A Third of Americans Have No Savings for Emergencies

Our political and economic leaders have encouraged a culture of spending, as if that was the key to economic growth. They have encouraged consumer debt and consumers have mostly fallen for their message. Thus, the present mess we are in.

CNBC reports, “Look who’s living on the financial edge.”

According to a newly released report from Bankrate, 24 percent of Americans have more credit card debt than emergency savings, and 13 percent are not much better off—they don’t have credit card debt but they don’t have emergency savings either. Put another way, more than a third of Americans are living at risk of a financial crisis.

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