Americans Owe More In Credit Card Debt Than They Have Saved

"Consumers have seen 22 months of negative real wage growth. Servicing household debt is surging while household savings have plummeted. 36% of U.S. adults owe more money in credit card debt than they have saved. 23% of their 401K values has been lost in the last calendar year. Consumer sentiment is still at its lowest point since 1980. This tells us that the markets are not acting aggressively to the Federal Reserve's interest rate hikes. Recessionary concerns will keep money on the sidelines as investors time their re-entry," says Randy Sevcik.