re: How do people let themselves get into such dire straits financially?

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.