Current Events > 56% of Americans can't cover a $1,000 emergency expense

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YWS-is-King
02/12/22 6:44:29 PM
#1:


Can you?

https://www.cnbc.com/2022/01/19/56percent-of-americans-cant-cover-a-1000-emergency-expense-with-savings.html

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PMarth2002
02/12/22 6:56:03 PM
#2:


Yeah, but I wouldn't be happy about it.

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LinkDaLunatic
02/12/22 6:57:28 PM
#4:


it would be an annoyance but yeah i can these days

couple years ago it would have shattered my joke life lol
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Super Saiyan 3 Goku
02/12/22 6:59:11 PM
#5:


Sure.

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theAteam
02/12/22 7:04:33 PM
#6:


It's pretty crazy when you consider 65% of Americans own their home (https://www.census.gov/housing/hvs/files/currenthvspress.pdf). So like what the hell do these people do when something important breaks?

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LinkDaLunatic
02/12/22 7:09:51 PM
#7:


theAteam posted...
It's pretty crazy when you consider 65% of Americans own their home (https://www.census.gov/housing/hvs/files/currenthvspress.pdf). So like what the hell do these people do when something important breaks?
suffer
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Norman_Smiley
02/12/22 7:10:37 PM
#8:


theAteam posted...
It's pretty crazy when you consider 65% of Americans own their home (https://www.census.gov/housing/hvs/files/currenthvspress.pdf). So like what the hell do these people do when something important breaks?

I'm not sure the numbers but tons of barely scraping by home owners get a home equity line of credit (HELOC). Good news is it gives you mortgage like rates for loans you can use for anything. Bad news is it eats up your equity and it delays owning your home.

Incidentally, I've heard since COVID started HELOCs have been in short supply. Banks love HELOCs when they are confident home prices will keep increasing.

Other thing people barely scraping by do is pull from any retirement they might have.

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