60% Americans Don’t Have Savings to Pay Unexpected Bill

More than three in five Americans wouldn’t have money in their savings accounts to pay for an unexpected car repair or medical emergency, according to a survey released Wednesday.

Only 38% of those polled said they could cover a $500 repair bill or a $1,000 emergency room visit with funds from their bank accounts, a new Bankrate report said. Most others would need to take on debt or cut back elsewhere.

“A solid majority of Americans say they have a household budget,” said Bankrate banking analyst Claes Bell. “But too few have the ability to cover expenses outside their budget without going into debt or turning to family and friends for help.”

The survey found that an unexpected bill would cause 26% to reduce spending elsewhere, while 16% would borrow from family or friends and 12% would put the expense on a credit card. The remainder didn’t know what they would do or would make other arrangements.

60% Americans Don’t Have Savings to Pay Unexpected Bill BN-GH752_BankRa_G_20150107093803

60% Americans Don’t Have Savings to Pay Unexpected Bill BN-GH752_BankRa_G_20150107093803

http://blogs.wsj.com/economics/2015/01/07/most-americans-dont-have-savings-to-pay-unexpected-bill/

60% Americans Don’t Have Savings to Pay Unexpected Bill

60% Americans Don’t Have Savings to Pay Unexpected Bill

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