Greg McBride, a financial analyst for Bankrate.com, writes: “A recent Bankrate.com poll found that only a little more than half of Americans have more money in emergency savings than in credit-card debt. More troubling was the 21% who didn’t have either credit-card debt or emergency savings–meaning they are one unplanned expense away from high cost debt without any kind of safety net… Americans are chronically undersaved for emergencies, with Bankrate.com finding just 22% of Americans have enough to cover at least six months’ of expenses and that 29% of Americans have no emergency savings whatsoever. Month in and month out savings is the one area of financial security where Americans say they are less comfortable than one year ago.” Learning about personal finance would help people to address the issue of saving and spending. (wsj.com)
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