Originally posted by Unregistered
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"For the past five years, the Federal Reserve has asked people about their personal finances in a major survey. The 2017 Report on the Economic Wellbeing of US Households stated that, when asked how they would cover an emergency expense of $400, 59% said they could easily cover the expense using entirely cash, savings, or a credit card paid off at the next statement, while “four in ten adults would either borrow, sell something or not be able to pay” if faced with such an emergency expense. Even without an unexpected expense, the Fed reported, one in five (22%) can’t cover all their current month’s bills, and one in four skipped a medical treatment in the past year due to an inability to pay".
https://www.forbes.com/sites/bowmanm.../#b8247f6132b8
And imagine that's only $400. How do you then cover rent, insurance and utilities if you can't cover $400?!
Even those making over six figures said they struggle to make ends meet, the report said. Nearly 1 in 10 of those making $100,000 or more said they usually or always live paycheck to paycheck, and 59 percent of those in that salary range said they were in the red.https://www.cnbc.com/2017/08/24/most...-paycheck.html
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