Most Americans lives from paycheck to paycheck and especially with credit card to another credit card. It is rare to meet one that doesn't have a credit card or having one card only. Moreover, they also have been living with amortization and mortgages for the rest of their life. This lifestyle has been passed on from generation to generation creating cycle. Their offspring will copy what they learned from their parents and will do the same as they starting to build their own career while living their own life and sooner this will passed on to their children as well.
According to the infographic below most Americans didn't save for their retirement and I am guessing that this is because they were busy paying their debts most of their life and they hope to depend their future at the government at the beneficiary they will get from their premium securities that is if they have one, but how about those that do not have one?
Planning your financial is important and it doesn't matter if you earn more or just enough for the whole expenses including foods, education, shelter, transportation and amortization. And if emergency arises such as health issues or accident you don’t have any choice but to depend on your credit card. That’s why it is also important to have insurances for our different needs to shoulder these sudden expenses, but I admit paying insurance is also another expense.
If you suffer with these financial dilemmas maybe it’s time to talk about it over the coffee with your family or with someone who is financially expert that can help you get out in the bad situation. Living with debt is not good yet living within your means create a more harmonious relationship with the family, of course it is stress free too.