According to a recent Bankrate report, 36% of U.S. adults carry more credit card debt than emergency savings, marking the highest percentage in 12 years. This troubling trend underscores the financial strain many Americans are experiencing amid rising living costs and economic uncertainties.
Substantial piece of the labor market risk this cycle, about ~1/5 small businesses on the brink of closure due to cash issues.
Hiring down and closures up as a result. pic.twitter.com/26DhhTV5pZ
— Don Johnson (@DonMiami3) September 29, 2024
Americans Now Have More Debt Than Savings! 💎
byu/Fun_Balance_1809 ineconomicCollapse
Sources:
www.cnbc.com/select/record-high-credit-card-debt-outpaces-americans-savings/
www.cbsnews.com/news/2024-inflation-credit-card-debt-emergency-saving-lending-tree-report/
www.debt.org/faqs/americans-in-debt/demographics/