Think about it. It can take an entire year to save up around $1,000 if you’re setting aside twenty bucks a week. It only takes a day to open up a credit card and rack up $1,000 in credit card debt.
Easy credit is an everyday expression; easy savings is not. About one in four Americans are living on the edge by having more credit card debt than emergency savings, according to a study by Bankrate.com.
Younger consumers are particularly challenged when it comes to trying to build savings. Many are juggling the needs of young families, the costs of old student loan debt and the temptations of more hip ways to spend money.
The Bankrate.com survey indicated that 13% of consumers do not have any credit card debt, which is a good thing, but they have zero emergency savings, a bad thing.
