5 ms·

How does that go for Americans who cannot afford to pay for a $400 surprise expense out of pocket? https://www.federalreserve.gov/consumerscommunities/sheddata

• jxf 4mo ago
  Let them eat crow.
• tjohns 4mo ago
  I'm absolutely not saying this alone is sufficient - particularly if you're unemployed or your job truly doesn't pay a living wage. There are absolutely people who don't make enough to survive - and that's a bigger problem of course.
• californical 4mo ago
  Generally, lots of debt, but they still do it. I know people who go into debt for “fun” purchases, then complain that their credit card bills are so high they can’t afford anything
• ThrowawayR2 4mo ago
  That was debunked as a misleading interpretation, e.g. https://www.jpmorganchase.com/institute/all-topics/financial-health-wealth-creation/how-vulnerable-are-americans-to-unexpected-expenses https://www.jpmorganchase.com/institute/all-topics/financial... . The graph very specifically says "...using cash or its equivalent".
  • mossTechnician 4mo ago
    > 77 percent of low-income households can cover an unexpected $400 expense, though many must cover it with disposable income or short-term credit... 43 percent of low-income households unable to weather small expense shocks might be able to pay them with access to additional credit. I'm not sure if credit is the ideal solution, nor if additional credit would be beneficial.