As Megan says, Americans need to get their heads above the debt. It would have been better if they had come to this conclusion gradually over the last 20 years instead of all of a sudden over Labor Day weekend, but there you have it.
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The number 20 has special poignancy.
Not that the quote references the debt load or savings rate from 20 years ago.
Rather, my personal rule of thumb is to live by Paretto. I spend only 80% of what I make while saving the other 20%. (The true rate is actually 50% more then 20%.) This gives me a reserve for either disasters or simply deferred (noncredit card) spending.
How did I get here? I stopped spending pay raises years ago. I live from paycheck to paycheck on a month to month basis.