Jessica Dickler
CNN
Aug 11, 2011
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.
“It’s alarming,” said Gail Cunningham, a spokeswoman for the Washington, DC-based non-profit. “For consumers who live paycheck to paycheck — having spent tomorrow’s money — an unplanned expense can truly put them in financial distress,” she noted.
8 Responses to “Most Americans can’t afford a $1,000 emergency expense”
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no shit all by design ..
They do not want Americans to go buy guns with the back up funds to overthrow the government. I hope even even the poor buy as many guns and bullets as they can.
I can’t afford it . I have a Buford Pusser stick , i will just have to use what is at hand .
dhsn Reply:
August 11th, 2011 at 1:14 pm
Swords don’t need to be reloaded.
If you keep cash in the house, a visitor, robber, “friend” or even a family member may get it. The world is so into material lusts and drugs, it has touched almost every family. Theft in every respect has skyrocketed. There is very limited trust outside a very small (and shrinking) family circle.
What’s wrong with you stupid Americans…. Can’t save money without jobs! Who da thought?
DestroyTheElite Reply:
August 11th, 2011 at 10:26 pm
Seriously dude? What nationality are you?? You’re country’s economy depends on the US’s economy, just in case you didn’t know that, so basically your country is just as fucked as the US is, accept it. Also, take your ignorant judgments elsewhere.
Gee, no one has a job, people have lost their homes, and gasoline and groceries take up what little Americans have. Is it such a friggin surprise that no one can save 1,000? It’s time for the RICH to give up what they have, one way or the other!