More Americans see a drop in their emergency savings, and would need to use their credit card to pay a $1,000 expense
More than one-third of Americans say their credit-card debt is larger than their emergency savings, at 36%, up from 22% last year, according to a poll released on Thursday by Bankrate.com.... Credit-card debt is hurting Americans’ capacity to stash away money for a rainy day.
One-quarter of Americans say they would have to use credit cards to cover a $1,000 expense, Bankrate’s survey found. That’s up from 20% a year ago. “With one in four Americans telling us they would react to a large emergency expense by using a credit card, their timing couldn’t be worse,” Hamrick said.
Meanwhile, personal savings rates are also under pressure. Although households tucked away 3.4% of their after-tax disposable income in December, up from 2.9% in the prior month, savings had fallen late last year to the second-lowest level on record, going back to 1959, according to the Commerce Department’s Bureau of Economic Analysis.
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