Americans Are Broke & It's Not Getting Better, Data Suggests

Americans are so strapped for cash right now that they can't even rub two nickles together. 

Based on a report released Thursday by Bankrate.com on Americans and their emergency funds, it's ugly out there, folks. Don't get sucked into thinking your neighbors are killing it financially when they show off their trips on Facebook. Bankrate says most of what you're seeing is smoke and mirrors. 

"As of May 2024 polling, 27 percent of U.S. adults have no emergency savings at all, the highest percentage since Bankrate asked the question in 2020," Bankrate reported. "Generationally, Americans vary widely in their emergency savings levels. Over 1 in 3 (34 percent) millennials have no emergency savings, the highest percentage of any generation."

What seems to be the problem?

Not surprisingly, Bankrate says inflation and debt are crushing Americans. 

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"More than 1 in 3 (36%) U.S. adults had more credit card debt than money saved in an emergency savings account in both 2023 and 2024," the financial site noted in its findings. 

It's not like we haven't been beating the drum on this subject. "Americans Are Borrowing Against Their 401Ks Like Drunken Sailors," OutKick warned in March 2024. At that point, 1 in 7 Americans had borrowed against his/her 401k. 

"With household debt also hitting a fresh record of nearly $150,000 while credit cards charge 24%, people are turning to the last pot of money they have left: Their retirement savings," the Heritage Foundation expert wrote," the Heritage Foundation announced. 

Have the warnings worked? Absolutely not. 

Americans just went hog wild with their holiday shopping. The U.S. credit card debt total was believed to be around $1.17 TRILLION in mid-December before morons piled on even more debt by purchasing presents. 

So how are Americans feeling with all this debt they're carrying?

Bankrate's new report finds that "More than 2 in 3 Americans worry they wouldn’t be able to cover their living expenses if they lost their job." 46% of those polled say they're "very worried" about covering expenses in case of a job loss. 

Couldn't they just start piling more debt on credit cards? Not so fast. 

Bankrate reported in October that "nearly 2 in 5" credit cardholders have maxed out a card since March 2022 when interest rates started skyrocketing. 

If you're pouring money into the stock market with a goal of snagging a Florida property down the road, you might want to stay patient. Analysts are talking about a possible 40% drop in South Florida condo prices. 

Good luck out there. Wild times are on the horizon.