Most Americans Don’t Have Savings for Unexpected Bills

A new report from Bankrate showed that more than three in five Americans don’t have money in a savings account to pay for an unexpected bill such as car repairs or a medical emergency.

Of those who responded to the poll, only 38 percent could pay for a $500 repair bill or an emergency room visit with a cost of $1,000. As many as 16 percent said they would borrow the money from a relative or friend, 12 percent would put it on a credit card and 26 percent would reduce spending elsewhere in their budget. Approximately 8 percent said they did not know what they would do if they encountered an unexpected bill.

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