Survey: Growing Number of Americans Carry More Debt Than They Keep in Savings

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Survey: Growing Number of Americans Carry More Debt Than They Keep in Savings

Feb, 28th 2017

Bryan Layman was like many young adults when he got his first credit card."I thought it was free money," said the 34-year-old Purcellville, Virginia, resident, who got his first card when he was 18. "I didn't think about paying it back till I started getting the bills."Now Layman is carrying $16,000 in credit card debt and has about $1,000 in emergency savings. His IRA holds $3,000. Layman is not alone in these struggles.Only 52 percent of those surveyed in a new Bankrate Financial Security Index survey have more money in emergency savings than in credit card debt, and 24 percent of overall respondents have more credit card debt than emergency savings.CARD SEARCH: Put those high-interest debts behind you. Grab a balance-transfer card today."Too many Americans haven't rightsized their savings relative...

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