3 in 10 Americans Have More Credit Card Debt Than Emergency Savings, Study Finds
3 in 10 Americans have more credit card debt than emergency savings, the highest in nine years, finds a Bankrate.com survey. To make matters worse, it doesn’t look like things are changing anytime soon, with a 10 percent decline of the number of Americans who are focused on boosting emergency savings, down from 53 percent to 43 percent.
Millennials are the only generation more focused on paying down credit card debt than boosting emergency savings. Generation X, Baby Boomers and the Silent Generation are all more focused on increasing their emergency savings.
Bankrate surveyed approximately 1,000 people by phone for the study.