Americans saving lots more money...

[rbell]

http://finance.yahoo.com/news/Consumer-spending-incomes-rb-14509509.html

So, here's my issue: We're being told by folks to go out and "spend, spend, spend." This is how we got in trouble. Americans are now saving (the saving rate surged to 5% in January). That's a good thing...right? You would think that we were breaking the law or something by saving money.

And one more thing...people that think saving $$ (versus spending it) is a bad thing...are totally ignoring that the money is being put to work. Few people save in a mattress. The banks need cash...right? So what's the problem? We're saving...they're getting cash...right?

No wonder we're in a mess. Now saving is bad. Sheesh.

 

[Matt Black]

How come you've got such good savings rates after the Fed's cut the base rate to as good as zero? Our base rate here is 1% and you're lucky if you can get a savings account which gives you 0.1% interest, so nobody's saving here.

 

[Jon-Marc]

Since I've got about 15 medical bills for a total of around $15,000 or more (after insurance), I have no money to save. I can't even pay all of those bills, which is why some have been turned into collection.

 

[rbell]

How come you've got such good savings rates after the Fed's cut the base rate to as good as zero? Our base rate here is 1% and you're lucky if you can get a savings account which gives you 0.1% interest, so nobody's saving here.

The "savings rate" isn't a return on the money; it's a percentage of income saved.

 

[donnA]

A person can be wise and save money for when it is needed, or they can spend spend spend, go wild, buy whatever you want, and be irresponsible.
(unless of course bills exceed income already such as stated by Jon-Marc)
Excess spending, beyond our ability to pay is why we're in such finical trouble now, greed, pure and simple, and some suggest more greed, even to the point of saying if you refuse greed your wrong, your the bad guy.
In debt, spend more money, more of the greed that caused the problem, is a lie from satan.

 

[Crabtownboy]

Since I've got about 15 medical bills for a total of around $15,000 or more (after insurance), I have no money to save. I can't even pay all of those bills, which is why some have been turned into collection.

Have you talked with those you own money to? Often creditors will work out arrangements for those who approach them.

 

[THEOLDMAN]

Since I've got about 15 medical bills for a total of around $15,000 or more (after insurance), I have no money to save. I can't even pay all of those bills, which is why some have been turned into collection.

Don't feel like a loner....I'm in the same boat ! I have formed an EXTREME dislike for hospitals, insurance companies...and now bill collectors !

 

[THEOLDMAN]

Have you talked with those you own money to? Often creditors will work out arrangements for those who approach them.

I sent the hospital $100. , told them that's all I can afford right now. They sent the check back and turned me over to a collection agency. My wages have now been garnished (25% of my take-home pay), and others are standing in line.

 

[abcgrad94]

I sent the hospital $100. , told them that's all I can afford right now. They sent the check back and turned me over to a collection agency. My wages have now been garnished (25% of my take-home pay), and others are standing in line.

Our hospitals here are getting increasingly aggressive about collections. It is very frustrating because after having 2 surgeries last year, I have doctor bills, hospital bills, anesthesa bills, etc. etc. and they cannot be combined for one payment because they are for different offices. I have to pay monthly on each individual bill. For some procedures, you have to pay up front BEFORE the doctor will even see you. Around here, a visit to the hospital goes like this:

Man: "I'm here at the ER because I think I'm having a heart attack."

Hospital: "Fill out your billing info and insurance information, please."

Man: "I'm dying"

Hospital: "Make sure you fill out your billing address first. . ."

 

[Matt Black]

Threads like this make me very thankful that we have the NHS (and you don't often hear me say that!). I can turn up at our local ER and the only reason the hospital staff might want to see my credit card is to identify who I am if I'm unconscious.

 

[THEOLDMAN]

Threads like this make me very thankful that we have the NHS (and you don't often hear me say that!). I can turn up at our local ER and the only reason the hospital staff might want to see my credit card is to identify who I am if I'm unconscious.

Most Americans think if we had a NHS our taxes would go up way too much. But they forget to factor in those monthly premiums and the co-pays that will bankrupt most of us if we have a major health problem.