If you have high credit card balances, little to no savings and no understanding of how much savings is enough, you are not alone.
In a recent survey by BankRate.com, nearly 30 percent of Americans say they have more credit card debt than emergency savings; and some 17 percent report having neither emergency savings nor credit card debt.1
TransUnion’s quarterly analysis of Canadian credit trends found that the average consumer’s total debt (excluding mortgage) in Q4 2013 increased to $27,368.2
Too much credit card debt and limited savings can be major threats your family’s current and future prosperity. Since consumer debt can have a negative impact on your future, you have to find ways to avoid it or eliminate it, so that you can build an emergency fund and start saving for your future.
2. TransUnion, “Delinquency Rates Drop as Consumer Debt Surprisingly Remains Nearly the Same During Fourth Quarter,” Press release, Feb. 26, 2014, http://newsroom-en.transunion.ca/article/?id=1812220.