When you’re living paycheck-to-paycheck it’s often hard to pay all your bills. So what do people do?
Well, according to a new survey:
- 83% of Americans working full-time have experienced an unexpected expense in the last year.
- The most common unexpected expenses include:
- Vehicle repairs/replacement (48%)
- Medical expenses (35%)
- Travel for things such as a funeral, sick relative or unexpected move (28%)
- Replacing/upgrading major appliances that stopped working (28%)
- Home repairs (27%)
So, how do folks pay for these expenses?
- Well most resort to credit cards, with 41% turning to plastic to cover the costs. In addition,
- 24% have used money they planned to use for household bills
- 23% used money from an emergency fund
- 16% took out a loan
- 15% borrowed from friends and family