It’s no secret that many Americans have long relied on credit cards and other forms of debt to get what we want, or what we need.

But a new survey finds that even in the wake of the Great Recession, we may not be totally honest with ourselves about whether we are living beyond our means.

The survey of about 3,000 Americans finds that about half of the respondents spend more than they earn at least a few months out of the year.

Yet only about 1 in 10 respondents said their current lifestyle is more than they can afford. The vast majority said their lifestyle is about what they can afford.

The survey was conducted by Rasmussen Reports on behalf of Country Financial as part of the company’s monthly measure of financial security.

Of the people who spend more than they earn at least some of the time, about 36 percent said the primary response is to dip into savings to meet their financial obligations. About 22 percent said they use credit cards to cover the gap, while 12 percent delayed paying the bills.

The good news is that half the people surveyed – 46 percent – rarely or never spend more than they earn in a given month.

The difficult economy has had a devastating impact on many Americans’ finances, and that has forced some to rely more on credit cards and other forms of borrowing because they don’t have the money to meet monthly expenses.

For many the recession and recovery served as a wake-up call to pare back on credit card debt and get their finances under control.

Recently, however, there have been signs that people are feeling more comfortable again about taking on debt. The Federal Reserve said last week that Americans increased borrowing in March for things like cars and education, and also used their credit cards more.

Americans also may be living beyond their means because they have less money than they used to. The nation’s median household income has fallen by about 7 percent from its peak in 1999 after adjusting for inflation.

Related:

One in four Americans has more debt than savings

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Financial experts Jean Chatzky, David Bach, and Sharon Epperson tackle viewers’ financial dilemmas, including how to afford insurance and open a retirement account, and whether to take early Social Security benefits when you’re unemployed.

Results with 89 short comments

15% of my take-home pay goes into savings. Only then do I determine what my remaining means are and I don’t use credit cards. I’m happy..

After going through some personal, financial setbacks 5 years ago, I am trying to live within my means.

I use a credit card for cash flow and record keeping but never, ever carry a balance from month to month.

I pay my taxes and save what I can. I live within my means

I never carry a balance on credit cards, ever. I always maintain 3 months pay in savings as a minimum.

Living beyond my means does not mean I’ve got a Mercedes parked in my driveway. It used to be I would have starved without credit cards.

I save money every month yet it won’t be enough to retire on.

I say yes with a caveat; given jobs and economy and no reliance upon either coupled with no changes to legislation towards such – we all ar

If I don’t have the cash to plunk on it today I don’t buy it, period. Living below my means, never know what might happen.

why focus on spendingearn in 1 particular month? I’m going on an Italian vacation next month so for THAT month I’ll spendearn. So what?

I live debt free, with exception to my mortgage.

I only buy what I can afford AFTER saving money each month.

I am a student and I have taken on a moderat amount of debt. Lord willing, I will find a good job after I graduate.

If you’re not saving money like crazy, you must be oblivious to what’s going on.

Use a budget, record your expense, know exactly where your money goes!

Wages have been stagnant since 1970. How dare you chastise Americans for their situation. Health care, retirement and college are all out o

But we are the fortunate ones. We don’t have to use our credit cards to buy groceries, or gas, or other necessities.

WTH, Admit it Obama is overspending!..vote out the bum.

3 year old twins in daycare has pretty much wiped out any chance of saving $$$….

Actually, I buy what I want, but my wants are simple.

It is way to easy to but when you really do not have the funds to do so.

I have tried to establish a budget, but my wife finds it diffucult to stay within it. She’s a shopping addict that’s in denial.

The wife CAN’T LIVE without more shoes.

Depends. I have student loan payments and a mortgage, though I don’t miss payments and don’t spend more than I make. Am I staying in means?

I will inherit some money soon and hopefully get back on track.

Paul Sakuma / AP

A bad score could cost you a loan. That’s why it’s so important for you to understand how credit scoring works.

Your credit score, which is based on your credit history, can have an enormous effect – positive or negative – on your life. A good score could save you thousands of dollars a year in interest. A bad score could cost you a loan. That’s why it’s so important for you to understand how credit scoring works. 

A new surveyby the Consumer Federation of America (CFA) and VantageScore Solutions shows overall knowledge about credit scores has improved significantly in the past year. But the results also make it clear there’s still a long way to go.

Many consumers still need to learn about what scores represent, how to get access to them and how to improve them,” notes CFA’s executive director Stephen Brobeck.

Fewer than half (44 percent) of those surveyed are aware that a credit score typically measures risk of not repaying loans, rather than the amount of debt or financial resources you have. Only 29 percent know how costly a low score can be.

“Very few people understand that on a conventional new car loan ($20,000 for 60 months) if they have a low score that will cost them $5,000 more in additional interest charges than a borrower with a high credit score,” Brobeck says.

One of the most troubling findings: more than half the respondents still think, incorrectly, that a person’s age and marital status are used to calculate credit score. One-fifth (21 percent) incorrectly believe ethnic origin is a factor.

“Your ethnicity isn’t even on your credit report, so it’s impossible for it to be a factor in computing your credit score,” explains John Ulzheimer, president of consumer education at SmartCredit.com. “Your credit score is not influenced by anybody but you. Your own actions completely determine the score.” 

One key area of misunderstanding: the impact of multiple credit checks while applying for a loan during a one to two week period. Few people (only 9 percent) know that shopping for a loan like this will not lower their credit score. 

“If people are not shopping for credit because they think it will negatively impact their credit score, that’s not good,” says Adam Levin, chairman of credit.com. “People need to shop around and get the best deal at the best rate. That’s good for the consumer and good for the economy.” 

Despite years of warnings about credit repair companies, more than half the people contacted (51 percent) believe that these companies are “always” or “usually” helpful in correcting credit report errors and improving scores. That’s troubling. 

“Experts around the country are in almost complete agreement that these credit repair companies overpromise, charge high prices and also perform services that consumers could do for themselves,” CFA’s Brobeck warns. 

The Consumer Federation of America says there are ways to raise your credit score. 

• Consistently pay your bills on time every month.
• Don’t max out, or even come close to maxing out, your credit cards or other revolving credit accounts.
• Pay down debt. Don’t just move it around.
• Don’t open a lot of new accounts rapidly.
• Check your credit reports from each of the three big credit reporting agencies throughout the year to make sure they are error-free. You can get one free copy from each bureau every twelve months. Use this website — www.annualcreditreport.com — or call 877-322-8228. You must give your Social Security number since this is how credit reports are tracked.

How much do you know about credit scores and credit reports? Take the CreditScoreQuiz. There is also a Spanish language version.

• More information:
  ConsumerMan: Credit Information that’s really, 100% free 
• Federal Trade Commission: Credit Repair 
• Federal Trade Commission: How to Dispute Credit Report Errors 
• FICO: Credit Basics 

Source: U.S. Government Accountability Office

The tough job market has been so hard on some Americans that they have dropped out of the running altogether.

But here’s a surprising twist: Generally, that’s not been true of older Americans.

The labor force participation rate, or the number of Americans who are working or looking for work, has declined in recent years for every age group except those who are 55 and older, according to a report released this week by the Government Accountability Office.

Older Americans generally have a lower labor force participation rate than other age groups, and for good reason: That’s the point in life when most people retire.

But the percentage of older Americans who are choosing to remain in the labor force, or to get back in it, has steadily been rising over the past 20 years and even continued to increase over the course of the recession and recovery.

About 40 percent of workers age 55 and over were working or looking for work in 2011, the GAO analysis found, compared to about 30 percent in 1990.

That’s in contrast to young and prime-age Americans, who have seen declines in labor force participate rates in recent years.

Ninety-two-year-old May Lee has been working for the State of California for more than 70 years, has served under 10 governors, and has no plans to call it quits. Early TODAY’s Lynn Berry reports.

A closer look at the data shows that the real increases are coming from some of the oldest workers. Phillip Levine, an economics professor at Wellesley University, noted that labor force participation among 55- to 64-year-olds has generally been flat in the last five years, at about 64 to 65 percent.

But for workers 65 and over, labor force participation has increased from 15.5 percent in 2007 to 18.4 percent now. Levine’s analysis was based on the Bureau of Labor Statistics data.

There are a number of potential reasons why the labor force participation rate has increased for people who we traditionally think of as being in retirement age.

One explanation may be that older workers are choosing to work longer to make up for investment losses and other financial woes as a result of the recession. Some people age 65 and older also may be getting back into the labor force because they can’t make ends meet on Social Security and retirement savings.

The GAO report said other factors keeping older workers at work may include better health and life expectancies, the increasing number of older women in the labor force and the need to stay at work to retain health benefits.

That a larger chunk of older people are working doesn’t diminish how tough the recession has been on people aged 55 and over, Levine notes.

Although the unemployment rate for older workers has generally been lower than the broader population, a job loss in that age range can be particularly devastating. That’s because it generally takes older workers longer to find a new job, and that long gap in employment just before retirement age can have a harsh impact on their retirement plans.

The GAO report to the Senate’s Special Committee on Aging focused mainly on the effect of long-term unemployment on older workers.

For many Americans, the dream of a worry-free retirement remains elusive. NBC’s Anne Thompson explains why.

In testimony before the committee last week, the National Employment Law Project noted that many older workers face the double-whammy of a big employment gap and a resume that gives away their age. Both can be a turnoff to some potential employers.

Levine, who has done extensive research into older workers and the recession, said many people in that age range are “limping across the finish line.”

“They find some way to make ends meet from whenever they lose their job at 58 or whatever, and finally when they get to 62, Social Security provides them with a lifeline,” he said. “It provides a means of getting by.”

Related:

Americans expect to work longer, retire later

Long-term unemployed losing benefits as job picture improves

Out of work, out of options, into retirement 

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Results with 36 short comments

I’m almost 57…love to retire right now but quite frankly the issue of health care prohibits any thoughts of early retirement

In an ideal world, where the Banksters never robbed us of our 401k, this would have been the time.

Health care will determine my retirement age. Will need to wait for Medicare. No freedom without universal health care for all.

I’ll never be able to retire. Social Security doesn’t take care of you.

I think that the experience and abilities of older workers are over looked by the the younger HR workers. They overlook a lot of talent. Ba

I am past retirement age now and have to work because the stole my IRA “nest egg” thanks all you SOB’s!

Both my wife and I are retireing as of June 30. I may do some odd jobs as I am a tradesman but I do not want to be on a schedule.

I retired when I turned 50. Thank God for GW Bush’s tax policies.

I don’t have to work at the same level of responsibility or stress, but I can’t imagine not working, ever.

I prefer to never again have to work for someone else and continue on with my own projects, while remaining self-employed!

55 is only 3 years away – but I probably won’t quit working at that time.

But this is not an ideal world, many of us will have to work until the day we drop dead.

If you are over 50 finding a job is next to impossible, trust me.

Always fun to dream about something that will never happen.

in todays economy, the financial outlook is dismal. social security and everything i have worked for is slowly slipping away.

Republicans have distroyed the American dream of Retirement, but it’s our fault for voting them in office, especially GW Bush !

Trying to avoid being downsized by corporate America is no easy feat. Word to the younger generations – take the self-employed route.

I’ll never be able to retire. The market crash tanked my 401k and I have a 16 year old daughter who has plans for college.

As long as I can be productive and help people with their financial issues I will do it. I’m not ready for gardening and walking the dog

Who wants to work? I mean work, as work. I certainly don’t mind being paid to have fun. I’m talking retiring from the grind for sure.

But, I didn’t have a choice, forced out by greed. Finding employment, which I need, is nearly impossible at my age. Love the Hope Change.

Working in a manual labor job takes it toll on the body

I enjoy working and I hope that I will never have to retire.

I fortunately have a good job; I am going to try to hang until I am 67.5 hrs (2.5 yrs away but who’s counting!). I am saving like mad.

I retired at age 57 in the middle of a recession. Excellent planning while in my youth and great investments that payed off.

We’re going to go out on a limb and guess that when Henry Kissinger served as secretary of state, press reports about his key trips to foreign countries did not usually dwell on how he looked.

No such luck for Hillary Clinton. On a recent trip to Bangladesh, the current secretary of state got more attention for her decision to forego makeup than for any of her international diplomacy accomplishments.

Virtually all of the more than 7,000 people who took our poll this week agreed that women are judged on their looks at work.

True to form, many people who commented on the post chose to dwell on – you guessed it, Clinton’s looks. Some also argued that women are to blame for being judged for their looks.

“Women use their looks and flirt to try to succeed, but when looks fade, or when they have a fashion misstep…suddenly they cry foul and wonder why looks matter,” one reader wrote.

Whether it’s right or not, most readers acknowledged that both men and women are evaluating their female co-workers, and perhaps even their male co-workers, based on how they look.

“It’s human nature, folks prefer to look at pretty whether it’s male or female. I’ve been working for a living since I was 17 and pretty works; unfortunately,” one reader wrote.

In addition to the pressure to look good at work, many working women face a huge financial barrier to rising the career ladder: Paying for child care.

Another post this week looked at how high child care costs are derailing some women’s career plans, amid government cuts in programs that subsidize child care.

Many readers had no sympathy for moms in this position, arguing that they shouldn’t have children if they couldn’t pay for child care or saying that they should find a way to stay home with their kids rather than paying for child care.

But other lamented the considerable cost, literally and figuratively, of pricey child care.

“When my daughter was born 21 years ago it was a struggle to find affordable daycare. My sister-in-law and her husband, both have Phd.’s in molecular biology and do research at a university on possible cures for diseases. They could not afford daycare for 3 children on university salaries so my sister-in-law stayed home to care the children. A talented scientist had to make a choice and we lost a potential cure that could benefit everyone. Women are in the work force to stay. Most families need the 2 incomes live. Why can we not find away to provide safe, affordable, and academically accredited daycare in this country,” one reader wrote.

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The Hamilton Beach Ensemble starts at $38.

Single-cup pod brewers are seducing a growing number of coffee drinkers with their convenience: Simply choose a coffee pod, pop it in, and press a button. But these instructions conveniently omit the first step: reaching into your wallet to pay the $100 or more such machines typically cost. On top of that, The New York Times has calculated that buying coffee in pods equates to spending more than $50 per pound of ground coffee. Stick with good, old-fashioned automatic-drip to stay caffeinated on a budget.

Below are Cheapism’s top picks for affordable coffee makers.

• The Black Decker Brew ‘n Go DCM18S (starting at $19) is a highly rated, low-priced alternative to a pod brewer. It uses ground coffee but brews a single cup directly into an included 15-ounce travel mug. (Where to buy)
• The Hamilton Beach Ensemble 43254 (starting at $38) is a more typical programmable, 12-cup coffee maker with a glass carafe that reliably delivers piping-hot coffee, according to online reviews. Many consumers also like how it looks on their countertops. This model is black and stainless steel; a red version (43253) is also available. (Where to buy)
• The Mr. Coffee JWX27 (starting at $35) is another standard 12-cup machine that boasts a few extra features, such as a brew-strength selector, a cleaning cycle, and a water filter. Experts credit this coffee maker with heating water to the high temperature required for optimum brewing. (Where to buy)
• The Hamilton Beach BrewStation Summit 48464 (starting at $47) appeals to many consumers with its distinctive design. Instead of brewing coffee into a carafe, like many other 12-cup models, this machine stores the coffee in an internal thermal tank and dispenses it on demand. (Where to buy)

Carafe-less coffee makers like the Black Decker Brew ‘n Go and Hamilton Beach BrewStation Summit promise certain advantages over conventional machines. Other low-cost coffee makers typically come with breakable glass carafes and employ a hotplate to keep coffee warm. A brew that sits too long is apt to acquire a bitter, burnt taste. Coffee makers with thermal carafes are another alternative, but those are uncommon in this price range. While we did manage to find one, the Mr. Coffee TFTX85, we also found numerous complaints that it fails to keep coffee hot.

With the exception of the Black Decker Brew ‘n Go, these are programmable machines that can be set the night before and have coffee waiting when you wake up. They not only turn on but also shut off automatically, typically after two hours. The Hamilton Beach BrewStation Summit can be adjusted to keep coffee hot for up to four hours.

A couple of our picks — the Mr. Coffee JWX27 and Hamilton Beach BrewStation Summit — feature a specialized brewing mode for producing bolder flavor from the same amount of coffee. The BrewStation Summit also offers a setting for iced coffee and a small-batch option for brewing one to four cups instead of a full pot.

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