The debt bomb

Published



A new survey from Bankrate found that 74 million people, nearly one-third of the adults living in this country, have more credit card debt than they have emergency savings. That is the highest it’s been in nine years, since right after the last recession. Notably, the amount of credit card debt and low savings is a problem across the social spectrum, affecting people of every income bracket, education level, age, and political affiliation.

Lower-middle class ($30,000-$49,999) and upper-middle class households ($50,000-$74,999) were more likely to report that their credit card debt exceeds their savings.

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