Fresh new survey data from Allstate’s “Life Tracks” unit suggests that about half of Americans have nothing left over after paying for essentials:
In the Allstate survey, conducted in December of 2012, 32 percent of college grads reported living paycheck-to-paycheck, while 48 percent of non-graduates reported the same.
For those curious about credit-card debt, there were some interesting nuggets in that arena, too. From the article:
- Forty-nine percent say they pay credit card debt; 43 percent mortgage payments; 36 percent car payments; 17 percent student loan payments; and 15 percent medical debts.
- Among the half (51 percent) of Americans expecting a tax return, 45 percent intend to pay off debt with the money.
- Sixty-five percent of Americans with credit card debt say their level of debt has increased or remained the same in the past year.
- While a majority say their savings remains about the same (about 60 percent) in the past year, just 15 percent of Americans say their short-term emergency savings has increased, and 14 percent say their long-term savings and investment activity has increased.
The fact that 65 percent said their debt levels have stayed the same or increased in the last year isn’t a surprise, given that 40 percent of respondents were “very confident about their ability to pay for a new car.” (That was in the survey, too.)
What’s implied, of course, is that they’re confident in their ability to borrow for a new car.
Debt, after all, makes the world go ’round.