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For 1 in 3 Americans, credit card debt outweighs emergency savings, report shows
Roughly one third of Americans say they have higher balances on their credit cards than they do in their rainy-day funds, a new report shows. The worrisome percentage points to why so many people remain gloomy about the economy, despite cooling inflation and low unemployment.
According to a new study from Bankrate, 36% of Americans say they have amassed more credit card debt than emergency savings. That’s the highest percentage of participants to say so in the 12 years since Bankrate added the question to its annual survey. Sixty-three percent of U.S. adults point to inflation as the main reason why they are unable to save for the unexpected.
“Inflation has been a key culprit standing in the way of further progress on the savings front. Fortunately, rising interest rates have also provided more generous returns on savings,” Mark Hamrick, senior economic analyst at Bankrate said in the survey published Wednesday.
But rising interest rates can also hurt finances, as is the case with credit card rates which have surged over the past year. Among survey respondents, 45% say rising interest rates are behind their lower savings account contributions.
Despite those rising credit card rates and ballooning balances, 21% of Americans say they’d resort to using their credit cards to cover an emergency expense of $1,000 or more and pay it off over time.
But they do so at the risk of falling farther behind on their financial goals, according to Hamrick.
“Leaning on credit cards [for emergency expenses] is concerning…. [it] suggests they don’t have many alternatives,” Hamrick told CBS MoneyWatch. “At a time when credit card interest rates are averaging nearly 21%, that’s a less than optimal option.”
Nearly one in four, or 22%, of respondents reported they have no emergency savings at all, a one percentage decrease from the 23% of Americans last year who also found themselves in the precarious position of having no emergency savings.
Faced with a sudden loss of income, 66% of U.S. adults said they worry they wouldn’t have enough emergency savings to cover living expenses for one month.
“Anyone with no such savings, including those without access to credit, risks tremendous stress, or worse, on their personal finances when hit with a significant unplanned expense such as a major home or auto repair,” said Hamrick.
Bankrate’s report includes results from a national survey of 1,036 respondents that was conducted in December 2023, in addition to several other polls conducted last year. Participants responded to the survey online or by telephone, supplying their answers in either English or Spanish.
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How to watch the Arizona Cardinals vs. Seattle Seahawks NFL game today: Livestream options, more
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The Arizona Cardinals will face off with the Seattle Seahawks today. The Cardinals have a 6-4 record so far this season and will be looking to add another win to their four-game winning streak when they take on the Seahawks. They could meet their match with the Seahawks, though, who have racked up a record of 5-5 so far this season and are coming off of last Sunday’s 20-17 win against the San Francisco 49ers.
Here’s how and when you can watch the Cardinals vs. Seahawks game today, whether or not you have cable.
How to watch the Arizona Cardinals vs. Seattle Seahawks
The Cardinals vs. Seahawks game will be played on Sunday, November 24, 2024 at 4:25 p.m. ET (1:25 p.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Arizona Cardinals vs. Seattle Seahawks game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the these options:
Dive into NFL action with Fubo, the ultimate sports streaming platform. Watch every game from Sunday kickoffs to primetime battles on CBS, Fox, NBC, ABC, ESPN, and NFL Network. Upgrade to the Pro package for 200+ channels and unlimited DVR, or level up with the Elite + Sports Plus package for NFL RedZone’s nonstop scoring highlights in stunning 4K. Try Fubo risk-free with a seven-day trial, and enjoy the excitement on up to 10 devices simultaneously — perfect for sharing the game-day experience with family and friends.
Catch today’s game by subscribing to Sling’s Orange + Blue tier, which features 46 channels, including ESPN, ABC, NBC, and Fox, covering local and nationally broadcast NFL games. The plan also includes 50 hours of DVR storage for added convenience. To expand your NFL coverage, consider pairing it with Paramount+ for CBS games or enhance your lineup with the Sports Extra add-on, which offers channels like NFL RedZone, NBA TV, and Golf Channel.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, the NFL+ streaming service may be the best bet. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
Barbra Banda scored in the 37th minute to give the Orlando Pride their first National Women’s Soccer League championship with a 1-0 victory over the Washington Spirit on Saturday night.
Banda dribbled into the right side of the box and made a move past a defender before kicking the ball on the ground with her left foot and past the goalkeeper. She became the first player in the NWSL to score in each round of the playoffs.
The Pride’s Angelina was nearly called for a push before passing it to Banda, but the VAR determined that the play was fair.
Kyle Rivas / Getty Images
The Spirit (20-7-2) controlled the game and outshot the Pride 25-9, had two more shots on goal and held onto possession 58% of the time. Rosemonde Kouassi had Washington’s best chance in the 47 minute when she headed a ball from about 10 yards away.
Orlando’s win gave Brazilian star Marta her first NWSL title. The 38-year-old Marta, considered arguably the greatest female soccer player of all time, joined the Orlando Pride in 2017 but had never reached an NWSL championship game until this year.
“(It’s a) magic moment for me because I’ve been in this club for so long and (to) wait for this moment, you know, so it’s… I’m just enjoy every single moment,” she told CBS News Friday ahead of the game. “…This year become like the best year in my club life.”
Top-seed Orlando (21-6-2) went unbeaten in its first 23 matches, a league record. They beat the Kansas City Current in the semifinals before hoisting the trophy at CPKC Stadium, their home field.
Orlando is the first team since 2019 to win the Shield and the title in the same year.
Washington had won its last five playoff games when trailing at the half, but that streak was broken with this loss.
Two people were killed and a third was injured when a U.S. Civil Air Patrol plane crashed in Colorado’s Front Range Saturday morning.
The small passenger plane with three people aboard crashed near Storm Mountain and Palisade Mountain west of Loveland around 11:15 a.m., according to the Larimer County Sheriff’s Office. The plane belonged to the Civil Air Patrol, the civilian auxiliary wing of the U.S. Air Force, and was on a routine aerial photography training mission when it went down, officials said.
Pilot Susan Wolber and aerial photographer Jay Rhoten were identified by CAP as those killed and co-pilot Randall Settergren was identified as the person injured. Settergren was airlifted to an area hospital by a National Guard helicopter, where he is undergoing medical care.
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“The volunteers of Civil Air Patrol are a valuable part of the Department of Military and Veterans Affairs, and the lifesaving work they do on a daily basis directly contributes to the public safety of Coloradans throughout the state,” Maj. Gen. Laura Clellan, adjutant general of the Colorado Department of Military and Veterans Affairs, said in a statement Saturday.
“We are devastated to hear of the loss of Susan Wolber and Jay Rhoten, and the injury of Randall Settergren, during a training mission in Larimer County. Our thoughts and deepest condolences are with the families of those involved in the crash,” Clellan continued. “I would also like to thank all of the first responders who assisted with rescue efforts.”
Palisade Mountain is in Larimer County, about 20 miles west of Loveland and about 65 miles northwest of Denver. The area is part of the burn scar of the Alexander Mountain Fire, which burned almost 10,000 acres in over two weeks this past summer.
The crash happened about 200 feet below the summit of Palisade Mountain in an area that includes tall trees and steep hills as part of the mountain range. Rescue crews were heard on radio traffic working to find a landing zone for rescue helicopters. No structures were impacted by the crash.
The plane crashed in “very rugged” and “extensive and rocky terrain,” Ali Adams, a Larimer County Sheriff’s Office spokeswoman, said at a news conference. First responders had to hike out to the site and the sole survivor was “severely injured” when responders finally got to them.
Rescue efforts were ongoing at 3:15 p.m., according to Adams, and recovery efforts for the two deceased people’s bodies could take several days.
Several agencies responded, including the Loveland Fire Rescue Authority, Thompson Valley EMS and the National Guard.
The Larimer County Sheriff’s Office is the lead agency investigating the crash and the Federal Aviation Administration and National Transportation Safety Board will assist, according to Adams. The NTSB said it too was investigating the crash and identified the plane as a Cessna 182.
“This is one of those incidents that is really low frequency; it doesn’t happen really often, but unfortunately, our first responders have had more than their fair share of responses,” Adams said.
George Solheim lives in the area of the crash. He described conditions as “extremely windy” on Saturday and heard the plane just prior to the crash. He says he could hear “loud ‘throttle up/down’ immediately prior to sudden silence at (the) time of (the) crash. Couldn’t hear sounds of impact from here.”
Colorado Gov. Jared Polis extended his sympathy to the families of the victims in a statement Saturday evening:
“I’m saddened to hear of the loss of two dedicated Civil Air Patrol members, Pilot Susan Wolber and aerial photographer Jay Rhoten, who lost their lives in today’s crash and my thoughts are with their families, friends and colleagues. These individuals, along with survivor co-pilot Randall Settergren, who was injured, served the Civil Air Patrol as volunteers who wanted to help make Colorado a better, safer place for all. The State of Colorado is grateful for their commitment to service and it will not be forgotten. I also want to thank the first responders who assisted with the rescue and recovery efforts.”
