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April 2014 Archives

Retirement and Medical Costs Top List of American's Financial Concerns

When contemplating retirement, many New Jersey residents likely look forward to traveling, playing golf and spending winters in a more temperate climate. Retirement has long been considered a time when, after years spent working, individuals are finally able to relax and take time to enjoy their golden years. However, for a growing number of Americans the financial security previously enjoyed by retirees of past generations appears to be less certain or attainable.

An Estimated 70 Million Americans Are Considered to Be 'Wealthy Poor'

Many New Jersey residents who are now in their 30s and 40s grew up in families that were considered to be middle to upper class. As such, many likely enjoyed taking family vacations, owned one or more cars and were able to attend and pay for college without accruing massive amounts of debt. Today, however, many of these same individuals are facing a very different reality as they attempt to provide the same standard of living they enjoyed to their own children.

How Balance-Billing Is Contributing to America's Medical Debt Problem

According to the Kaiser Family Foundation, an estimated 33 percent of Americans struggle to pay medical bills. No one is immune to medical debt and many of those who report having difficulty paying medical bills are insured through job-based group plans. However, even with health insurance coverage, individuals often fall victim to the unknown and high costs associated with out-of-network charges.

Having survived the Great Recession, US companies continue to struggle

The so-called Great Recession had an adverse impact on millions of Americans. As banks failed and the stock market plummeted, U.S. companies of all sizes struggled to remain profitable. Many were forced to reduce their workforces and accrue debt. Today, economists point to continued and positive signs of economic recovery and progress. However, many U.S. businesses that survived the past six years are still struggling and dealing with massive amounts of debt.

Federal Regulators Take Aim at Banks and Credit Card Companies

Most New Jersey residents have at least one credit card and likely receive many more credit card offers in the mail each week. Through flashy marketing materials, banks and credit card companies aggressively market to American consumers, promising 0 percent interest rates and appealing debt transfer options. In recent years, these financial institutions also began offering other so-called "add-on" products promising consumers debt cancellation protection in the event of job loss or identity theft

Predatory Lenders Continue to Profit From Borrowers

Life is full of surprises, many of which are accompanied by unexpected expenses. When a car breaks down or a plumbing emergency occurs, New Jersey residents may need to rely upon credit cards or cash advances to make ends meet. So-called payday loans offer short-term loans at a high interest rate to consumers who may be unable to secure a credit card or other type of personal loan.

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