What’s Bigger: Emergency Savings or Credit Card Debt?
We’d all like to have zero credit card debt and 6-months’ worth of emergency savings, but that’s not how things are working out for many Americans.
A new Bankrate report finds that just over half of Americans have more emergency savings than credit card debt.
This is little changed since 2011, when the economy was slowly crawling away from the Great Recession.
Having no savings and thousands in high interest debt puts millions of Americans one pink slip away from disaster.
One interesting finding from the report is that younger adults are far more likely to have emergency savings than are older Americans.
This is interesting, but not surprising: the Millennials are about the most debt-shy generation seen since the Depression years. Good for them.
While we need emergency funds at all stages of life, it is especially important to have as much as possible as we get older. Yet, it seems not to be the case in the U.S. these days.
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