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American saving habits are gloomy, but Texas is creating jobs

A new study reports that almost half of U.S. households are cash-poor with very little access to savings. In a ranking of states, the Corporation for Enterprise Development placed Texas 37th on the list for savings wealth. In addition, Texas is 41st for having effective policies in place to rectify this.

A Waco economic analyst notes a systematic decrease in savings is a pattern that has been established for decades. In the 1960s as much as 13 percent of disposable income went into savings, falling to 4 percent by the end of 2013. One of the reasons could be the easy access to credit cards, with lines of credit providing the buffer for emergencies that savings traditionally provided to previous generations. Although the Great Recession has resulted in some belt-tightening, credit card debt is still high enough to raise a level of concern.

But the good news for Texas is that employment is healthy and becoming healthier. Although the report places Texas 34th on the list for jobs and businesses, the analyst points out that Texas bounced back to normal employment levels by mid-2011 and continues to generate job opportunities. He points out that from 1990 to 2013 non-farm jobs in the U.S. economy increased by 26 percent, while in Texas they increased by an impressive 57 percent.

However, the situation isn't perfect; there is still demographic inequality in Texas. White households have about 10 times the average net worth of black families, the study reports.

Do you find yourself in the cash-poor category, perhaps drowning in credit card debt and not seeing a clear way out? If so, you'd probably feel great relief after sitting down with a bankruptcy attorney to discuss how best you can clean your slate.

Source: Odessa American, “PERRYMAN: Study finds many families have a lack of savings,” Ray Perryman, Feb. 16, 2014

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