Credit Card Debt Surpasses Emergency Savings for Many Americans Says Bankrate Survey
Only slightly more than half of Americans have more emergency savings than credit card debt
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- Written by Banking Exchange staff
A Bankrate survey shows that only slightly more than half of Americans have more emergency savings than credit card debt.
If you have no credit card debt at all, you only join less than one in eight Americans fortunate enough not to be carrying that burden.
However, more people increased their emergency savings this year than last year’s survey showing a slight trend upwards.
That is not surprising considering the unprecedented growth in the equity markets in 2024. Gen Z is the most likely to have no credit card debt and no emergency savings (24%), compared to older groups.
One-third of Americans (33%) say they have more credit card debt than emergency savings, down from 36% in both 2024 and 2023.
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