Savings And Debt

It is amazing to me how easy it is to get into debt. I know of many people who are in debt, including my own family. I alwasy knew that it was easy but I didn't know of all the factors contributing to debt. Finance charges are very dangerous. They basically charge you for charging items on your credit card. The finance charge is multiplied by the amount of money charged to the card. If a person sepnds a lot of money using their credit card then they will have a very high bill. If they cannot pay it, the charges pile on top of one another. In my opinion Americans do not save money because they cannot afford to. Minimum wage is higher, but so is the cost of living. Rent/mortgage rates are higher along with gas and other utilities. People simply do not have any money left over after bills to put away.

Compared to other nations the United State's net savings is doing pretty much the same. Not figures wise but in the sense that the savings rates in other countries are also declining.