Do you have more in credit card debt or savings?

March 11, 2013 — 11 Comments

According to a recent survey By Bankrate.com, only 55% of Americans have more in savings than in credit card debt. I’d like to say I can’t fathom how anyone could have more credit card debt than savings and that I would never put myself in such a situation… but I was in the exact position when I was $50,000 in debt!

Debt sucks because it prevents us from doing the things we want in life; we spend too much time worrying about next month’s payments to begin to even think about pursuing what we love.

Here are some more interesting stats from the survey:

  • 60% of men and 49% of women say they have more in savings than in credit card debt.
  • 67% of people making at least $75,000 a year have more savings than credit card debt, while just 41% of those making less than $30,000 report the same.

Wow, according to the survey, men are better savers than women! Do you believe that or is it that men are more comfortable with lying?!

The good thing is surveys aren’t indicative of how you have to live your life. If you’re ready to take control of your money so you can pursue the things you love follow the steps below:

1. Complete a current assessment

2. Track your spending

3. Create a spending plan

4. Monitor plan and adjust as necessary

5. Save some money

6. Attack your debt

There’s no way we’d be on our round the world trip right now if we hadn’t made saving money our priority. Now it’s time to take the survey; where do you stand with your money (all anonymous)?

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11 responses to Do you have more in credit card debt or savings?

  1. It’s hard to imagine that one can have more credit debt then saving, but sadly we all find ourselves in that situation at one time or another. The good news is most of us learn from that are able to balance that in the other direction. 🙂

    • Susan – isn’t that the truth… at the time it didn’t seem as crazy as it does now. We’ll do all in our power to continue to never have credit card debt!

  2. We gave up credit cards a while ago. Sadly, we do still have debt we are working on getting rid of.

  3. I feel fortunate that our family ethic is to pay the credit card bill in full each month.

    Hard to imagine how people spend so much more than they have, but I suppose with all the marketing of products in our face, it’s quite tempting to buy, buy, buy.

    • Leora – you’re right on… a read a quite a while back that said the downfall of the protestant work ethic was the payment installment plan (credit cards nowadays).

  4. Thats an astonishing statistic, but really not all that surprising. Too many people don’t know how to manage their money or would rather spend money they don’t have to “keep up with the Jones’s” in todays shallow society.

    • Kelly – unfortunately, it’s not surprising at all. The Joneses is a mighty disease we all suffer from… the goal is to keep it contained so we aren’t broke our entire lives!

  5. We pay our credit cards in full every month. The only exception is our CareCredit. It is for dental and we have 12 months interest free. No way we are paying interest on a credit card, ever. Now we have to focus on mortgage and car. Those are our 2 debts. Oh and BTW – we cut the cord. Woo Hoo! No more cable bills! 🙂

    • You guys are killing it!! It’s so much easier to pay off debt when you have an end goal in mind like you guys do… I plan to cut the cable permanently when we make it back to the states…. living just fine without it now!

  6. Men better savers than women? Interesting, I’m sure that my wife would disagree.

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