Survey: Millions have more credit card debt than savings

Barely half the U.S. population has more in emergency savings than in credit card debt, a sign of Americans’ lingering financial troubles despite a convalescing economy, according to a new survey.

Only 51% of respondents said they have more in a rainy-day fund than in credit card debt, according to the study by Bankrate.com. That’s the lowest level since the financial research firm began its survey in 2011.

Of those polled, 28% said they owe more on their cards than they have in savings. An additional 17% said they have no credit card debt but no emergency fund either.

People between the ages of 30 and 64 are most likely to have more debt than emergency savings, according to the survey. Those are prime working years when people are likeliest to need a rainy-day reserve to cover an unexpected job loss or financial setback.

“This is a reflection of the stagnant incomes, long-term unemployment and high household expenses that are hampering the financial progress of many Americans,” according to Greg McBride, Bankrate.com’s chief financial analyst.

Los Angeles Times