Life events, higher living costs, and stagnant wages are all serving as a headwind for personal financial situations. Only 55 percent of Americans have more emergency savings than credit-card debt, according to research published by Bankrate.com. Meanwhile, 24 percent admit they have more credit-card debt than money in the bank.
“Consumers may be deleveraging, but the proportion of people with more emergency savings than credit-card debt hasn’t changed much,” explains Greg McBride, CFA, Bankrate.com’s senior financial analyst. “Given the poll’s 3.5 percent margin of error, one can make the argument that consumers haven’t moved the needle at all over the past 24 months.”
Here’s how the market traded Wednesday: