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Your father worked the same job for 40 years. Then he retired. With a pension.

You know you won’t follow in his footsteps. If you’re like most workers today, there’ll be just one constant in your work life: change.

According to figures from the U.S. Bureau of Labor Statistics, average workers today will change jobs anywhere from seven to 10 times during their careers. That’s a lot of change right there. But this is only one way that the U.S. labor force differs from your father’s.

And it might not be the most significant one.

Job Hopping

Before the Great Recession hit, many younger workers believed that the only way to get ahead in their careers was to hop from job to job. It was the only way, they said, to earn promotions at a rapid pace.

Today, of course, much of the job hopping taking place isn’t the result of upwardly mobile careerists seeking more lucrative positions; instead it’s a direct result of the economy.

The national unemployment rate, as of late September, still stood at 9.6 percent. That equals way too many people either out of work or underemployed. These folks have had no choice but to jump from one job to the next.

According to the U.S. Department of Labor, workers stayed with their employers an average of 4.1 years in 2008. That number has undoubtedly changed at least slightly since 2008, but wherever it stands, you can bet it’s a far cry from the 40 years that many earlier workers logged with their companies.

There’s some boredom there, of course, toiling away at the same job year after year. But there’s security, too. That’s something that today’s workers know little about. If there’s one thing the Great Recession has taught employees, it’s that the corporations and companies that pay them will drop them in an instant if such a move makes financial sense.

Big Workplace Changes

But what other changes have hit the labor force since the 1950s? Click on the infographic attached to this story to find out. Many of the changes have been positive ones: There are more women and minorities in the workforce today. Some are negative: unemployment is up, and job security is down.

One big change is the gender makeup of the workforce. In 1950, 70.3 percent of all workers in the U.S. labor force were men. That has changed dramatically over the years: Today, men make up just 53 percent of the labor force. For those who are math-challenged, that means that women make up the additional 47 percent.

Unfortunately, women haven’t made as much progress when it comes to wages. Men still tend to earn more. For instance, one study shows that in 1987, just under 20 percent of wives earned more than their husbands did. In 2007, that number did rise, to more than 26 percent. But you’d think it would rise more than it actually did.

The size of the workforce in the United States has changed fairly dramatically, too. From 1988 to 2008, the size of the workforce has risen from 121.7 million employees to 166.9 million. The rate of growth each year, though, is slowing.

You can attribute the slowing growth of the U.S. labor force to many factors: unemployment, changing technology, outsourcing. But whatever the reason, this is a trend that you can expect to see continue.

Here’s the question for you: What workforce do you prefer? Your father’s, stable but certainly more boring, or yours, exciting but an emotional rollercoaster?

The answer to that question might depend upon where you are in your life. If you’re raising a family, you might prefer stable but boring. If you’re just getting started in the workforce and the only person relying on your salary is you, you might go with exciting but unstable.

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The scourge of foreclosures has brought a lot of moral issues to light. Is it OK to simply stop paying your mortgage? The answer you get depends a lot on who you ask and what the circumstances are. If you’ve never thought much about this question, you may soon. There are so many mortgages going into foreclosure that it may soon happen to you or someone you know. And even those who don’t go through foreclosure may still be vulnerable to terrible mortgage conditions.

How Bad Is the Foreclosure Rate?

The epidemic of foreclosures is worse than you would believe. Since 2005, there have been 2.5 million foreclosures. In July of 2010, the foreclosure rate went up 6 percent over the same month a year earlier.

Are You Underwater?

If you owe more on your house than your house is actually worth, you may feel like you’re underwater. With excess borrowing against equity and falling home prices, this situation has reached epidemic proportions. It isn’t just a few people in this situation or even a few million people. One quarter of all families are underwater, with negative equity in their own homes.

The states with the worst numbers of people underwater are Florida, Wisconsin, Nevada, California and Arizona. By far, the worst state for this situation is Nevada. In Nevada, 65 percent of borrowers owe more on their mortgage than their house is worth. What should homeowners do in this situation? Should they continue to pay? Or, do you think they should they simply chuck it all and stop all payments? Would you?

What Do People Think About Walking Away From a Mortgage?

If you have already formed an opinion about whether it’s OK to ditch a mortgage or not, you’re not alone in being opinionated. Everyone has an opinion on this, from renters to homeowners and from the young to the old. In total, 25 percent of renters think it’s okay to walk away from a mortgage. Homeowners aren’t as hip to ditching, though. Among those who own homes, only 17 percent think it’s OK to stop paying.

Is It a Moral Issue?

Some homeowners believe that whether or not to pay is a moral issue. Their own ethics come into play, telling them that someone who signed a contract should see it through, regardless of how home prices have fallen. The mortgage industry loves that—they are really playing up the idea that paying is a moral obligation.

What people believe about this issue often comes down to their age and gender. To see what age groups and genders believe it’s OK to walk away, click on the graphic. Men and women aren’t as far apart on this issue as you may think. Many people of both genders believe that if your financial circumstances are dire, it may be OK to ditch that mortgage. Do you agree with your peers? Click on the graphic to see.

(LINK TO FULL INFOGRAPHICS BELOW)

The Truth About Free Credit Reports

We’ve all seen the commercials about free credit reports involving pirates and renaissance fairs, but what’s REALLY behind those gimmicks?

America’s Credit Card Craze

Americans have a LOT of credit cards, and with that, credit card debt. Just how much, you ask? Take a look at these figures.

The Economics of Farmville

Here’s an in-depth look at the wildly popular Facebook game.

Property Taxes In America

Think you’re paying too much for your property tax where you live?

Credit Scores Around The World

Credit scores affect financial the financial habits of every individual, but have you ever considered what an entire nation’s credit score might look like?

Revamping the Student Loan System

Uncle Sam is switching up the traditional student loan system. If you’re in college, you’ll definitely want to check this out.

Federal Deficit 2010

We all know that the US is in massive debt, but just HOW massive is it? “TRILLION” really feels like just a word, that is until you put it into perspective…

How The Average Consumer Spends Their Paycheck

The Department of Labor’s latest annual survey provides a detailed look into how the average U.S. consumer “unit” spent their paycheck in 2009.

World’s Richest Criminals

Maybe there is some false truth, then, to the old adage about crime doesn’t pay?

How Stressful is Your Job?

Everyone always seems to be stressed at work. How does this affect everyday life? What makes a job stressful?

]]> http://www.creditloan.com/infographics/creditloan-com-best-infographics-of-2010/feed/ 0 http://www.creditloan.com/infographics/money-supply-as-percent-of-gdp-by-country/ http://www.creditloan.com/infographics/money-supply-as-percent-of-gdp-by-country/#comments Wed, 08 Dec 2010 14:43:45 +0000 admin http://www.creditloan.com/infographics/?p=1214

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There’s a lot of money in the world, but not all of it can be easily defined as “money.” Just where the money is and who has it is a complicated issue. The wad of money in your pocket is one form of money, but the money supply is hardly limited to that. So, where is the money, and what exactly is it?

To find out what Broad Money, Money Zero Maturity, the Monetary Base, and Money and Close Substitutes mean, take a look at the graphic for an explanation. You’ll see that there is a lot more to money than you may have realized. The cash you use from day to day is M0, but there are also MB, M1, M2, M3 and more.

What Is Quasi Money?

If you want to measure how much money a country has, there is much more to consider than just how much printed money is within that country. If you think about how much money you have, it’s likely a lot more than just the cash you have on hand. You have bank accounts, checks and other forms of money that factor into how much money you have. The same is true for countries.

How much money a country can get pretty complicated, but there is a way to figure out each country’s quasi money. No, this doesn’t mean fake money or “sort of” money, like the name may imply. Quasi money may also sound like our paychecks these days, but what it refers to is actually a pretty neat assessment of the money that a country really has.

The money supply of every single country can be measured accurately by looking at a number of different things. To find out exactly what goes into the money that a country has, take a look at the graphic.

How Does Your Country Stack Up?

How does your country compare to other countries in terms of money? The amount of quasi money in each country when measured as a percentage of a country’s Gross Domestic Product (GDP) is pretty telling. Check out the graphic to see how your country rates and whether it makes the top 10, the bottom 10 or falls somewhere in the middle. If you know someone from a country on the top or bottom lists, forward the graphic to them and let them know about it. Depending on where their country falls, it may be time to gloat or to pretend not to be jealous.

Where are the top and bottom countries located? Are they countries that are typically thought of as being rich and poor, or do they come straight out of left field for a sneak attack? There are certainly some countries in there that will surprise you as well as some that won’t. Take a look for yourself and see where the wealth of the world lies.

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Ok, so this time of year the most prevailing things on your mind are sugar plums, gift wrapping, traffic, and long lines at the register.  But you really should be giving at least partial thought to the tax season looming right around the corner.

Bush is Back

One of the chief things of tax conscious minds everywhere is how the Democrat-dominated senate and congress are going to treat the tax cuts instituted by President Bush.

These tax relief efforts were enacted in 2001 with a second round of cuts following in 2003. The tax relief of these cuts was felt across the board.  However, these cuts were never made permanent and at the end of 2010, these reductions are set to expire.

That Depends on Your Definition of ‘Expire’

If the tax cuts do expire, as many are speculating they will at least in part, the tax codes will be reverted to those enforced under President Bill Clinton. A history of taxes, politics, and which political party is better, is not what troubles the American tax payer.

The more pertinent question is: How much will the tax man be extracting from my pocket next year and how will the government spend my tax dollars? A brief overview on the graphic offers a great visual.

Many media outlets are sensationalizing the expiration of the tax cuts decrying them as the last bright and shining hope to pull America out of the depths of recession economics.  Other economic experts say these taxes don’t really help the poorest, most vulnerable Americans, but rather line the pockets of the richest 2% and give them more tax relief than ever.

The Bottom Line

The bottom line is that the Bush Tax Cuts do help, but it really depends on what end of the spectrum your income resides.  If the tax cuts do in fact expire, families making less than $50,000 annually will be looking at a reduction of their payable taxes, with the average tax payment being $122.00 annually.  Wealthier families see an increase of tax payments of $4,000.00 a year.

Does this leave you more confused than ever?  Why are the tax cuts being held up as a fabulously important economic policy to preserve when the impact on individual families is negligible?  No one want to see an increase in taxes but, $4,000 is not going to make or break a family’s financial back bone when spread over the course of a year.  (Impulse purchases of gum, candy, fast food items, and fancy coffees adds up to nearly twice that amount annually.)

Where the real difference is seen is the impact on governmental spending.  If the tax cuts expire, the governmental budget is set to soar up to all time highs. As can be seen by the line graph at the top right, Obama’a spending is already a sharp increase from past presidential budgets.

The Line Items

The national debt is at an all time high, having increased from 233 billion in 2008 when Obama took office, to over $1250 billion in 2010.  It seems like small potatoes that president Obama is pledging to reduce spending to a mere $929 in 2011, but will that promise remain if tax cuts expire, increasing the amount of money at the federal Government’s disposal?

A line by line evaluation of the proposed budgets, one with tax cuts remaining in place and the other without them, is very telling.  Spending increases in most of the ‘wrong places,’ with interest payments and pet programs bloating the budget, while necessities like infrastructure get a mere pittance in comparison.

Perhaps the Bush tax cuts aren’t what they were cracked up to be for the American family, but the governmental spending problem isn’t getting better without them.

How much thought do you spare that dollar bill before you pass it through the drive-up window at your local Starbuck’s?

If you’re like most people, probably not much.

But that dollar bill of yours might have traveled the world. Or, if it’s unlucky, it might merely have circulated from one drive-though window to the next in your home town.

And what about those dollar bills that come to you with oddball designs scrawled onto them with a ballpoint pen? Someone might have drawn glasses on old George Washington’s face. Some of the more artistically inclined might have turned him into a clown with bright purple hair. It happens. You might even end up with a dollar bill that has a cryptic phone number printed on its backside. Do you call that number before you hand your bill to the attendant at the local newspaper stand? Probably not.

Yes, dollar bills get around.

Unfortunately, they’re a bit like bees: They may travel, but they don’t live long.

A Brief Life

The average dollar bill generally lives for about 22 months before it needs to be removed from circulation.

This makes sense. Dollar bills get handled a lot. Think of all the bills you shuffle to cashiers throughout the day. You drop off dollars at doughnut counters, supermarkets, sandwich shops and train stations. You hand them off to bus drivers and barbers. You might even slip them under your son’s head on the nights he loses a baby tooth.

You might think that dollar bills, because they get handled so much, have a shorter lifespan than do other types of paper currency.

But, you’d be wrong.

Take the $5 bill. Its life span is just 16 months. And $10 bills also do worse than dollar bills: They generally remain in circulation for 18 months.

It’s not until you get to the higher denominations, which don’t get passed around as much, that you see bills enjoying longer life spans.

The $20 bill, for instance, generally lasts 24 months before they disappear from circulation. The $50 bill typically lasts for a robust 55 months.

But none of them can beat the $100 bill. This bill generally remains in circulation for 89 months. Of course, thanks to the nation’s struggling economy, the $100 bill is a rather rare creature.

The Mysterious $2 Bill

As bad as the $1 bill has it, though, its plight – a short lifespan – is nothing compared to the indignity suffered by its slightly more valuable peer, the $2 bill.

Many people mistakenly think that the U.S. Treasury no longer prints the $2 bill. That’s actually wrong. The Treasury has not removed these bills from circulation. They just think so lowly of them, that they order new printings of them in far lesser quantities. You can bet that this doesn’t do wonders for the confidence of these bills.

According to the U.S. Treasury, the Federal Reserve System last requested a new printing of the $2 bill in 2003. Treasury officials say that the key to boosting the popularity of the $2 bill is to encourage businesses and individuals to spend them just as they’d spend $1, $5 or $10 bills.

Unfortunately, many individuals tend to hang onto their $2 bills for the novelty value. For the record, though, these bills will never be worth more than $2 – so collectors shouldn’t be salivating over them.

According to the U.S. Treasury, as of April 30 of 2007, there was more than $1.5 billion worth of $2 bill in circulation across the globe.

So maybe that $2 bill isn’t such a sad sack, after all.

For more intriguing money facts, click on the infographic attached to this story. There’s a lot to learn about all those $1, $5 and $10 bills floating around out there.

Crusade Against Big Government!! This was the battle cry for more than a few U.S. politicians while campaigning for the 2010 November midterm elections. They promised to scale back government spending, to cut waste, and to reduce taxes.

This message obviously struck a chord. U.S. voters responded, sweeping fiscal-hawk Republicans into office across the country. A Republican even won the race for Pres. Barack Obama’s old U.S. Senate seat in Illinois.

It’s easy to see why voters would be so attuned to the idea of a smaller government. The U.S. government simply continues to grow. And as it grows, it continues to rack up debt. The U.S. national debt as of the November midterm elections was greater than $13 trillion. $13 TRILLION! And there were no signs that it was going to drop any time soon.

But when you take a closer look at the debt carried by the U.S. government, a startling truth emerges: The country’s debt is certainly at astronomical levels. But so is the United States’ Gross Domestic Product. In fact, the U.S. national debt equals only 55.7 percent of the U.S. Gross Domestic Product.

Many other countries have debts that gobble up a much higher percentage of their Gross Domestic Product.

Italy, Jamaica and Greece: What’s Going On?

As the infographic attached to this story explains, many countries around the globe are struggling with national debts that surpass their gross domestic product. This is a more serious problem than having a high national debt in the first place.

Consider the case of Italy. It’s national debt =106.3 percent of its gross domestic product. Jamaica, where the debt is 112.9 percent of the gross domestic product, and Greece, 114.1 percent, are in even worse shape.

Simply put: If you’re a country, you don’t want your debt to exceed your gross domestic product. It’s like running your household. No one wants high debt. But if your debts are high, you better hope, at least, that your monthly revenues, the money you bring in, are even higher.

Is Estonia a Role Model?

For an example of a country where the national debt isn’t anywhere near the level of its gross domestic product, look at Estonia. Located in the Baltic region of Northern Europe, the small nation of Estonia has a national debt that is only 4.1 percent of its gross domestic product.

The Democratic Republic of the Congo, located in Central Africa, does Estonia even better. Its national debt is just 0.2 percent of its gross domestic product.

Of course, this isn’t necessarily a fair comparison. The United States is a superpower, making and borrowing money at a manic pace. Whatever you want to say about Estonia and Congo, you’d never classify them as superpowers, right?

But what about other countries that are more similar to the United States? How do some of them rank when it comes to their national debts and their gross domestic products?

Mexico is doing better on this front than is the United States. National debt of Mexico is just 23.2 percent of its gross domestic product. Australia is doing even better: Its national debt is just 19.5 percent of its gross domestic product.

Of course, while the politicians might be stomping their feet about the national debt, it is just one measure of a country’s overall health. Yes, it’d be better if the United States owed less money. But don’t let the soaring national debt sour you on the health of the country. The United States owes a lot, it’s true, but it’s still a major financial force in the world.

Still think Black Friday happens the day after Thanksgiving?http://www.creditloan.com/infographics/wp-admin/edit.php

Well, you’re only partially right.

The Black Friday sales that capture the most attention will still take place the Friday after Thanksgiving. But that big Friday is just part of the shopping mayhem. Black Friday is now an entire season.

That’s right: Shopping experts say that Black Friday now runs from late October all the way through early December. So if you’re waiting to hit the stores until the morning after you’ve digested your turkey, you might be missing out on the season’s best values.

Retailers are savvier than ever these days. They have to be. No one’s jolly about the economy. Consumers are tighter with their dollars. This is no surprise: Many of them are out of work or underemployed. Others are on teetering on the verge of bankruptcy. And still others are struggling to avoid losing their house to foreclosure.

So merchants know that they have to pull out all the stops to get consumers to dip into their wallets and purses. The longer Black Friday shopping season is one way to do this.

Christmas Comes Earlier Every Year

Merchants can hardly wait for the last trick-or-treater to ring their doorbells before they start stuffing their aisles with Christmas trees, grinning Santas, mistletoe, and plastic reindeer. And why not? The holiday season is when many retailers traditionally make their profits.

This, in fact, is where Black Friday got its name: Retailers move from the red – loss – to the black – profits – during the manic holiday shopping season. You can take a look at the impact that Black Friday has on merchants by (clicking the infographic)attached to this story. You might be surprised to see just how important Black Friday and the entire holiday shopping season is to most retailers.

So don’t be surprised when you walk into your local mall on Nov. 10 and already see fake snow covering every square inch. And if you should bump into a real-live Santa ho-hoing away before the Thanksgiving turkeys have even been sold, don’t do a double-take: Retailers want that holiday season to stretch on and on.

Bargains to be had

This is actually good news for shoppers, at least for those who can stand the dozens of renditions of “Frosty the Snowman” and “Santa Claus is Coming to Town” that will assault their eardrums. (Does every pop star have a Christmas album? We’re waiting for Mike “The Situation” from Jersey Shore to release a “Jersey Christmas” this year.)

That’s because there’ll be plenty of bargains available for cost-conscious shoppers, even on the trendiest electronics and toys.

Analysts are already predicting that retailers will dangle bargains on iPods, laptop computers, e-readers, and video game systems in effort to entice the bigger spenders this holiday season. New motion-capture controls for the Playstation, for instance, are expected to be offered at cheaper prices. And those yearning for a new iPad might find them at bargain-basement prices this Black Friday.

Of course, shoppers will have to act fast. Those who know how the Black Friday season works, advise shoppers to pull the trigger quickly if they find a deal that they can’t live without. It’s tempting to wait and hope for even lower prices. But shoppers who do this risk losing that low-cost iPod Touch or that bargain-basement Wii video game system.

But whatever you do, don’t have a blue Christmas if you don’t land that perfect Black Friday gift this year. If you think prices are low the day after Thanksgiving, you should wait until the week after Christmas. Now that’s where the real values wait!

We’re worried about China overtaking us. We still shudder at the once mighty, though now humbled, economy of Japan. But through it all, the United States remains the wealthiest country in the world, with a healthy Gross Domestic Product of $14.5 trillion.

That doesn’t mean, though, that there aren’t problems. Just look at the national unemployment rate. It’s far too high. As of the latter portions of 2010, this rate stood at 9.6 percent. That’s left too many people out of work or underemployed. This explains why the economic recovery feels so bad to so many people.

Then there are housing foreclosures. According to online foreclosure company RealtyTrac.com, the United States saw 2.8 million foreclosure filings last year. That’s an all-time record. RealtyTrac’s numbers this year suggest that, though the country won’t set another record, the country will see far too many housing foreclosures again.

And don’t forget about bankruptcy filings, either. The American Bankruptcy Institute reports that the number of consumers filing for Chapter 7 and Chapter 13 bankruptcy protection is reaching levels not seen since the bankruptcy laws were changed in 2005.

So, yes, things are far from economically rosy in the United States.

But here’s an important fact: Things might be far better depending in which city you live.

San Jose Leads the Way

Certain U.S. cities remain gripped by poverty. Others are home to a multitude of millionaires. Consider the cases of San Jose, Calif., and McAllen, Texas.

San Jose ranks as the wealthiest city in the United States. It boasts a median household income of $76,354. Meanwhile, McAllen is the poorest: It has a median household income of just $13,742.

Of course, this doesn’t tell the whole story. It costs far more to live in San Jose than it does in McAllen. Homes are more expensive. Private schools charge higher tuitions. Shopping centers know that they can charge their customers more for everything from winter coats to dog food to shoes.

So even though San Jose ranks as the richest city in the country, that doesn’t mean that the residents there are feeling good about the economy. California has been hit hard by falling housing prices. Much of California has this problem. This has eliminated much of the wealth that many California homeowners once enjoyed. Do you feel sorry for the Californians or do you feel like anyone in a minimum of a half-million dollar house can fend for themselves?

San Jose has a far higher median household income than the rest of the country, but it doesn’t mean that the residents there aren’t waiting just as anxiously for the national economy’s recovery to finally show some stronger signs of life.

Millionaire Central

Even millionaires are struggling in today’s dismal economy. Really. They’re losing money on their investments and their real estate holdings. True, they have a lot more money to lose. But losses are losses, right?

So where are the poor little millionaires? If you’d like the magic of millionaires to rub off on you, consider moving to New York City. The city, not surprisingly considering its huge population, is home to the most millionaires in the country, more than 667,000 of them. Los Angeles, too, has more than its share of millionaires: more than 235,000. In the Midwest, Chicago leads the way, with more than 198,000 millionaires calling the Windy City home.

Unfortunately, chasing wealth across the United States doesn’t mean that you, too, will become rich. You can live among the millionaires of New York City and Los Angeles and never learn a bit about making big money. Or you can set up shop in McAllen, Texas, and make a small fortune.

It’s your brains that matter. And your drive.

Location, location, location? That only matters for real estate. So where will you go next? (Check the stats) and see what you can expect to earn there!

It seems as if we’re charged something every time we take a breath. That may be a bit of hyperbole, but there are certain fees that everyone hates. And the most infuriating thing about them: there’s nothing we can do about it.

For instance, there is the hated credit card interchange fee. Every time you purchase an item at a store, anything from a can of pop to a flat-screen TV, the credit card companies suck up 2 percent of that purchase’s price. That’s 2 percent of a sale that the retailer loses. How do retailers make up for this lost income? That’s right, they increase their prices, penalizing not the credit card companies but you, their customer.

And credit card interchange fees are just the beginning of the list of maddening fees.

There are also foreign transaction fees. Credit card companies charge these whenever their customers use their credit cards in foreign countries. They say they charge these fees as a way to fight fraud, but the fees also bring them extra revenue. It’s unclear exactly what the fees allow credit card companies to do.

If you don’t like paying extra fees, do everything you can to avoid online ticket site Ticketmaster. This giant company not only charges customers for the tickets to concerts and sporting events that they buy, it also tacks on big charges that it calls facility fees, convenience fees and order-processing fees. Ticketmaster will even charge you for printing out your tickets.

Uninsured drivers are another cause of big and infuriating fees. Today, about 25 percent of motorists lack the insurance that the law requires them to have. Insurance companies know this. So they charge their customers uninsured motorist fees to protect themselves in case drivers without insurance hit them. Yes, this means that you, even though you are following the law, are the one who is financially punished.

A new fee has made headlines recently, the baggage fee that airlines are increasingly charging. Yes, it used to be free for you to bring along bags when you hit the airport. Today, though, most airlines will charge you $25 for having the nerve to bring a bag with you on your trip. And if you have more than one bag? The price goes up, often incrementally. To make matters worse, many airlines charge you a baggage fee both when you fly to your destination and when you return back home. That $25 fee, then, becomes $50 if you actually want to return to your home once your vacation ends.

Currency conversion fees also can cause travelers some major headaches. Foreign exchange offices will charge you a fee to trade your dollars in for their currency. Don’t try avoiding this by using your credit card for purchases. If you’re in a foreign country, many major issuers of credit cards charge you a fee that’s generally about 3 percent more than what the foreign exchange office will levy against you. What’s worse is that you might not realize this until you return home and open your credit card statement.

It’s expensive enough to see a doctor or stay in a hospital. These costs keep rising, though, in part because of the huge amounts of malpractice insurance that doctors are forced to take out to stay in business. Doctors, even good ones, live in constant fear of being sued by their patients. They then charge you higher costs to make up for the insurance that they have to take out.

Finally, minimum balance fees can also drive you crazy. Many bank savings accounts or investment accounts require consumers to have a minimum balance in their accounts. Consumers who dip below this will be charged a fee. Here’s the kicker: If you’re already struggling financially, enough so that you can’t keep a minimum balance in your account, all those fees are only going to make your life tougher.