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re: How do people let themselves get into such dire straits financially?
Posted on 4/25/15 at 3:57 pm to Jcorye1
Posted on 4/25/15 at 3:57 pm to Jcorye1
Bankrate study
How do you deal with unexpected expenses, such as $1,000 for an emergency room visit or $500 for a car repair?
Only 38 percent of respondents said they could cover it with cash they have on hand in a savings account or checking account.
26% Reduce spending
16% Borrow from family
12% Use credit cards
5% Don't Know
Highlights:
52% of college graduates say they would dip into savings, compared with just 31% with a high school education or less.
Only 7% of millennials between the ages of 18 and 29 say they would use a credit card for unexpected expenses, versus 13% of all other age groups.
21% of parents say they would borrow from family and friends, while 14% of respondents without children would do that.
How do you deal with unexpected expenses, such as $1,000 for an emergency room visit or $500 for a car repair?
Only 38 percent of respondents said they could cover it with cash they have on hand in a savings account or checking account.
26% Reduce spending
16% Borrow from family
12% Use credit cards
5% Don't Know
Highlights:
52% of college graduates say they would dip into savings, compared with just 31% with a high school education or less.
Only 7% of millennials between the ages of 18 and 29 say they would use a credit card for unexpected expenses, versus 13% of all other age groups.
21% of parents say they would borrow from family and friends, while 14% of respondents without children would do that.
1
Posted on 4/25/15 at 4:20 pm to TigerintheNO
I spent all my money buying our house and paying off my wife's car. All I have is some credit card debt, student loans and my car note. My biggest killer is my damn child support. Only got 14 more years.
My wife is a teacher so in addition to solid retirement income from the state, we invested in a second retirement account.
We live paycheck to paycheck somewhat but I have been working my tail off scheming to reduce our monthly bills. About to start a new job that provides me a company truck for personal, and an iPhone provided by the company. That's great and will allow me to toss my car and half our insurance bill out the window along with my phone bill. Take the extra money and pay down debt.
I would love to be debt free around the same time child support is done. Not worried about savings, just structuring my future.
My wife is a teacher so in addition to solid retirement income from the state, we invested in a second retirement account.
We live paycheck to paycheck somewhat but I have been working my tail off scheming to reduce our monthly bills. About to start a new job that provides me a company truck for personal, and an iPhone provided by the company. That's great and will allow me to toss my car and half our insurance bill out the window along with my phone bill. Take the extra money and pay down debt.
I would love to be debt free around the same time child support is done. Not worried about savings, just structuring my future.
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