The following post by Kristin Wong appeared on the NBC News website on January 8, 2016:
Minor emergencies like a busted pipe, flat tire or a root canal happen all the time. But for the majority of Americans, such inconveniences are potential recipes for financial ruin, according to a new survey by finance site Bankrate.com.
In the survey released on Wednesday, Bankrate found that 63 percent of Americans don’t have enough saved to cover even a $500 financial setback. And just half of higher income respondents (defined as $75,000 or more in annual earnings) said they have enough cash to handle such an emergency.
About a quarter of respondents said they would cut back their spending in the event of such an emergency, and 15 percent would be able to borrow money from family or friends. Another 15 Continue reading “Most Americans Lack Reserve Cash to Cover $500 Emergency: Survey”