Fashion Contrast

Without getting into the whole debacle that is health care in the United States, I thought I would give Barack Obama a well deserved “well done” for his recent ‘suggestion’ that Americans should actually start to save money and equally put it away into savings, rather then waste it on Big Macs. (Obama did not say anything about Big Macs BTW). I.E PYFO

Obama Hope Poster

Recently having moved house I came across some old credit card statements from the previous tenant, now I did not open them, they where in an article of furniture which I just brought from him, so im redeemed. What this has to do with Obama’s recent radio ‘speech’ is that he admitted that people are having real trouble making the necessary payments on the credit card debt or even on their rent/loans. Take for example the un-named man who used to live where I live… ONE of his credit cards was demanding a minimum payment of roughly 75% of his earnings after taxation. How do I know this? A opened payslip looked on. Again I didn’t open any documents! I feel very sorry for him.

According to the White House around 78 million Americans – roughly half the workforce do no have any form of retirement plans, around 90 percent of people who actually have any form of retirement plan through their employer do not make any form of contribution.

Obama has been interesting in his approach to tackling America’s issues, and these are the steps which are aimed at Americans to help increase savings to allow these 78 million to retire!

We certainly cannot go back to an economy based on inflated profits and maxed-out credit cards; the cycles of speculative booms and painful busts; a system that put the interests of the short-term ahead of the needs of long-term,” he said over the weekend. “We have to revive this economy and rebuild it stronger than before. And making sure that folks have the opportunity and incentive to save – for a home or college, for retirement or a rainy day – is essential to that effort.” Source

One of the ways Obama wishes to tackle the lack of savings in the States is by allowing taxpayers to save their yearly tax returns. According to White House figures over 100 Million families on average receive in the average of $2,000 a year in tax rebates, and at the beginning of next year, American’s will be able to buy savings bonds to add to savings accounts. Money saving is an idea which seems to be slowly permeating through society in America despite the Commerce Department showing that personal saving rates had dropped earlier in the year.

Surely now it is a good time for America’s young people, who now will soon will have the ability to choose a First Time Buyer Mortgage which really suits them and their future.

For More information please visit the Source which is the charmingly titled Credit.com with the rallying tag line of ‘Wherever you stand, We stand by you’