Nearly half of Americans have more debt than savings

Americans and savings

Nearly half (48%) of all Americans say have more debt than savings, according to a new survey of credit card balances from Bankrate.com.

Despite five years of economic improvement, those numbers have remained constant for the last half decade.

More than half (57%) of respondents younger than 30 indicate that their savings are greater than their debts.

Respondents between 30 and 49 were most likely to have greater debt than savings, with 26% reporting that their credit card balances outweighed their savings.

Three in 10 respondents said they were less comfortable with their savings today than they were one year prior. Nearly one-fourth (22%) said they were comfortable with their savings in general.

Almost one-third of respondents in the under-30 bracket said their net worth today is higher than it was one-year prior.

While Millennials appears to be saving more money, only 64% told Bankrate that they are employed, and one in four only work part-time.

While one in four people between 50 and 64-years-old reported no credit card debt, they also reported zero in savings.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.