It is really quite amazing how easy it is to get into debt. A lot of people dont realize how easy it is until it is too late and they are already in debt. 
I think that the main problem with people is that they do not know how to manage their money and they end up over spending. They spend money on things that arent necessary and that is how they end up getting into debt. Another thing that contribute to their debt is finance charges. People dont usually factor in their finance charges when they are determining their budgets and that helps create more debt. I think Americans dont save money because they cant afford to, especially is places like NY. The cost of living is way too high, the salaries are not that great and in order to live you must spend your money on the things that you need. This leaves no opportunity to save money. I think many Americans depending on things such as pensions and 401K's to be there for them when they retire, but now those funds are slowly deminishing.
I think that the main problem with people is that they do not know how to manage their money and they end up over spending. They spend money on things that arent necessary and that is how they end up getting into debt. Another thing that contribute to their debt is finance charges. People dont usually factor in their finance charges when they are determining their budgets and that helps create more debt. I think Americans dont save money because they cant afford to, especially is places like NY. The cost of living is way too high, the salaries are not that great and in order to live you must spend your money on the things that you need. This leaves no opportunity to save money. I think many Americans depending on things such as pensions and 401K's to be there for them when they retire, but now those funds are slowly deminishing. 
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