New survey says more people have debt than savings

CHICOPEE, Mass. (WWLP) - Credit card debt continues to take a toll on our wallets, to the point where most people have more debt than savings.

A new survey from bankrate.com says 25 percent of Americans have more credit card debt than they have in emergency savings.

But some people told 22News they always try to have enough in their savings accounts.

So instead of relying on credit cards, they only buy what they can afford with cash.

Valentin Blascencia says, “You may end up bankrupt, and you won't be able to afford expenses. So it's not that you have to save all the time and be very cheap, but you must always have something on the side just in case. “

Experts say people are beginning to pay down debt and saving more now than before the recession, but still at a very slow rate.