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Increasing savings and relieving the stress of debt

Being prepared for the future is difficult, especially for people who are in debt. In some cases, finding opportunities to save money is difficult because of debt and a limited income. While some people in that situation might not see a way to save money and get out of debt, it might be possible to do just that.

In the 2014 Annual National Survey Assessing Household Savings, Americans showed that the Great Recession is still impacting many people's financial situation. The survey showed that people with incomes of $50,000 to $100,000 were more likely to be able spend less than their income than people with an income of $25,000 to $50,000. Only 69 percent of the lower income bracket reported being able to spend less than they earn; however, 81 percent of households with an income of $75,000 to $100,000 were able to do spend less than they earn.

Overall, only 35 percent of respondents reported being able to make good or excellent progress on meeting their savings needs. The remainder reported they were making no or fair progress. The survey showed that most people are saving some money, which is a step in the right direction.

If you are finding it difficult to save money or if you are unable to meet the minimum payments on your bills, you might decide that you need to explore your debt relief options. Seeking the advice of an experienced Illinois bankruptcy attorney might help you to learn your options and how each will affect you. Bankruptcy could be your ticket to financial freedom.

Source: The News-Gazette, "Family Checkbook: Trying to save these days in America" Kathy Sweedler, Mar. 04, 2014

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North & Sedgwick Law
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