Most Americans can’t afford a $1,000 emergency

[bernard]

(KTLA) — A $1,000 unexpected emergency expense could derail the lives of more than half of all Americans, according to a new survey.

The survey was conducted by Bankrate, a financial analysis and comparison site.

Bankrate found that only 44% of Americans surveyed could afford a $1,000 emergency expense. That number is actually up one percentage point from the previous year, the company said.

Those 56% of Americans who couldn’t weather the storm said they would address that unexpected emergency charge in other ways. Most (21%) said they would use a credit card, 10% would borrow from loved ones and 4% would take out a personal loan. Only 16% said they would reduce their spending to address an unexpected emergency expense, Bankrate said.

Most Americans can’t afford a $1,000 emergency: survey

A $1,000 unexpected emergency expense could derail the lives of more than half of all Americans, according to a new survey.

thehill.com

Bankrate's Annual Emergency Fund Report | Bankrate

Thanks in part to high inflation and interest rates, only around 2 in 5 Americans would pay a sudden $1,000 expense from their emergency fund.

www.bankrate.com

 

[TSU/BAMA]

Only 16% said they would reduce their spending to address an unexpected emergency expense, Bankrate said.

This is the main problem right here. Some people are just not willing to cut their spending.

 

[Blacknbengal]

Most BLACK Americans can not afford.

 

[Tpop33]

Most BLACK Americans can not afford.

You'd be surprise, where I work now; it'd be just as many other people that can't afford it either. Two or more kids, buy boats, jet skis, and other luxury items, living beyond their means.

 

[TSU/BAMA]

We buy what we want, but we beg for what we need.

 

[TSU/BAMA]

Most BLACK Americans can not afford.

I respectfully disagree. I could be wrong, and may God forgive me if I am, but, I respectfully disagree.

 

[CEE DOG]

The hood got 10k of clothes, play stations and Jordans in the closet.

 

[jsupop33]

The hood got 10k of clothes, play stations and Jordans in the closet.

I follow a number of young rappers in DC, cats be in the worst looking houses with designer and holding up stacks of money. I just smh

 

[Blacknbengal]

You'd be surprise, where I work now; it'd be just as many other people that can't afford it either. Two or more kids, buy boats, jet skis, and other luxury items, living beyond their means.

I understand that, but I can take you to my hometown in La and no one had boats, jet skis, etc.... And they don't have $1k in the bank. Alot of them don't even have bank accounts.

 

[Blacknbengal]

I respectfully disagree. I could be wrong, and may God forgive me if I am, but, I respectfully disagree.

It's fine that you do, but visit Backwoods, USA where we live. You'll see a different picture. There are more of us living there than in the Big Cities. Don't let our success fool you into thinking that we as a people rose above the poverty line, cause we hasn't.

 

[TSU/BAMA]

Alot of them don't even have bank accounts.

Well, that's telling me a lot right there.

 

[TSU/BAMA]

It's fine that you do, but visit Backwoods, USA where we live. You'll see a different picture. There are more of us living there than in the Big Cities. Don't let our success fool you into thinking that we as a people rose above the poverty line, cause we hasn't.

I was born and raised in Backwoods, USA in a very small town in Alabama. So, I know of what you speak. But, I guess it depends on the individual.

 

[CEE DOG]

I follow a number of young rappers in DC, cats be in the worst looking houses with designer and holding up stacks of money. I just smh

Bruh my cousin and his old lady told me your supposed to buy yourself a treat every paycheck before you pay anything because you might not live to the next paycheck. So I asked what happens if you do live to the next paycheck and rent is due? They said we worry about that then. I was like oh ok.

 

[CEE DOG]

I understand that, but I can take you to my hometown in La and no one had boats, jet skis, etc.... And they don't have $1k in the bank. Alot of them don't even have bank accounts.

Believe me I understand what you're saying. There are many people who don't understand where their next meal is coming from i don't think we're losing sight of that, and folks struggling for real. Those are the folks we're not referring to in this thread. It's the knuckle heads who would rather spend every penny on material things. Those people make the choice to do it. The ones at the below poverty don't. Two different situations.

 

[TSU/BAMA]

Bruh my cousin and his old lady told me your supposed to buy yourself a treat every paycheck before you pay anything because you might not live to the next paycheck. So I asked what happens if you do live to the next paycheck and rent is due? They said we worry about that then. I was like oh ok.

SMH!! Don't get me started on some of my financially irresponsible relatives.