Posted 1/24/2024, 10:35:00 PM
Record High 36% of Americans Now Have More Credit Card Debt Than Emergency Savings as Inflation Squeezes Savings
- 36% of Americans have more credit card debt than emergency savings, the highest percentage in 12 years according to a Bankrate survey
- 63% say inflation is the main reason they can't save for the unexpected
- 45% say rising interest rates have led them to contribute less to savings
- 21% would resort to paying for a $1,000 emergency with credit cards and pay it off over time
- 22% report having no emergency savings, down just 1 percentage point from last year