CBS News: Fewer than 4 in 10 Americans have enough money set aside to cover an unexpected $1,000 expense, such as a trip to the ER or car repairs, according to a new survey.
The nationwide poll, conducted in December by Bankrate and released Monday, illustrates the widespread economic insecurity following the coronavirus pandemic, which has magnified a sharp rise in inequality over the last 40 decades. The provider of financial advice for consumers found that only 39% of respondents could handle a surprise bill for that amount, while another 38% would have to borrow the money through credit cards, family or other means.
“The precarious state of Americans’ emergency savings has been further set back by the pandemic, with nearly as many needing to borrow to cover a $1,000 unplanned expense as those that can pay for it from savings,” Greg McBride, Bankrate’s chief financial analyst, said in a statement.
Eighteen percent of the more than 1,000 adults surveyed said they would finance a $1,000 expense with a credit card and pay it off over time, while 12% would borrow from family members or friends. Another 8% said they’d take out a personal loan.
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