That is a surprising and scary statistic
While the recession may be long over, many Americans are still living one bill away from financial disaster.
Despite the stronger economy, a lack of emergency savings that would help them weather an unexpected expense such as a health crisis or car breakdown remains a serious handicap. In fact, about 63 percent of Americans say they're unable to handle a $500 car repair or a $1,000 emergency room bill, according to a new survey from Bankrate.com.
Its findings shed light on a disconnect between rosier economic figures, such as an unemployment rate that's declined steadily since 2010, and what continues to be the worrying financial reality for many Americans. Real median household income has slumped since 1999, when it reached a high of $57,843, and now hovers at about $54,000.
But given the increasing costs of everything from food to health care, that has left many families struggling to put money aside for rainy days.
6 Oct ’15
Scary, but not really anything we haven't heard before. Look at how bad Credit Card Debt is....(plus student loans, mortgages, car payments...)
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Facts and Figures about American Debt
The modern-day credit card — which entered the scene in the late 1950s — has meant financial disaster for many individuals and families.
Consider these statistics about personal debt in America :
- More than 160 million Americans have credit cards.
- The average credit card holder has at least three cards.
- On average, each household with a credit card carries more than $15,000 in credit card debt.
- Total U.S. consumer debt is at $11.4 trillion. That includes mortgages, auto loans, credit cards and student loans.
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6 Oct ’15
We don't have car payments...but only a matter of time before my 1997 dies. The mortgage thing is probably the biggest thing anyone has...I can't imagine having a mortgage, car payments, credit card debt and student loans. I had student loans and did everything to pay them off in a few years...those student loans charged interest as I was paying them back and I hated that.
We hope to be mortgage free with the build...It will be close...Mrs is worried I am getting cheap on things already...I say frugal...you know things will add up quick and there will be surprises.
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Speedfunk6 Oct ’15
Yeah...there is a fudge factor in there...about 15%...I know there will be some surprises...always is. Easy to save a few hundred here and there....but a lot easier to spend few grand here and there. Depending on how expenses play out, we may hold off on a couple of things for a year...the standby generator is one such thing, if we have some cost over runs else where, we will just wait till we have more cash to pay for it the following year. So far I have done pretty well on my initial estimates, they are lining up pretty close to what things are coming out to be...in most cases, my estimates were a bit on the high side...I feel like it's unexpected savings...a gift of sorts.
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