Many Americans have more debt on credit cards than money in bank -, Longview, Jacksonville, Texas | ETX News

Many Americans have more debt on credit cards than money in bank

Posted: Updated:
(FOX19/CNN) -

Boy, we Americans are in a lot of debt! In fact, many of us have more money charged on our credit cards than we have in the bank. High gas prices, rising food costs, and other personal expenses are likely to blame.

In a recent survey by the Consumer Federation of America, 54% of Americans say they have a savings plan with specific goals. However, only 43% actually have a budget that allows them to save enough to meet those goals.

A separate survey done by found that one in four Americans has credit card debt greater than what they have in the bank.

"The problem that a lot of households are confronting now is that their expenses continue to creep higher and their income is not," said's Greg McBride. "And it just makes it that much more difficult to make progress on things like savings and debt repayment."

One approach to tackling that debt is paying off the loan or credit card with the highest interest rate first. But also try to come up with a plan that allows you to pay down debt while also putting away a consistent amount in savings.

With many of us getting tax refunds soon, it's a good time to get a jump start on paying off those cards.

Copyright 2013 WXIX/CNN. All rights reserved.

Powered by WorldNow

105 West Ferguson Street
Tyler, TX 75702

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and KLTV. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.