Over half of Americans have less than $1,000 in savings. (25 Jul 2018) Do you get depressed when you look at your investment and savings accounts? This may make you feel a bit better. According to a GoBankingRates.com survey, nearly 60% of Americans have less than $1,000 in savings, and only 25% have over $10,000 they could get their hands on. Drilling down a bit deeper into the low-end numbers, 39% of Americans have nothing saved for retirement. No doubt, a big factor in this has been the proliferation of consumer credit in the country. When an emergency strikes, but there is nothing in the savings account and all of that would-be discretionary income is needed to pay the credit card bills, where do Americans turn? To the credit cards that caused the problem in the first place. And while the Baby Boomer generation placed better on the survey, all of the other generations—basically aged 60 on down—are relatively in the same dire situation. Last year, the aggregate credit card debt of Americans surpassed $1 trillion. A few years earlier, sadly, the aggregate student loan debt of Americans surpassed $1 trillion.