Emergency Savings Accounts shrinking

New research released by Bankrate.com finds that only 55% of Americans have more money in emergency savings than they have in credit card debt. Bankrate’s senior financial analyst Greg McBride explains what those savings are usually for. “Six months of expenses is really sort of your target in terms of the adequate emergency savings cushion, now for a lot of people it is going to take a long time to get there.” McBride looks closer at those savings. “I think the important thing is being in the habit of saving regularly, building up that cushion, part and parcel to that is reducing credit card debt that reduces the expenses that you could be paying with that savings should you have a reduction in income or an out right job loss.” Talk to your bank, financial adviser or CPA about your emergency savings account to see if it meets your needs.