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Many finance experts will tell you that the reason that more and more Americans
are going broke is because they are spending too much. This is just wrong!
This article aims to dispel the traditional explanations, and expose the real
underlying cause of Americans going broke.

Experts say that while the cost of living has been rising each year, income
hasn’t risen proportionately, and people are thereby losing ground each year.
This sounds like a very plausible explanation, albeit a bit simplistic.

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Millions of Britons are set to borrow money this year - whether this be through credit and store cards or personal loans - to fund their spending in the run-up to Christmas, an industry expert has asserted.

Susan Hannums, savings manager for AWD Chase de Vere, claimed that borrowing money to finance the festive season is becoming a more popular option for consumers as many look towards using plastic cards, loans and other forms of borrowing to help them manage their spending. However, Ms Hannums suggested that consumers could well find themselves coming under further financial pressure this Christmas as mortgage costs have increased due to the impact of the five interest rate increases carried out by the Bank of England’s monetary policy committee since August last year.

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In a study released by GfK NOP earlier today, the Consumer Confidence Index score increased by two points over the course of August to now stand at -4. Research from the financial services firm revealed that the climate among members of the public to make major purchases returned to a positive score over the duration of this month. Increasing by six points, the score now stands at +4 and was reported to have driven the general rise in Britons’ consumer confidence - however, this is still three points down from the same time last year.

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Young people are set to receive guidance from industry professionals on how to manage their money, it has been revealed.

The pilot scheme, run by R3 - the Association of Business Recovery Professionals - will see insolvency experts take part in special classes giving 16 to 18-year-olds more information about various financial products such as credit cards and personal loans. And in doing so, it is hoped that students will be able to adopt a more responsible attitude towards loans and other types of borrowing later on in life.

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Are you consistently charged late fees on all your bills? Is it hard to decide which bills to pay each month? Do you spend more than 20% of your net monthly income to pay for your credit cards? Have you ever borrowed money to make payments on existing loans? Are your credit cards maxed out most of the time? Do you have so many credit cards that you can only pay the monthly minimum? Have you ever put off something important, like going to the doctor, because you didn’t have enough money?

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1. Don’t abandon your home, if you can still afford the monthly payments, your lender does have loss mitigation to assist you with a workout plan.

2. Do not use so-called “ Foreclosure Assistance Websites” these sites are worthless and run by scam artists who don’t know how to save your home and will run with your money.

3. Don’t be so quick to sale your home through a Realtor or short sell through an investor if you want to stay in your home. Your lender will work with you if you qualify for a workout plan.

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Are you consistently charged late fees on all your bills? Is it hard to decide which bills to pay each month? Do you spend more than 20% of your net monthly income to pay for your credit cards? Have you ever borrowed money to make payments on existing loans? Are your credit cards maxed out most of the time? Do you have so many credit cards that you can only pay the monthly minimum? Have you ever put off something important, like going to the doctor, because you didn’t have enough money?

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