Compared with the worst time last year, the U.S. economy is improving, with more jobs and more household income. But that's just what the survey data shows, and the real life feeling of the American people is still "very poor". Not only the federal government, the state government owes a butt of debt, most families also feel the pressure of debt, in daily life can only continue to tighten the wallet to save more money.
The 1980s when the U.S. unemployment rate reached a maximum of 10%, and now about the same, but then the per capita debt is much less than at the moment, in today's dollars, the 1982 per capita debt of $ 14,000, now per capita debt of $ 44,000. Under the pressure of debt, the American "money-saving strategy" is very popular. No money? It's okay, you can use time to exchange. In some communities in the United States appeared "time bank" such organizations, customers can use time labor in exchange for what they need, not only to solve the economic dilemma, but also to help neighborhood solidarity.
Saving money while saving time is a new trend in American life under the shadow of the economic crisis.
Debt pressure continues unabated
The Associated Press and a research firm asked more than 1,000 U.S. adults to see how indebted they were and whether they could pay their debts on time. The results show that about 46 percent of the respondents claimed to be stressed by their debt, with half of them saying the stress was "a lot" or "quite a lot"; about 53 percent said they were not stressed about their debt at all.
Those who felt the most pressure from debt included women, married couples, those between the ages of 30 and 44 and those with household incomes of less than $20,000 a year. Those who felt less debt stress included men, retirees, singles, seniors and those with household incomes of more than $100,000 a year.
Christina Standridge, 33, of Milwaukee, has been forced to change jobs three times in the past two years, earning less and less, and now works as an administrative assistant for a business that designs and manufactures wastewater treatment equipment. Her husband works as a mechanic at a factory. The family of three is struggling to make ends meet.
Stanridge complained to The Associated Press that "we try to spend as little money as possible to pay all kinds of bills, cut back on all unnecessary expenses, and just do things that don't cost a lot of money," such as barbecuing in their own backyard instead of going to a restaurant or going to the movies.
Statistics show that the U.S. has $44,000 in debt per capita, which includes home loans, credit card overdrafts, auto loans and other consumer debt. In the 1980s, when U.S. unemployment peaked at 10 percent, per capita debt was much less than it is today, at $14,000 per capita in 1982 in today's dollars.
Compared with last year, the U.S. economy is improving, with more jobs and higher household incomes, but why is it that the percentage of survey respondents who think debt is stressful is still similar to last year?
The Associated Press analyzed that it's because most Americans don't feel the economy is recovering. Unemployment remains high, at about 9.9 percent, and competition for jobs is fierce, while workers are watching their incomes "shrink" and many face the risk of foreclosure, making it more difficult to apply for bank loans.
The survey results show that only 20% of the respondents believe that the U.S. economy is good, compared with 15% last year.
Ken Goldstein, an economist with the World Federation of Large Businesses, a nonprofit communications research organization, said that in terms of consumer confidence and debt pressures, people's personal circumstances are far more influential than their views on the economic situation because "everything that's at stake is about myself -- my house, my car, my job."
Saving money and time
Americans continue to tighten their purse strings under the weight of debt.
The survey results show that survey respondents owe $3,900 per capita on credit cards, compared with $5,600 last fall and $4,900 last spring.
Households earning more than $50,000 a year saw their credit card debt decrease by more than half, while debt stress remained the same; households earning less than $50,000 a year saw their credit card debt increase slightly, while debt stress skyrocketed.
Save more while reducing expenses. Americans spent 4.2 percent of their disposable income on savings last year, the highest percentage since 1998.
Americans, meanwhile, have come up with the brilliant idea of trading time for money. Organizations such as "time banks" have sprung up in some U.S. communities, where customers can trade their time and labor for goods and services to help them cope with their financial woes.
Maria Villacresse, 28, lives in Allentown, Pennsylvania. When she was struggling to find money for her wedding, she turned to a local "time bank" called Community Exchange. She worked as a medical interpreter and pet sitter to earn "time coins," which she then exchanged for her wedding needs.
On her wedding day, a cosmetics saleswoman, who is also a Time Bank customer, took care of her bridal makeup, and a cake baker delivered a seven-tiered wedding cake. The entire wedding cost about 200 Time Bucks, which Villacresse said saved her about $2,000.
"Even if we plan a small, simple thing, it takes a lot of money, time and effort," she said, "and with the Time Bank, I got a lot of help and saved a lot of money."
Harvesting dreams, harvesting friendships
There are about 500 customers like Villacresse at the Community Exchange Time Bank***, which offers services ranging from electrical circuit repair to tai chi instruction.
Unlike primitive bartering, Time Bank customers don't have to offer each other services. All work is ultimately valued in the form of "time coins," which are awarded for every hour of work, whether it's cleaning someone's house, cooking, or fixing their car.
While many people participate in the time bank because they are short on cash, they find that they not only get what they dreamed of, but also get to know more of their neighbors and feel warmer about their lives.
Joan Stevenson, 79, earns time coins for writing columns for Time Bank publications, providing a place to meet, helping others with resumes and finding jobs in exchange for free home care. "'Time Bank' has enriched my life, not only by getting services, but also by making my own contribution to others," she said.
Statistics show there are 115 existing time banks in the United States, with another 100 in the pipeline. While the banks' customer staff is constantly changing, the number remains constant at about 15,000 people.
In Maine, people can trade in their Time Dollars for guitar lessons and gardening services; in California, Time Dollars can be used to get a haircut or an aromatherapy experience; and in Michigan, people can trade in their Time Dollars to get a haircut. "In Michigan, people can trade them for services such as childcare, plumbing repairs and free yoga lessons.
"People see 'time banking' as one of the ways to relieve financial stress,'" said a Washington, D.C.-based organization dedicated to promoting the "Time Banking '" said Jen Moore, head of Time Bank America, a Washington organization that promotes time banking.
Laura Gutierrez, director of the Community Exchange Time Bank, said, "With the economy in bad shape, people are going to have to be more imaginative in utilizing their community resources and discovering ways that they never thought of before."