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Most Americans can’t afford a $1,000 emergency expense
Posted By admin On August 11, 2011 @ 4:23 am In Money Watch | Comments Disabled
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.
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URLs in this post:
 CNN: http://money.cnn.com/2011/08/10/pf/emergency_fund/index.htm?iid=HP_LN
 rainy day funds: http://money.cnn.com/2011/05/23/magazines/moneymag/budgeting_for_emergency_fund.moneymag/index.htm?iid=EL
 Image: http://www.prisonplanet.tv/
 76% of Americans Are Living Paycheck-to-Paycheck: http://www.prisonplanet.com/76-of-americans-are-living-paycheck-to-paycheck.html
 Big Pharma’s profiteering has reached the breaking point: 45 percent of Americans can no longer afford prescriptions: http://www.prisonplanet.com/big-pharmas-profiteering-has-reached-the-breaking-point-45-percent-of-americans-can-no-longer-afford-prescriptions.html
 US Fed rejects request to help credit card holders: http://www.prisonplanet.com/us-fed-rejects-request-to-help-credit-card-holders.html
 Obama Would Call on Military to Disarm Americans During National Emergency: http://www.prisonplanet.com/obama-would-call-on-military-to-disarm-americans-during-national-emergency.html
 Exclusive: The Fed’s $600 Billion Stealth Bailout Of Foreign Banks Continues At The Expense Of The Domestic Economy, Or Explaining Where All The QE2 Money Went: http://www.prisonplanet.com/exclusive-the-feds-600-billion-stealth-bailout-of-foreign-banks-continues-at-the-expense-of-the-domestic-economy-or-explaining-where-all-the-qe2-money-went.html
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