64% of Americans Don’t Have a $1000 Emergency Fund

Editor’s note: This information provide by Ben Joven

emergency-fund-9332325The NFCC (National Foundation for Credit Counseling) released a July online poll that revealed the sordid financial state of the American consumer. The online poll uncovered that 64% of Americans do not have $1000 in their savings account for an emergency expense. The 64% of Americans that do not have enough cash on hand for an emergency, stated that they would have to rely on other resources in order to cover an unexpected expense such as a medical emergency, or an unanticipated car repair.

Only 36% of Americans said that they would be able to tap into their savings account for an unexpected emergency expense. The rest of the 64% polled stated other means of coming up with the emergency expense, here are few interesting figures that the NFCC’s profile revealed:

Resource – % of Americans

I would take out a personal loan -9%
I would have to ask a friend of family -17%
I would have to sell or pawn personal items -12%
I would just disregard some other monthly bills -17%
I will take out a cash advance on my credit card -9%Man,In another poll conducted by BankRate.com revealed that only 24% of Americans had 6-month’s worth of expenses available in their savings account.

About Author: Bobby Dee is a personal finance blogger, and works for the top consumer credit counseling companies in the US, whose credit counselors have been helping consumers get out of debt for over 20 years.

gw-3438948Like to Add a Guest Post?
This post was written by a guest contributor. If you’d like to add a guest post or news in Money Hacker, please check out Write for Us page for details about how YOU can share your knowledge with our community.