58% of Americans have more emergency savings than credit card debt
New Survey Conducted for Bankrate by SSRS
More Americans are finally right-sizing their emergency savings versus their credit card debt, according to Bankrate’s latest Financial Security Index survey.
Fifty-eight percent of respondents said that the balance of their emergency fund or savings account was greater than their credit card debt. This is the same percentage as in 2015 and the best seen in the previous eight years of polling. It’s also up from 52 percent in 2016 and 2017.
Americans strengthening their savings in comparison to credit card debt is no small feat given that the average U.S. adult with a credit card owes about $5,839.
A robust economy, low unemployment and increasing wages likely all are contributing factors to the nation’s increased financial security.