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August 27, 2009

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Angela

I took advantage of a down market and bought a new car. That definitely required breaking into the piggy bank. Then again I was in a stable financial situation to begin with, only a small amount of well-managed debt and steady income. If that hadn't been the case I certainly would have put off that purchase.

Laura

Thanks for the comment.... and yes, you're in the lucky majority in that you had a piggy bank to open (i.e., savings to draw on). We did a study back in March for the National Foundation for Credit Counseling and found that 32% or 72 million adults say they don't have any savings to tap into. I don't know what age group you fall into, but Gen Y-ers were the most likely (almost 1/2) to say they were savings-bare (and probably more so now with the economy continuing to tank).

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