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A majority of Americans revealed that they wouldn't be able to comfortably pay off an unexpected bill of $1,000, further underscoring how the coronavirus pandemic is leaving an increasing number of people strapped for cash.
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According to Bankrate’s January Financial Security Index, only 39% of adults said they would be able to tap into their savings in order to absorb the four-figure bill.
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“The precarious state of Americans’ emergency savings has been further set back by the pandemic, with nearly as many needing to borrow to cover a $1,000 unplanned expense as those that can pay for it from savings,” Bankrate chief financial analyst Greg McBride said.
About 18% of Americans say they would have to put the expense on a credit card in order to pay it off over time. In doing so, though, they open themselves up to interest charges, which are on average higher than 16%, according to Bankrate’s national survey of lenders.