RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Americans Give High Marks for Finances

April 30, 2015 2:09 am

A majority of Americans are confident in their most recent big financial decision, such as picking a credit card, buying a car or refinancing a mortgage, and as many as 59 percent say they deserve an “A” or a “B” when it comes to their personal financial knowledge, according to a recent survey by the National Foundation for Credit Counseling.

However, this confidence may be somewhat misguided. Per the survey, 70 percent of Americans are worried about their personal finances, as 60 percent spend without a budget and 21 percent spend more than they did in the previous year.

Additionally, only six percent of Americans feel their student loans were a good investment, and more adults would advise against student loans than would recommend them. Of those who are repaying their own student loans or their children’s loans, 58 percent say they are unable to establish emergency or retirement savings or purchase a car as a result of that financial commitment.

This overconfidence may be the result of progressing success in credit card debt management. Although one in three households carry credit card balances from month to month, the percentage with balances below $2,500 has increased by four percentage points over last year, while the proportion of those with balances of $2,500 or more has decreased by the same amount. This may suggest that people who carry credit card debt are doing so with lower balances than they had in the past.

Source: NFCC

Published with permission from RISMedia.


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Conducting Disaster Drills at Home

April 30, 2015 2:09 am

More than half of American adults have not participated in a disaster drill or preparedness exercise at home, work or school in the past year, according to a recent FEMA survey. Further, less than half of respondents have taken steps to develop an emergency plan and discuss it with members of their household. With 80 percent of Americans living in counties that have been hit with weather-related disasters, preparation should not be ignored.

To practice disaster preparedness, FEMA recommends the following:
  • Sign up for local text alerts and warnings and download weather apps to your smartphone.
  • Develop an emergency communication plan for your family. This will help you be in touch if a disaster strikes and family members are in different locations.
  • Collect important documents and keep them in a safe place. This will help you evacuate without delay and get back on track after the disaster passes.
  • Gather emergency supplies. Pack a “go bag” to evacuate quickly and have supplies in the home to be safe without water or power.
Source: FEMA.gov

Published with permission from RISMedia.


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