One piece of financial advice that you have probably heard over and over again is the need for an emergency savings fund.
The thinking goes that everyone should have three to six months' worth of living expenses set aside in the event of a sudden job loss or to cover a large unexpected expense, like a car repair or medical bill.
An emergency fund means you won't have to turn to credit cards or high-interest loans in the event of a financial setback.
Despite the prevalence of this advice, it appears many people have been unable to set aside that much money. But maybe that situation is beginning to change.
In the latest survey by personal finance site Bankrate.com, 33 percent of Americans say they do not have more emergency savings than credit card debt. That includes 21 percent who say their credit card debt exceeds their emergency savings and 12 percent who indicate they have no savings or credit card debt.