Author Topic: 47% of Americans would have to Borrow or Sell Something to Cover $400  (Read 1575 times)

Caella

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http://www.allgov.com/news/where-is-the-money-going/47-of-americans-would-have-to-borrow-or-sell-something-to-cover-an-unexpected-expense-of-400-150502?news=856624

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As part of its October 2014 survey, the agency asked 50,000 people if they could handle an unexpected “financial disruption” costing them $400. Just over half (53%) said they could “fairly easily handle such an expense” by using money in their bank accounts (checking or savings) or by leaning on a credit card.

But for 47% of respondents, $400 was a tougher problem to handle. Within this group, 14% said they simply couldn’t cover it. Another 10% would have to sell something, 13% would have to borrow money from a friend or relative and 2% would have to resort to a high-interest payday loan.


Ok, the survey didn't went through about how much those people are making, but 47% couldn't handle $400 bucks even with credit cards? Daaamn.

I'm a red panda

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There is already a thread on this. But I hadn't seen the part about the credit card. That is even sadder than what I originally thought.  Our country is in a sad economic state.

ShoulderThingThatGoesUp

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'sup, Mitt?