Americans Ill-prepared For Financial Emergencies
A recent study by the National Bureau of Economic Research reveals that half of all Americans would find it difficult to scrape together $2,000 for a minor financial emergency, such as car trouble or an unexpected medical bill.
“Roughly 28 percent said they ‘certainly’ would not be able to cope with an unexpected $2,000 bill if they had to come up with the money in 30 days, and another 22 percent said they ‘probably’ would not be able to cope,” read an article on CNN.com. “Only a quarter of Americans said they are certain they would be able to come up with the funds.”
The study also revealed that a majority of Americans would have to use multiple methods to get the funds.
“While 60 percent said they would dip into savings, 34.2 percent said they would have to ask family and friends for help and 29.5 percent said they would have to resort to credit cards, a home equity line of credit, reverse mortgage or unsecured loan,” the article read.
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