Most Can’t Afford to Pay for a Sudden Emergency Expense
(NEW YORK) — As the commercial slogan goes, “What’s in your wallet?” The response by many Americans is “not much” if a sudden emergency crops up.
Bankrate.com in a poll of adults say that most people are one unexpected expense away from financial disaster since only about one in three people have anywhere from $500 to $1,000 in a savings account to pay for a crucial necessity such as an overdue bill to keep a home heated.
What to do if there’s no cash at hand? Answers vary from cutting back on other expenses, borrowing the money or adding further to existing debt by putting it on plastic.
Ironically, even though a minority of Americans would be able to pay for an emergency expense with cash, 82 percent claim they keep a household budget.
And yet, there’s something disturbing about this finding as well since 18 percent say they handle all their budget matters “in their head.”
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