Survey says Americans still balancing savings and credit card debt

We’d all like to have zero credit card debt and six months’ worth of emergency savings. Unfortunately, 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 financial disaster

One interesting finding from the report is that younger adults are far more likely to have emergency savings than older Americans.

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.

Ready to take a good look at consolidating your credit card debt? Talk to a Travis Credit Union representative today to learn how we can save you money on your high-interest credit card debt. Visit a branch or give us a call at (800) 877-8328.

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