Glitch continues to plague Washington Mutual

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Actually...

And the worst part is that all of these automated savings schemes and fancy bank interfaces add up to the worst savings rate in american history.

...those things have very little to do with people and their savings (or lack thereof).

Two things killed off the concept of the nest egg.

1.) The cost of living. It's hard to save squat when you've got pretty much nothing left at the end of the month after the basic necessitites - food, shelter and a few comfort items like heat, eletricity. Not to mention transportation, (check out the price of a gallon of gas lately?)

2.) Little bits of plastic usually emblazoned with the logos of VISA, MC, AmEx, etc... have done plenty of damage by making it easier than EVER in the history of mankind to buy stuff you can't afford - some needed, some not.

Throw in a lack of education on how credit works, it's pitfalls and it's evils and no wonder people aren't saving.

Smother that with a hefty layer of advertising - TV, radio, print, billboards, and the internet, all insisting people SPEND and BUY all manner of stuff.

Sure the slick interfaces, ATMs and other modern banking conveniences make it easier to get at and spend money. But they're not the main culprits.

Posted by: Wolfie2K3   Posted on: 07/31/06 You are currently: a Guest | Members login | Terms of Use

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