41% of Americans would be able to cover a $1,000 emergency with savings. (via CNBCMakeIt)
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Almost half of Americans can handle a $1,000 emergency, such as a medical bill or car repair, by dipping into savings. Another 37% say they would use a credit card, take out a personal loan or ask family for financial help to handle unexpected expenses, according to aof over 1,000 U.S. adults. Only about 3% of respondents say they don't know how they would handle a $1,000 emergency.
That's in line with other research. Last year, about 61% of American households said they would pay for an unexpected $400 expense with cash, savings or a credit card, theBut Americans' emergencies, on average, cost more than $1,000, Bankrate finds. The average unexpected expense for survey respondents was about $3,500. And these situations are not uncommon. Within the past year, 28% of people experienced a financial emergency.
Putting that type of expense on a credit card or taking out a loan may end up being a "high cost" solution, says Greg McBride, Bankrate.com's chief financial analyst. The
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