Savings and Debt Survey shows Debt Rate Higher Than Expected
by Sammy Edmonds
posted Feb 26 2014 10:44AM
A new Bankrate survey shows only 51-percent of Americans have more emergency savings than credit card debt. That‘s the lowest since 2011 when Bankrate started keeping track.
The survey also shows that 28-percent of Americans have more credit card debt than emergency savings and 17-percent have neither.
Ball State University economist Mike Hicks says that‘s still better than in 2005-2006 when households were borrowing more than their total yearly income. He says back then, people had no savings and were heavily in debt.