Half of America has more credit card debt than savings

Published: Tuesday, Feb. 18 2014 10:40 a.m. MST

In this May 9, 2012 file photo, a Visa credit card is tendered at opening of the Superdry store in New York's Times Square. About half of the country has more credit card debt than savings, according to CBS News.

Richard Drew, Associated Press

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About half of the country has more credit card debt than savings, according to CBS News.

The survey — done by bankrate.com — said 51 percent of Americans can pay off their credit card debt with their savings, which is the lowest number since 2011, CBS News reported.

“This is a reflection of the stagnant incomes, long-term unemployment and high household expenses that are hampering the financial progress of many Americans,” said Greg McBride, the website’s chief financial analyst.

Read the full article at cbsnews.com.

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