from the Bankruptcy Reader blog
- Why is America leading the world in bankruptcy filings? Is it our mind-set? Is it our need to acquire everything we didn’t have when we were younger?Each year, bankruptcy filings in the United States more than double the total number of filings during the entire Great Depression. A study done by the National Council of Economic Education found that one-third of Americans are illiterate when it comes to personal financial concepts and the status of the economy.The average American has no savings, overspends on a monthly basis, and owns materialistic items that are not needed to survive. While countries like China choose to save everything they make, America seems to flaunt everything they have made. This mentality often leads to bankruptcy.
Here are the top 10 reasons why America is leading the world in bankruptcy filing. [more]