(CNSNews)- Nearly half of American households would not be able to afford a $400 emergency, according to a recent report from the Federal Reserve.
The Federal Reserve Report on the Economic Well-Being of U.S. Households in 2014 says that 47 percent indicate that they would have great difficulty handling an unexpected $400 expense.
“Specifically, respondents indicate that they simply could not cover the expense (14 percent); would sell something (10 percent); or would rely on one or more means of borrowing to pay for at least part of the expense, including paying with a credit card that they pay off over time (18 percent), borrowing from friends or family (13 percent), or using a payday loan (2 percent),” the report says.
Even though it has been over 5 years since President Barack Obama signed the Affordable Care Act into law, 47 percent of Americans responding to the Federal Reserve study claimed that they “avoided medical treatment because of the cost.”
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[ So this begs the question.. if they can't afford to use it, do they really have health care, or do they just have an insurance bill to pay? --Editor ]
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5 comments:
Where do i get a payday loan for only 2%?? More like 50%.
The "pay the premiums but don't use the insurance" may not --- MAYBE -have been the goal, but it is the true effect of the biggest scam played on "we, the people" in quite sometime.
The insurance companies are recording eye-popping profits and STILL are raising deductibles, co-pays, and out-of-pocket expenses. Citizens are getting drained and the middle class is getting crushed (anyone you know able to put 15-30% of their NET PAY towards medical costs??? or come up with $5000-10,000 deductible????).
THIS is what your "leaders" have done to us.
And, still, you just can't stop cheering.
Don't get hurt doing it, though. That could be a problem.
Its beyond sickening.
Really? 2% of people use a payday loan not get a loan for 2%. Explains why you you need payday loans.....
Obama could care less about the mess he has made... The Grimm Brothers Emperor's New Clothes is pretty close to the way things are .
This is just another example of corporate GREED!!!! Utility, Cable, Insurance, Rental Housing, banks, etc. with no caps on what they charge. People not getting anymore money. CEO's, slumlords, etc. getting rich. The U.S. is going to h--ll in a bushel basket!!!!
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