Americans still behind the 8-ball of credit card debt

The credit card has been winning in the eternal battle between debt and savings, a new study from Bankrate finds.

According to the study, the percentage of Americans with more credit card debt than emergency savings has grown from 22 percent to 24 percent over the past year. Furthermore, about 1-in-6 Americans (17 percent) state they have no credit card debt, but no emergency savings either. Bankrate did find that 52 percent of Americans report they have more money in emergency savings accounts than they do in credit card debt. This is unchanged from 2016.

Millennials and Gen Xers were more likely than Baby Boomers and The Silent Generation to have more credit card debt than emergency savings.

Older Millennials Are Better Savers

Millennials ages 27–36 had the highest propensity to have more emergency savings than credit card debt. Particularly alarming is that members of The Silent Generation (age 72-plus) had the highest likelihood of any age group to have neither credit card debt nor emergency savings, a testament to how many seniors are surviving on a fixed income such as Social Security and a pension without any wiggle room.

The likelihood of having more savings than credit card debt increases with income. But surprisingly, the lowest income group is not the most likely to have credit card debt that exceeds emergency savings.

That distinction goes to lower-middle income households (earning $30,000–$50,000 per year.) The lowest income households are more likely than any other group to have neither credit card debt nor emergency savings.

Save more at Travis!

Travis Credit Union recently raised rates in its Money Market Accounts and Certificate Accounts, giving you another reason to save. We offer terms from 6 to 60 months, insured by the federal government and rates higher than most.

Ready to make more on your money? Open a Certificate or Money Market Account today! Stop by a branch, give us a call at (800) 877-8328 or visit

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