| September 29, 2016

More Americans Saving Less

We’ve gone “from bad to worse” according to experts.

Are your savings ready for a financial emergency?

Do you have $1,000 in savings that you can readily get to? If you don’t, you have a lot of company. And that company is growing.

Last year, the research outfit GoBankingRates found that 62 percent of Americans had under $1,000 in savings. That was bad enough for one of their experts to call “worrisome.” This year’s number rose to 69 percent, causing the study’s lead researcher to use the words “extremely shocking.”

“It shows that the majority of Americans are just one emergency expense away from being broke,” said that lead researcher, Kristen Bonner. “Because there is no way to predict when a financial emergency can arise, it is crucial to make saving money a habit in case the worst happens.”

Bonner has reason to be shocked. Among her other findings from last month…

  • Women are saving less – 42 percent had nothing saved, compared to 28 percent for men.
  • Seniors aren’t saving – 1 in 3 have “no savings account at all.”
  • Six figures isn’t reassuring – 40 percent of those earning over $100,000 still don’t have $1,000 in savings.

If there’s any silver lining to this report, it’s this single line, which isn’t explained further: “Millennials aged 25 to 34 are more likely than Gen Xers aged 45-54 to have $1,000 or more in savings.”

That gives Consolidated Credit president Gary Herman some hope.

“The only encouraging sign is that the generation who endured the Great Recession may have been shocked enough to realize how important savings are,” Herman says. “They may be more sensitive to financial issues than their parents at the same age.”

Herman also hopes that this will finally be the scary report that causes Americans to pick up the phone and fix their debts.

“There’s so much free help out there,” Herman says. “Not just Consolidated Credit, but many certified and qualified experts who want to help.”

If you’re drowning in debt and have nothing saved, you can easily find a credible credit counseling agency. Herman says to look for one with an A-plus rating from the Better Business Bureau, certified credit counselors, and a great track record dating back as many years as you can find. Of course, Herman boasts that Consolidated Credit possesses all those things, and you can call to learn more.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation