bernard
THEE Realist
(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.
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