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More than 1/3 of Illinoisians Have No Savings

Updated: Thursday, January 30 2014, 10:41 PM CST

If
your savings account is paltry, you're not alone. A new report shows
more than one third of Illinois households have little or no savings.

That means in the event of an emergency, such as a job loss or a health crisis, these families would be in a financial crisis.

Money experts say saving even a small amount of money is better than nothing.

"Start
small. Even if it's $25 a month or $50 a month or $10 a month, whatever
it is--start small and make it an automatic process where you put
something into a savings account or your employer's retirement plan,
especially the younger you are and the sooner you start, the much better
you're going to be," said Bill Peterman, Strategic Wealth Advisor &
Regional Director of Peterman Financial Group, Inc.

The average Illinois borrower is carrying more than $10,000 in credit card debt.

Experts say if you must use a credit card, find the best interest rate possible, and pay it off each month.




More than 1/3 of Illinoisians Have No Savings


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