Despite an increase in jobs — the US Department of Labor stated recently that more than 290,000 jobs were added to the economy in December 2015 — and a stable unemployment figure, the financial situation for most Americans remains precarious. In 2015 the average household in America owed more than $7,200 in credit card debt. In fact, 2014 saw a net increase of $57.1 billion in new credit card debt. More than 60% of U.S residents could not cover unexpected expenses and a similar percentage (66%) reported that they were “living paycheck to paycheck”. As a nation, as many as 40% of us say we spend more than we earn.
The picture is far from rosy when it comes to savings too. Almost 30% of Americans have no savings at all, and less than a quarter have enough saved to cover costs for half a year. Within