company, LLC began in 2005 to provide professional shop drawing services to both contractors and manufacturers in the metal cladding industry. Clients benefit from increased quality and a significant cost savings over hiring an employee in-house. Innerwall staff provides a quality product, prompt customer service and excellent communication.
To get a quote quickly for shop drawings or other drafting related services, visit http://www.innerwallco.com.
With experience in over 1,200 shop drawings - Innerwall Company is the leader in drafting ...
B2B Soft's Wireless Standard Helping New England Verizon Dealers Kickoff 2013 Profitably
2013-03-13
B2B Soft, a business-to-business software company specializing in retail management for the wireless/cellular retail industry, is pleased to announce its participation at Verizon's New England Indirect Wireless Dealer Kickoff held at the MGM Grand Hotel at Foxwoods in Mashantucket, CT, on February 5th, 2013. Over 100 area dealers, regional Verizon account managers and as well as industry vendors met to discuss sales strategies, Verizon's new prepaid plans and the current state of the wireless industry.
A Verizon valued vendor, B2B Soft participated in kicking off 2013 ...
SPEC Engineering Completes Startup Phase For New Food Ingredient Manufacturing Facility
2013-03-13
SPEC Engineering has successfully completed the startup phase of Ridgeland Fiber's new manufacturing facility. SPEC signed on to the project at inception and provided, design engineering, planning, custom equipment manufacturing, electrical and controls integration and complete system installation. SPEC provided complete design-build services for the new grinding, blending, and packaging facility with 32 MM lb./yr. nameplate capacity.
The facility was designed to meet GFSI, SQF FSSC 22000, ISO22000 and BRC food safety design and specifications. The 18 month project ...
Houston-Based Italian Restaurant Franchise Sizzles with Success
2013-03-13
Russo's New York Pizzeria is excited to announce the launch of their new gluten-free frozen pizza line (Chef Anthony Russo's) into the retail market. Pizzas are now available in more than 1,000 grocery stores across the nation. Chef Anthony Russo's new gluten-free pizzas are hand-topped with premium toppings, fresh vegetables, organic Sicilian extra virgin olive oil, and 100 percent mozzarella cheese.
The idea to introduce the pizza line stemmed from Anthony Russo and his R&D team's discovery of the lack of flavor in Gluten Free offerings and the continued growth ...
LAST 30 PRESS RELEASES:
Thirty-year mystery of dissonance in the “ringing” of black holes explained
Less intensive works best for agricultural soil
Arctic rivers project receives “national champion” designation from frontiers foundation
Computational biology paves the way for new ALS tests
Study offers new hope for babies born with opioid withdrawal syndrome
UT, Volkswagen Group of America celebrate research partnership
New Medicare program could dramatically improve affordability for cancer drugs – if patients enroll
Are ‘zombie’ skin cells harmful or helpful? The answer may be in their shapes
University of Cincinnati Cancer Center presents research at AACR 2025
Head and neck, breast, lung and survivorship studies headline Dana-Farber research at AACR Annual Meeting 2025
AACR: Researchers share promising results from MD Anderson clinical trials
New research explains why our waistlines expand in middle age
Advancements in muon detection: Taishan Antineutrino Observatory's innovative top veto tracker
Chips off the old block
Microvascular decompression combined with nerve combing for atypical trigeminal neuralgia
Cutting the complexity from digital carpentry
Lung immune cell type “quietly” controls inflammation in COVID-19
Fiscal impact of expanded Medicare coverage for GLP-1 receptor agonists to treat obesity
State and sociodemographic trends in US cigarette smoking with future projections
Young adults drive historic decline in smoking
NFCR congratulates Dr. Robert C. Bast, Jr. on receiving the AACR-Daniel D. Von Hoff Award for Outstanding Contributions to Education and Training in Cancer Research
Chimpanzee stem cells offer new insights into early embryonic development
This injected protein-like polymer helps tissues heal after a heart attack
FlexTech inaugural issue launches, pioneering interdisciplinary innovation in flexible technology
In Down syndrome mice, 40Hz light and sound improve cognition, neurogenesis, connectivity
Methyl eugenol: potential to inhibit oxidative stress, address related diseases, and its toxicological effects
A vascularized multilayer chip reveals shear stress-induced angiogenesis in diverse fluid conditions
AI helps unravel a cause of Alzheimer's disease and identify a therapeutic candidate
Coalition of Autism Scientists critiques US Department of Health and Human Services Autism Research Initiative
Structure dictates effectiveness, safety in nanomedicine
[Press-News.org] Adequate savings the key to financial wellnessWhen bad life events happen, having a robust emergency savings account can mean the difference between weathering the storm and falling into bankruptcy.