Are We Saving Enough Money for a Rainy Day?

According to a new survey released by Bankrate.com, less than one in four Americans have enough savings to cover at least six months of expenses, what most financial experts recommend is the necessary amount of savings to cushion the blow of a job loss, medical emergency or some other unexpected event. Furthermore, 27% of Americans have no savings at all.

Even more distressing is the lack of increase in savings rates over the past three years despite there being an overall increase in individual job security and net worth. According to the article, “[a]after paying debts and taking care of housing, car and child care-related expenses, the respondents said there just isn’t enough money left over for saving more.”

Read more here: https://money.cnn.com/2013/06/24/pf/emergency-savings/index.html

If, after paying your debts and regular monthly expenses, there just isn’t enough money left over for saving, then contact a qualified debt settlement attorney who may be able to negotiate for large reductions in your debts. Getting those debts paid off sooner and for less money can get you back on the financial path toward saving for a rainy day.

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.