YourBlackMoney: Americans Need to Learn to Save

6 Aug

There was something odd about the commercial, but it took me a little while to put my finger on it. This not-too-young, not-too-old, not-too-hip hipster with sideburns is talking about his credit-card company. Seems it has a new Web site that helps him plan how he’ll pay off his balance – someday.

The ad has the bright, soothing tone of a spot for, say, Lipitor or Advair. Credit-card debt is presented as if it’s just another of those unfortunate but manageable conditions that a lot of people live with.

And that’s the surprise. Aren’t credit-card ads supposed to be about all the awesome stuff you can buy? Here’s a lender all but admitting that many of its customers live beyond their means. We’ve come a long way, babies, when even the credit-card marketers are talking about Americans’ chronic debt.

If you read this magazine, chances are you have your itch to spend mostly under control. But that doesn’t mean you shouldn’t worry about your neighbor’s wobbly balance sheet. The personal savings rate in this country, which was above 10% in the early 1980s, has fallen to almost zero.

 

Click to Read More.

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