Charles J. Schneider, P.C.certified consumer bankruptcy specialist
forms for your office visit
call today 734-237-1523
Practice Areas Menu In This Section

Too few Michigan residents are saving enough money

If there was one lesson that financial experts tried to impart on people during the recession and its aftermath, it's that it's smart to have an emergency savings fund that could help you weather a financial storm, such as job loss or a medical emergency. But a new study only shows modest improvement in that field, indicating that more trouble could lie ahead if the economy shrinks again.

According to a survey by the website, 45 percent of Americans have more credit card debt than savings. That is only a slight improvement over the last two years. A senior financial analyst with intimated that clearly the lessons of the recession aren't being paid attention to by enough people.

The risks of not having enough money in savings are many, with the main risk being that you'll need to file for bankruptcy if you have an explosion of debt and no means to pay it off. Of course filing for bankruptcy may be preferable in some cases, but it is not an easy process as it can affect your credit worthiness for years.

Figures from the U.S. Commerce Department also back up the alarming survey results. According to the federal agency, the personal savings rate was 6.5 percent in December. While that's an improvement over recent months, the amount of income that people are socking away has still been much too low during the last few decades.

Michigan residents should heed the warnings put forward in these figures. It's recommended that you have at least three months of salary in a savings account that could help you weather a short-term financial storm. Of course no one can properly prepare for prolonged unemployment or catastrophic illnesses, but it is never too early to start putting money aside.

Source: ABC News, "Nearly Half of Americans Have More Credit Card Debt Than Savings," Susanna Kim, Feb. 25, 2013

No Comments

Leave a comment
Comment Information
  • rating

    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

  • rating

    Posted by ClientOctober 26, 2010

    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

  • rating

    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

  • Avvo Rating 10.0 superb | Top Attorney Bankruptcy
  • Rated By Super Lawyers Charles J. Schneider | visit | super lawyers 2011-2015
  • Avvo Ratting 10.0 superb Top attorney chapter 7
  • Avvo clients' choice 2014 | chapter 7
  • American board of certification | certified consumer bankruptcy specialist
  • AV lexisNexis Martindale-Hubbell Peer Review Rated for ethical standards and legal ability
email us for a response

Let us evaluate your situation
and identify solutions

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy