American spending habits may have helped the economy, however their behavior has hurt their own savings. According to statistics, more than 1 in 4 encountering more credit card debt than emergency savings. The other shocking facts, Bankrate.com conducted a survey only to find out that 28 percent of Americans say they owe more in credit card debt than they have in their emergency funds or savings accounts. That’s up from 24 percent last year (although the survey has a 3.5 percent margin of error).
The Americans who were surveyed revealed that 51 percent of them had more in their emergency savings funds than they owe in credit card debt, the lowest percentage since Bankrate.com started tracking this data in 2011.
But then again do Americans listen? You know the wise saying, “Save for a rainy day”, well, seventeen percent of Americans didn’t listen to the famous idiom, instead those individuals said they could not find a penny on a rainy day, according to the representative survey of about 1,000 Americans conducted in early February.
In the prime earning years (30-64) Bankrate.com found that Americans were most likely to have more credit card debt than emergency savings. Greg McBride, Bankrate.com’s chief financial analyst, said that’s a reflection of the fact that many Americans are still hampered by issues such as stagnant incomes and long-term unemployment.
Again, our economy is on the rise and the job market has been good for several Americans, however, more than 10 million Americans still remain unemployed and more than a third of them have been out of work for 27 weeks or more and are considered long-term unemployed.
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Original article courtesy of www.today.com.