Monday, May 31, 2010

Are You Stressed Over Debt

Are you stressed about your debt, you are not alone, so is most of the country. Over 1.3 million people have foreclosed on their homes this year. The unemployment rate remains at 9.9%.

Many people are still struggling to pay their bills while others have given up looking for employment. Others are living on fixed incomes that have not received a yearly increase to match the rising costs of food, housing and other basic necessities.

Americans who once traded in older homes, cars and clothing for updates each year are now forced to take care of their things and hold on to them longer because they simply can't afford to buy anything new.

Before the recession many Americans only lived day to day and didn’t worry about their future. Now many Americans are worried about their future and are struggling to live day to day. Americans are stressed about their homes, their jobs, their cars and other debts that they are unable to pay.

There has also been an increase in the number of judgments filed since the recession. More Americans are being dragged to court to pay delinquent debts that they don't have the money to pay. Hopefully the judges will be easy and setup payment plans that the consumers can afford instead of filing in the creditor's favor.

The recession has forced many Americans to live well below their means and watch their spending by reducing expenses, eating out less, canceling certain luxuries and look for new ways to save money. The good news is that more Americans are saving. According to the Department of Commerce, Americans saved 4.2% of their income last year.

The groups who are the most stressed according to a survey by AP-GfK are: households with income less than $20,000; women; married couples, and Americans aged 30-44. Groups with the least stress are: men, retirees, Americans aged 60 and over, singles, households with income greater than $100,000 and the wealthy.

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