West Palm Beach Bankruptcy Lawyer

Financial Statistics that describe American Consumption

There are a number of different things that determine the financial health of an individual. What we probably don’t oftentimes know is how we are doing compared to the rest of the nation. The statistics outlining our financial habits are interesting at the very least.

The Numbers

According to the numbers from several different surveys, 40% of Americans live beyond their financial means; most of them are living from paycheck to paycheck. The average balance on a credit card was $4,000, whereas the average savings account had less than $1,200 in it.


The overspending habits of this nation are absolutely astonishing. Seventy percent of college undergraduates have credit cards; twenty percent of these individuals have balances higher than $10,000.


Even high school seniors are carrying credit cards these days. Many of these students admit that they have never taken a personal finance course before. The buying power of these individuals amounts to over $200 billion annually. Consumers in this country are spending more and more money each day, but most of that money is not even theirs.


Despite these numbers, and what it means for our overall economy, banks and credit card companies still have a vested interest in making you spend money. In fact, the credit card industry has a name for people who pay off their credit card each month, on time. They call them “deadbeats.” Isn’t that ironic?

Contact Us

If you are having trouble maintaining your finances, it is important to know that you do have options. Feel free to contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates by calling 561-353-2800.