Americans regret exorbitant spending before recession

Many Americans reported that if they could go back to the time before the recession hit they would make different financial decisions, as poor spending habits prevented many from goals of saving money, paying off debt and moving into a new home.

A recent survey from TD Ameritrade found that 56 percent of Americans said they would have managed their money more efficiently if they could travel back to 2008, when the great recession began. More specifically, 71 percent said they would have put more money into savings, 65 percent said they would have lived within their means and 60 percent would have taken more personal responsibility for monitoring their finances.

Many respondents were forced to delay costly expenditures like travel and buying a car and 44 percent said it would likely be 1 to 3 years before they would be financially stable enough to make those purchases.

Improvements to the economy such as a higher employment rate could give Americans the means to satisfy goals like paying off credit card debt and relocating into a new home. According to the Department of Labor, while unemployment claims rose the week ending January 1st, the four-week moving average dropped by 3,500, indicating that more people are finding work.

More News