More Americans Struggling with High Credit Card Debt and Low Savings amid Rising Costs
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More Americans now have more credit card debt than emergency savings - 36% say they have more credit card debt than savings, highest percentage since 2011.
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Cost of living is rising faster than incomes for many - Housing, food, healthcare costs have soared while incomes lag behind.
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High interest rates make credit card debt more expensive - Rates near 20-year highs around 23%, increasing financial strain.
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Experts say lack of savings will slow economic growth - Less ability to fuel consumer spending without savings stockpile from pandemic.
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To build savings, make a budget, pay down highest interest debt first, and automate deposits to high-yield savings.