Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Most Americans Can't Afford A $1,000 Emergency Expense

Wednesday, August 10, 2011 - 1:34 PM
From CNNMoney
When the unexpected strikes, most Americans aren't prepared to pay for it.

A majority, or 64%, of Americans don't have enough cash on hand to handle a $1,000 emergency expense, according to a survey by the National Foundation for Credit Counseling, or NFCC, released on Wednesday.

Only 36% said they would tap their rainy day funds for an emergency. The rest of the 2,700 people polled said that they would have to go to other extremes to cover an unexpected expense, such as borrowing money or taking out a cash advance on a credit card.

[Read more...]
3
WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
Reply