Report details debt, savings ratio

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Just over half of Americans have more credit card debt than emergency savings, according to a report that also suggests changing financial choices among younger adults.

The report, from financial publisher Bankrate, found that 52 percent of Americans have more emergency savings than credit card debt.

“The problem is we’re not making any progress,” said Greg McBride, chief financial analyst for Bankrate. “The 52 percent we found this year is the same 52 percent we found back in 2011.”

At the same time, the research found that millennials were more likely than any other age group to have more emergency savings than credit card debt.

Meanwhile, financial organizations are also promoting greater savings this week, which they’ve dubbed “America Saves Week.” To find more information about how to increase savings, click here.

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