For the average American household, the debt to income ratio is dire. Small wonder then that an almost national desire to become debt-free has presented itself as something of a boon for fraudsters and financial scammers. No one is exempt from money swindlers but worryingly, seniors are often the main targets. More than one in three elderly people over 85 experience some degree of dementia, making this age group particularly attractive to scammers.
By freelance writer/contributor Lucy Wyndham
Americans continue to live beyond their means. The average household has about $137,063 in debt. An estimated $16,883 of that is attributed to credit card debts. However, the median income per household in America stands at just above $59,000. With the cost of living rising faster than the incomes, we face increasing choices in how we spend our money. Being financially savvy is becoming much more important. Just as we should design a life plan and individual goals, this has never been truer when it comes to finances. Here are some great effective hacks to get you started.