NEW YORK—It appears more bad news is mounting related to the growing amount of consumer credit card debt.
A new study reveals that the percentage of U.S. adults with more credit card debt than emergency savings has reached a new high, according to Bankrate.
The new Bankrate study shows that more than one-third, 36%, of U.S. adults reported that their credit card debt outweighs their emergency savings. That is the highest level recorded since the poll launched 12 years ago, and it is a marked increase from 22% in 2022 and 27% in 2022, according to the company’s analysis.
Half Report Less Savings
Nearly half of respondents, 49%, said they have either less money in emergency savings or none at all compared to a year ago, according to the findings. Twenty-six percent reported that they have more savings than in 2022, and one-quarter said their savings are at roughly the same point they were 12 months earlier, Bankrate.com found.
"It’s clear that the less-than-optimal economy, including historically high inflation coupled with rising interest rates, has taken a double-edged toll on Americans," said Bankrate senior economic analyst Mark Hamrick in a statement accompanying the results.
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