Wednesday, April 23, 2014

Half of America has more credit card debt than savings

Recommended by Herb Scribner, Deseret News

Published: Tue, Feb. 18 10:40 a.m. MST

 In this May 9, 2012 file photo, a Visa credit card is tendered at opening of the Superdry store in New York's Times Square. About half of the country has more credit card debt than savings, according to CBS News.

In this May 9, 2012 file photo, a Visa credit card is tendered at opening of the Superdry store in New York's Times Square. About half of the country has more credit card debt than savings, according to CBS News.

(Richard Drew, Associated Press)

About half of the country has more credit card debt than savings, according to CBS News.

The survey — done by bankrate.com — said 51 percent of Americans can pay off their credit card debt with their savings, which is the lowest number since 2011, CBS News reported.

“This is a reflection of the stagnant incomes, long-term unemployment and high household expenses that are hampering the financial progress of many Americans,” said Greg McBride, the website’s chief financial analyst.

Read the full article at cbsnews.com.

Recommended
1. samhill
Salt Lake City, UT,
Feb. 18, 2014

"Half of America has more credit card debt than savings"
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And yet there are some people who still wonder how someone whose policies have managed to more than **double** the national debt can be elected....**twice**!!

The sad fact is that there are far too many people who have no sense of fiscal prudence with their own financial status, much less that of the nation.

It is a situation that will eventually and inevitably cost us all, very dearly.

2. DN Subscriber
Cottonwood Heights, UT,
Feb. 18, 2014

This could be rewritten as "47 percent of Americans spend more than they make and want other people to pay their bills for them"?

There are no consequences today for mismanagement of your own finances (not to mention the public treasury!) and it is no longer considered illegal, immoral, or even not very smart to spend more than you make.

Debtors prisons were horrible, but the long term impact on our country, and those who DO mange their money wisely, will be even worse.

Anyone with money problems needs to listen to the guys on the radio- Dave Ramsey and Clark Howard. So should our politicians.

3. atl134
Salt Lake City, UT,
Feb. 19, 2014

The state with the highest fraction of their people in the 47% is that oh-so-liberal stronghold of... oh wait it's Mississippi. In fact Obama only won 2 of the top 10 (New Mexico and Florida). But hey, why let facts get in the way of things?

4. Hutterite
American Fork, UT,
Feb. 19, 2014

I often see people with really fancy toys and wonder where the jobs are that support such frivolous discretionary spending. More often than not, however, I suppose it's not where the jobs are but to whom they owe the money.

5. worf
Mcallen, TX,
Feb. 19, 2014

It's OK!

Just borrow off of your credit card to make your payments, and it won't cost you anything.

It's called raising the debt spending ceiling.

Our commander in chief approves this message.