Lane Gillespie’s Post

More than one-third (36 percent) of U.S. adults have more credit card debt than emergency savings, according to a new Bankrate survey. It’s the highest percentage (tied with last year) since 2011, when Bankrate began asking about credit card debt and emergency savings: #inflation #debt #creditcard

According to this Bankrate survey, 55% of adults have more emergency savings than they do credit card debt - up from 51% in 2023. In honor of #NationalCreditEducationMonth, Best Egg is supporting and empowering our customers to achieve these types of goals through educational resources and financial tools. #bemoneyconfident 

In a striking reflection of today's economic challenges, a recent Bankrate survey unveils a troubling trend among Americans: a record 36% now report having more credit card debt than emergency savings. This figure, mirroring last year's high, underscores the lingering effects of years of inflation on personal finance management. 📊 Key Findings: Rising Debt vs. Savings: For the second consecutive year, over one-third of U.S. adults find themselves in a precarious financial position, with debt outweighing savings. Millennials and Gen Xers at Risk: 46% of Millennials and 47% of Gen Xers are more likely to be burdened with more credit card debt than emergency savings, highlighting generational financial strains. A Silver Lining: On a positive note, 55% of Americans now have more in emergency savings than credit card debt, the highest since 2018, showing a commitment to financial resilience. 🏦 Financial Strategies in Focus: A growing number of Americans (36%) are simultaneously working towards reducing debt and enhancing their savings, the highest in seven years. Despite the challenges, 30% of U.S. adults boast higher emergency savings than last year, indicating a proactive approach towards financial security. 💡 Bankrate's Chief Financial Analyst, Greg McBride, CFA, emphasizes: "At a time of record-high credit card rates, the necessity of prioritizing both debt repayment and emergency savings has never been clearer. Automation and dedication are key to navigating these financial pressures." 💰 Saving Amidst Inflation: Inflation and rising interest rates continue to complicate savings efforts, with 63% of Americans reporting that inflation hampers their ability to save for unexpected expenses. 🔍 The Survey Insights: Bankrate's comprehensive annual survey, conducted alongside SSRS, delves deep into the financial habits of over 1,000 U.S. adults, shedding light on the dynamics of debt, savings, and the strategies employed by Americans to secure their financial future. 🤔 What's Next? As we navigate these uncertain economic waters, it's crucial to reassess our financial strategies, focusing on building a robust emergency fund while managing debt effectively. The journey to financial stability is a marathon, not a sprint, requiring discipline, foresight, and a commitment to long-term goals. How can you ensure your financial success during troubling financial times? 🔗 For more insights and to explore the full report, visit https://bit.ly/43rtcVU #Finance #EmergencySavings #DebtManagement #EconomicInsights

This is why I started back in 2009! Been there, done that and started helping consumers! Read this and let's talk about interest cancellation! 😁 ESPECIALLY IF YOU HAVE A MORTGAGE! "The psychological perks of paying off debt" "According to a Bankrate survey, 47 percent of respondents who reported that money has a negative impact on their mental health said that debt is their top area of concern. According to AIMS Public Health, people with debt are three times more likely to struggle with worry-induced depression, anxiety and stress." In another part of this article, is says "Eliminating debt is more than just a numbers game - it's an act of breaking free from difficult past experiences. That being said, when you become free from that debt from your life, you'll likely experience emotional liberation."* The rest of this article brings up many more facts about debt, and how being free from debt can improve your life in so many ways. The one thing this article doesn't mention, is that there is an army of Debt Freedom Specialists out there, ⬅ THAT BE ME --- bringing HOPE to many thousands of people across the US, with a proven program called The Money Max Account! 🤑 *Source: https://lnkd.in/gyRvWR_Y 

📉💳 #CreditCardDebt Alert: Record High, but Less Money Going Towards Paying it Down 📉💳 The latest Federal Reserve Bank of New York report reveals a concerning trend: total U.S. credit card debt has skyrocketed to a record-breaking $1.13 trillion. What's more alarming is that individuals, on average, are shouldering a credit card balance of $7,932, a significant increase from $6,321 in 2022. Here's the catch—while the majority are maintaining or increasing their efforts to reduce debt, almost 25% confess they're allocating less money toward this financial burden. In 2023, the average monthly contribution dropped to $363 from $430 in 2022. Why the decline? Matt Schulz from LendingTree points to soaring credit card interest rates and the impact of rising inflation, leaving individuals with less financial wiggle room. This financial struggle underscores the importance of managing debt efficiently. Contributing less to debt repayment now can have long-term consequences. Unpaid balances accrue interest, making it harder to break free from debt. Moreover, funds that could boost emergency savings or retirement funds end up diverted to interest charges. On a positive note, New York Life's survey suggests that 64% are tweaking their credit card debt management strategies. Most notably, individuals are opting to pay more than the minimum monthly requirement—a smart move, especially with today's high APRs. If you're feeling overwhelmed, consider seeking help from reputable credit counseling agencies or negotiating with your credit lender. Schulz advises being proactive and discussing your financial challenges before missing payments. Remember, managing credit card debt is a crucial step toward financial well-being. Let's share tips and support in the comments below! 💬💰 #FinancialWellness #DebtManagement #PersonalFinance #CreditCards #FinancialEducation

The ripple effects of escalating credit card debt are evident, with many Americans discovering that homeownership and long-term savings are becoming progressively out of reach. This not only hampers personal financial aspirations but also highlights a deeper societal challenge. In situations like these, seeking expert guidance can be invaluable. National Debt Relief assists individuals in finding pathways out of debt, ensuring that more Americans can achieve their dreams of homeownership and secure futures. #DebtFreeDreams #FinancialGuidance #HomeownershipGoals

🚨 CREDIT CARD CRISIS ALERT: Debt Skyrockets to $1.14 TRILLION! 🚨 Are YOU drowning in plastic while retired or trying to get the goal line? 💳 Average credit card rate: A STAGGERING 25% 💸 Carrying a balance? You're in financial FREE-FALL! 🔴 BRUTAL TRUTH: Your 25% credit card debt DEVOURS any investment gains! Even the S&P 500's 19% can't save you - YOU'RE Going backwards LOSING at best only 6%! STOP THE BLEEDING: 🔥 REEVALUATE your budget! Every dollar counts. 🛑 HALT 401k contributions temporarily ⚡ ACCELERATE credit card payoff - it's crucial ☕ CUT the fancy coffee (Dunks ~$3 and Starbucks ~ $5.50 a day; @7 days a week = $1092.00 and $2002.00 annually) ACT FAST! Don't be a statistic. Save yourself from the credit card trap! #CreditCardCrisis #DebtEmergency #FinancialWakeUpCall #ActNowOrSink

"The psychological perks of paying off debt" "According to a Bankrate survey, 47 percent of respondents who reported that money has a negative impact on their mental health said that debt is their top area of concern. According to AIMS Public Health, people with debt are three times more likely to struggle with worry-induced depression, anxiety and stress." In another part of this article, is says "Eliminating debt is more than just a numbers game - it's an act of breaking free from difficult past experiences. That being said, when you become free from that debt from your life, you'll likely experience emotional liberation."* The rest of this article brings up many more facts about debt, and how being free from debt can improve your life in so many ways. The one thing this article doesn't mention, is that there is an army of Debt Freedom Specialists out there, bringing hope to many thousands of people across the US, with a proven program called The Money Max Account! 🙂 *Source: https://lnkd.in/eAa8hqsj Schedule some time to discuss paying off your debts OR cancelling up to 75% of your interest which will have you paying off your mortgage in 7-10 years (depending on when you started) Schedule here: https://lnkd.in/e3DMpM4u #mortgagetips #debtfree #moneymindset

"More than one-third of American adults — 36% — have more credit card debt than emergency savings, according to an annual survey by Bankrate, the personal finance site. In more than a decade of polling, the figure has never been higher." "Roughly half of all credit-card holders now carry balances from month to month, Bankrate found in another survey, up from 39% in 2021." "The average borrower holds $6,360 in card debt, TransUnion reports, an all-time high." "...43% of cardholders with debt don’t know how much interest they’re paying." "The personal savings rate stood at 3.8% in January, according to federal data..." "In Bankrate’s annual emergency savings report, published last month, more than two-fifths of adults said they lacked the savings to cover an emergency expense of $1,000 or more."

Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down. Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report. On an individual level, Americans carried credit card balances averaging $7,932 as of the end of 2023, per New York Life’s “Wealth Watch 2024” survey. That’s up from an average balance of $6,321 during the same time period in 2022. While the majority of those in credit card debt are allocating the same or more money toward chipping away at their balances, nearly a quarter say they’re contributing less, per New York Life. Debt holders say they put around $363 per month toward their credit card debt in 2023, slightly less than the $430 they paid monthly in 2022.