Hey hey! So my plan to hit you with that awesome savings account I hinted at on Monday will have to wait some more (couldn’t get my act together – sorry!), but I promise we’ll be back to the saving obsession here shortly, particularly after reading these crazy stats I’m about to share with y’all today.
I always know it’s time to share them when multiple people at once send them to me in hopes of a good gawking session ;) Which is then followed by a good cry when you realize just how bad people are struggling out there, ugh….
HURRY UP AND FIND OUR $$$ BLOGS, ALREADY!!!
WE HAVE LOTS OF FUN HERE, I PROMISE!
Let’s get started… brace yourself.
“1 in 3 Americans can’t come up with $2,000”
This comes from a new study released by The New York Fed I caught over on Yahoo! Finance, and what makes it REALLY scary isn’t that people don’t have it in their savings (which we already know), but that they can’t even *access* it through credit! Can you imagine not being able to even throw it on a credit card if an emergency came up? Sad sad stuff…
Yahoo went on to say:
“One-third of Americans would not be able to handle a $100 medical bill without going into debt.”
Double frowny face :( :( Just $100, man… makes you feel SO FORTUNATE doesn’t it?? I’m pretty sure most of us reading this right now can come up with $100 without going into debt… $hit – I just spent $110 on two old bills for my currency collection yesterday – and that’s not even money you can use! Really puts things in perspective, that’s for sure…
Here’s more depressing stats from Fox News: (why am I subjecting us all to this today??)
“Americans are dying with an average of $62K of debt.”
!!!!!!!! This one’s based on data from credit bureau Experian tracking over 220 million consumers, where apparently a whopping 73% had outstanding debt when they were reported dead. 68% with credit card balances, 37% with mortgage debt, 25% auto loans, 12% personal loans and 6% student loans. And even taking out the home loans – “good debt” as they say – the average was still $12,875 per deceased person.
Of course, we all die at different times and it’s an average across the country, but still – pretty freaky stuff… And even worse for those you leave behind (the article was actually interesting with the parts on what debt can be transferred over to others and which can’t. Spoiler alert: when you leave zero debt, zero can be left :))
Now in more fun/less morbid news…
“Women view men as unattractive if they have a lot of debt. For men, physical appearance carries more weight and debt doesn’t play a role. “
Hah – not very surprising ;) This stat comes from LendingTree.com, and I’ll fully admit I put looks (and humor!) first when out on the prowl back in the day myself… I just happened to get lucky and end up with a lady who cherished frugality more than me! Now I wish she were as passionate about entrepreneurship and minimalism, but hey – what are you gonna do ;)
Lending Tree also found that:
“40% of people who self-identify as very attractive wouldn’t date someone with bad credit; more than 60% wouldn’t walk down the aisle with them.”
I don’t know if bad credit alone would ruin the relationship for me (I’m more interested in knowing if they’re open to changing and/or if I’M IN LOVE WITH THEM!) but it would def. be a concern for sure. At least in my current awareness of money.
“4 in 5 women think it’s very important to check your partner’s finances before marriage — only 3 in 5 men do.”
Okay, now THAT is important. You don’t need to see every last statement or transaction, but you gotta have an overall understanding of what the other person’s bringing to the relationship! Debts, assets, hopes, dreams, kids – can’t be hiding any of that stuff! I feel like it’s just a part of the entire picture, right? Always freaks me out when you hear those stories of people hiding stuff… Financial infidelity can be as hurtful to a marriage as physical infidelity!
“Having more school debt doesn’t hurt the attractiveness of the person as much as having greater car or credit card debt.”
Yup yup, smarts are always > stuff :) Debt is debt, but at least you’re getting a degree and opportunity out of it vs other things people go into it for! In theory it should help you make even more $$$ over time too, thus wiping it out and then some.
So the takeaways today?
- You should make sure you have access to $2,000 in the case of an emergency
- A $100 medical bill – or otherwise – shouldn’t force you into debt!
- Do your best not to die with debt if you can help it ;) Even better – leave your loved ones a cash bonus!
- If you’re man, WAKE UP AND LOOK AT YOUR HOTTIE’S DEBT! Sexy and debt-free is sexier than sexy and lots of debt (and sexy and working-hard-to-get-out-of-debt-while-also-being-obsessed-with-personal-finance-blogs is even sexier ;))
- Bad credit sucks, but the more important question is – are they doing anything about it?
- Make sure you have a good idea of your partner’s finances before putting that ring on the finger
- And lastly, if you have to have debt, do your best to make it student loan debt (although here’s a trick question for you – what’s worse, $15,000 in credit card debt or $50,000 in student loans? ;))
Stats aside, hopefully most of you already know all this and can pat yourself on the back for how far you’ve come.
If not, let this be a wake-up call and get those plans going!
The % of people who get to live their lives on their own terms without paying attention to money?
Can’t get enough of these stats? Click here for more.
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!