Credit Card debt has become such a big problem for so many Americans that even though the economy is starting to turn around we are still in a hole.

One out of four of Americans have more credit card debt than they do in their savings account, and have no real plan for turning it around according to a survey.

There is definitely a difference in debt problems as you slide up and down the pay scale, with most of the burden falling on the lower income.  The study also found that:

  • 70 percent of those earning $75,000-plus have more in savings than credit card debt vs. 40 percent of those earning less than $30,000 per year.
  • 64 percent of college grads have more in savings than in credit card debt vs. 46 percent with a high school education or less.
  • 27 percent of Americans report a lower level of financial security now versus one year ago and 24 percent report a higher level.
  • 38 percent of Americans are less comfortable with their savings now compared with one year ago; only 14 percent are more comfortable.

The main answer that economists offer is simple, "Don't spend money that you don't have."  However, as we all know, it's much easier to say that than it is to actually do that.