Report: Many Americans have more credit card debt than savings

The report states that 24 percent of Americans have more debt than savings. Of those surveyed, 55 percent say they have more emergency savings than

The report states that 24 percent of Americans have more debt than savings.

The report states that 24 percent of Americans have more debt than savings. (2/25/13)

BROOKLYN - A new report shows a large portion of Americans currently have more credit card debt than emergency savings.

The report states that 24 percent of Americans have more debt than savings. Of those surveyed, 55 percent say they have more emergency savings than debt. In addition, 16 percent of those surveyed said they have no debt or savings.

Nearly 40 percent of Americans say they feel less comfortable in their ability to save for an emergency than they were a year ago.

Experts say stagnant wages and effects of the recession are to blame for the high debt. The survey, conducted by BankRate.com, does not show much of a change there may have been from similar surveys in 2011 and 2012.

advertisement | advertise on News 12

Trending Video

Eligible Brownsville residents have until May 24 to 1 Housing lottery deadline in Brownsville quickly approaching
The Brooklyn Public Library unveiled its 2 Brooklyn Public Library gets 'wild' with new cards
3 VIDEO: Police precinct adopts cat as mascot
Two people were injured in a shooting Tuesday 4 Bed-Stuy bodega shooting injures 2 people
5 Word on the Street: Reserved mall parking

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE