Why Do Americans Save So Little?

Unplanned expenses can be catastrophic with no savings in the bank.

A man shop at the JCPenney store at the Newport Mall on November 27, 2014 in Jersey City, New Jersey. Kena Betancur/Getty Images

Americans are ill-prepared for unexpected expenses, such as a car needing repairs or a trip to the emergency room, according to a recent Bankrate report.

Almost one in four Americans have more credit card debt than emergency savings, the report found. And 13 percent of Americans have no debt, nor savings.