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What is going away debt right Americans are paying down their debt sounds good.
But there is a call joining us now they first on Fox Business -- -- his latest -- Scott Rasmussen.
President of Rasmussen.
Reports -- -- -- again it's you know everything we do now is good news bad news for the good news -- people paying down debt in your own financial balance sheet a little bit in order good.
The bad news according to your survey.
Is that they're taken money from other things savings.
I tried and look let's face it good news bad news is better than what we had a few months ago when it was all bad.
But what we're saying in the country financial security index right now is that 57%.
Of Americans are unable to set aside any money for savings or retirement.
That's up five points from a month ago it's up fifteen points from a year ago.
And what this means that any -- it's part of a longer term trend it one consumer confidence initially goes down people sell cable -- do.
But it has been wearing on as the recession has been wearing on people or are feeling the stress and the strain a little bit that I -- and housing prices they feel in cash flow.
And right now they're feeling and in their ability to save money.
Fifty kids got its -- and didn't -- it was always at 52% today confident.
Then they will have financial resources to send their kids to college what's shocking about that is how much has fallen.
Track again that's fallen -- from want to go fallen sixteen points -- 68% of parents a year ago so a year ago at this time two out of three American parents were saying yeah -- We'll figure out a way to get our kids to college now it's down to just just over half.
And and this is something again -- wearing on people low that they were planning to to use some home equity loans or other resources we don't know.
But this is the rising concern.
We see this in data we ask about will today's children be better off from their parents a majority are now saying no.
You know Scott we looked at that data it's okay paying down you -- -- credit card hi -- discredit car which is always a good thing to do but.
On the same token -- if you're.
If you just swapping one if you think you might lose your job you want to have a little savings to right so according to your data people may -- aren't saving.
The paying down debt which which means if they lose their job they -- may be forced to then.
Live off the credit card because they won't have any savings.
Sure -- but again this is you know what's happened is people have -- no good options as a half of all Americans don't have any money left over after paying their bills each month.
That is part of the reason that the you know we're in the financial situation that we are.
They have to make difficult choices between paying the -- -- setting aside some money they'd like to do both.
Where in fact we do find consistently that the American people rate paying down debt is more important than setting aside additional one quick quickly and they think lending standards should be able tougher.
How all go back to the point you just made.
So according to your data.
51% about half of American households.
Have nothing left over after bills that did they did literally spent every every dime they make goes to.
The carrying cost of their own lifestyle.
That's on believe that's exactly right.
And in fact it is so pronounced that we noticed an uptick in consumer confidence the first of the month when payday comes around for a lot of people.
And then it dissipates after that.
While -- living from paycheck picture that's that's you know doesn't bode well for consumer spending.
Scott Rasmussen president around -- starts thank you very much.
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