Credit card debt almost equals the amount that Americans have in emergency savings, according to a study by Bankrate.
Only 55 percent have more savings than credit card debt, but that number is higher than it has been the past two years. In 2011, only 52 percent had more savings than debt.
Although the amount of consumer credit has been dropping, Greg McBride, Bankrate’s senior financial analyst, said this doesn’t show much improvement when it comes to savings.
“Consumers may be deleveraging, but the proportion of people with more emergency savings than credit card debt hasn’t changed much,” McBride told Bankrate. “Given the poll’s 3.5% margin of error, one can make the argument that consumers haven’t moved the needle at all over the past 24 months.”
Men appear to have more in savings than women as well. While 60 percent of men said they had more savings than credit card debt, only 49 percent of women reported the same.
- The most charitable states
- Religion contributes to Utah being most...
- Degrees worth investing in
- As times get better can you keep a leash on...
- 9 important money tips every dad should teach...
- Balancing act: Who is in control of your...
- In faith communities, fraudsters prey on trust
- Millennials relying on prepaid cards and...
- Religion contributes to Utah being most... 24
- The future of higher education is... 18
- Want a better return on your college... 17
- In faith communities, fraudsters prey... 10
- New BYU study looks at the power of... 6
- 9 important money tips every dad should... 5
- Sequester cuts hit poor, elderly,... 4
- Is Investing the Same as Gambling? 2