Americans Now Have More Debt Than Savings | Morris Invest

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Many Americans now have more debt than savings, according to a recent report from economists at the San Francisco Federal Reserve. Their findings showed that even though Americans accumulated an unprecedented level of savings during the pandemic, those reserves have quickly been drained.
The report said that American household’s savings have been depleted at a shocking average pace of $70 billion per month since September 2021. How did this happen? The report found that from March 2020 to August 2021, Americans were able to rack up more savings than normal, due to factors like stimulus checks, and reduced spending due to business closures. But then, these pandemic-era savings were quickly exhausted by March of 2024.
Simultaneously, American’s are accumulating debt at an alarming rate. Data from the Federal Reserve Bank of New York showed that US household debt climbed to over $17 trillion in the first quarter of 2024. This accounts for all consumer debt, including credit cards, personal loans, car loans, and so on.. This data showed that credit card balances were actually down, but it’s important to note that an increasing number of borrowers are behind on their credit card payments.
Here’s the truth – it’s really hard to reach any financial goal without expanding your income. If you want to build up a savings account or pay off debt, in most cases you’ll have to find ways to add streams of income to your household. You can only budget and shrink your lifestyle so much. Even if you’re able to build up a sizeable savings account, at the end of the day, it’s still finite. Just like we saw in this data, savings accounts can quickly be drained to zero.
There’s nothing wrong with saving money, of course… but what is more powerful is having streams of income that are constantly replenishing your reserves.
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