Reader's Digest has even launched a publishing division called Simpler Life. It's not that the event caused the need to cut back in all cases, she said. In most, it just provided people with an opportunity to re-examine their lives. For folks who don't take that step voluntarily, the push may come in the form of a flood of overdue notices. As a country, we're spending more than we make.
Experts say most people are three months away from going broke.
I think that's generous. I think most people are one to two paychecks away from financial trouble. Eventually, something's got to give, Schor said.