Sader Law Firm Blog - Kansas City Bankruptcy Attorney Blog

For many individuals and families, spending money in the moment may seem like the quick path to instant happiness, but down the line, purchases can have long-lasting impacts. A recent Bankrate study surveyed 3,700 adults and found that 74% experienced some level of financial regret. The largest percentage described not saving for retirement earlier as the No. 1 regret. The next most common regret was taking on too much credit card debt, followed by not saving enough for emergency expenses. The study additionally showed that almost half of Americans who have stress over financial regret have become increasingly more stressed this year compared to last year. This increased stress is most common among younger generations, with 60% of Gen Zers and 57% of millennials reporting higher stress levels in 2023. The older generations of Gen Xers and baby boomers have had more years to work toward accumulating wealth, leading to…
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The American Bankruptcy Institute recently reported Americans owe more than $1 trillion in credit card debt. In the past two years, credit card debt has risen by about $250 billion in the wake of the COVID-19 pandemic. This rise in debt is a large contrast when compared to 2021, where credit card companies saw Americans paying off a significant amount of debt. The efforts seen to pay off individual debt can be attributed to the amount of money people saved in the year 2020 during the pandemic. With businesses being closed and social distancing in full effect, people were less likely to spend money on outings. Americans were also receiving stimulus checks and unsure about what the future held, leading them to save. But as pandemic-related restrictions eased, consumer spending habits have come back in full force. Today, the average American household has accumulated $10,000 in credit card debt. Additionally,…
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