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10 Signs You're Headed for a Financial Meltdown

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It's a common human trait to want to put your head in the sand and avoid facing the reality of your situation. But when it comes to financial matters, living beyond your means, incurring high levels of debt, and developing a bad credit profile can ruin more than just your bank account.

According to Corporation for Enterprise Development's 2013 Assets & Opportunity Scorecard, nearly half -- 43.9 percent -- of U.S. households are living on the edge of financial collapse, with almost no savings to support them in the event of a job loss or health crisis.

Here are some of the sobering findings from the CFED Scorecard:
  • Practically one-third (30.8 percent) of households don't have any savings account at all.
  • More than half (56.4 percent) of consumers have subprime credit rates, meaning they don't qualify for short-term credit at prime rates and are more likely to turn to a payday loan or auto-title loan.
  • Two out of every three college students graduate with student loan debt. The average debt load is $26,600.
How do you know if you're heading for a financial meltdown? Here are 10 warning signs.

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i was tried many time for save some money from my salary,but i can't because after debit my living and other expense,the saving almost zero.for this reason sometime i fall some financial problem.

May 19 2013 at 11:47 AM Report abuse rate up rate down Reply

This story fits me perfectly... I'm on SSI/SSA Medicaid & Care... I have a lawn service that keeps me on top well enough.... I also have an invention I've made... I'm hoping a company comes around in buying it or leasing it to better my financial life...

May 18 2013 at 2:52 PM Report abuse +1 rate up rate down Reply

We don't have to be a country that is enslaved by money. We can volunteer for everything we need. Let's have a 300 million man and woman march to fight for volunteering instead of working for money we never had and will never get. You should earn everything by volunteering hours: 1000 volunteer hours equal one government issued vehicle. 10,000 hours equals one house, 100 hours equals one week of groceries. That was the more you volunteer the more you earn.

May 18 2013 at 2:52 PM Report abuse rate up rate down Reply
1 reply to liondog96's comment

Or, you could attempt a bank robbery and the government will gladly volunteer a roof over your head, and three hot meals a day, for the next 15-20 years. Good luck with your volunteer work.

May 18 2013 at 5:03 PM Report abuse rate up rate down Reply

I'm so happy that we have you to tell us that we don't have enough money to pay our bills. Helpful info.

May 18 2013 at 2:26 PM Report abuse rate up rate down Reply

Been there. Here's the issue though. The time to worry about your finances is when you have money coming in, not when you don't. The lesson of saving and living under (not just within) your means needs to be addressed when you have a job and aren't in crisis mode. I've had a meltdown. And after that when I had a job that just paid me enough to live on, I was smart enough to stash away all the "found money" (overtime, side jobs, etc) which was a good thing because when I was unemployed again I needed that money to live on as unemployment was just enough to cover rent and utilities. I needed my savings to buy food and pay for expenses in looking for work. But this isn't a possibility for people whose job doesn't pay them enough to live on as it is. That's more and more Americans and I don't know what it's going to take for the CEOs and the elected officials to finally address that fact.

May 18 2013 at 2:12 PM Report abuse +1 rate up rate down Reply
Larry D. Joshway

I am the son of a sharecropper, I am 62yrs. I picked cotton and made $0.50 per 100lb of cotton. I moved to Illinois in 1961 served a tour of duty in VietNam, Started my Real Estate correar in 1975. Build my business to have 1.6M in assect . Loss it all durning this so call great re-session.
I\'m ok, I know how to survive. I\'m back where I was from the start. I just keep my head up High and move forward. Start all over again.

May 18 2013 at 1:55 PM Report abuse +2 rate up rate down Reply

the economy went to shyt and so did my income

May 18 2013 at 1:33 PM Report abuse +1 rate up rate down Reply

Well, there are only 9 listed; 5 is missing. Dont get another credit card!

May 18 2013 at 12:23 PM Report abuse rate up rate down Reply

None of the ten listed applies to me, either. But, the ten listed are very accurate indications of financial collapse just down the road.

May 18 2013 at 12:21 PM Report abuse rate up rate down Reply

I have no debt, but I still NEED TO WIN THE LOTTERY!

I bought TWO Power Ball Tickets for tonight!

May 18 2013 at 12:05 PM Report abuse rate up rate down Reply