NEW YORK—The pandemic is making consumers better money managers, as savings have increased for many during the health crisis, while overall credit card debt falls, according to a number of new reports.
Moreover, now a new poll reveals people are better prepared to address an unexpected expense.
Bankrate’s February Financial Security Poll finds that 54% of Americans have more emergency savings than credit card debt.
“Despite the tough economy, this is five percentage points higher than in last year’s pre-pandemic survey and the highest percentage since 2018,” Bankrate said.