Why America's economy is soaring ahead of its rivals

Re:Why America's economy is soaring ahead of its rivals by CalRobert on Thursday December 05, 2024 @03:27AM (#42326147)

Question EF3. Suppose that you have an emergency expense that costs $400. Based on your current financial situation, how would you pay for this expense?

Response Percent

Put it on my credit card and pay it off in full at the next statement 37

Put it on my credit card and pay it off over time 16

With the money currently in my checking/savings account or with cash 45

Using money from a bank loan or line of credit 3

By borrowing from a friend or family member 10

Using a payday loan, deposit advance, or overdraft 2

By selling something 7

I wouldn't be able to pay for the expense right now 13

Note: Number of unweighted respondents 11,400

from https://www.federalreserve.gov/publications/files/2023-suppl...

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Re:Why America's economy is soaring ahead of its rivals by n4r9 on Thursday December 05, 2024 @03:54AM (#42326285)

Hard to interpret this. It either shows that 55% do not have enough money to pay the expense, or that 82% may well have the money but 37% would prefer to pay it off after their next paycheck anyway.

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Re:Why America's economy is soaring ahead of its rivals by xvector on Thursday December 05, 2024 @04:00AM (#42326328)

No, it's 35%. Credit card usage is fine if you can pay off the card.

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Re:Why America's economy is soaring ahead of its rivals by n4r9 on Thursday December 05, 2024 @05:07AM (#42326669)

What about the 45% who would just pay it off with cash/savings?

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Re:Why America's economy is soaring ahead of its rivals by oblio on Thursday December 05, 2024 @06:01AM (#42326957)

The ones that can pay immediately, ok. But paying it over time for $400 is pretty much a sign of hardship.

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Re:Why America's economy is soaring ahead of its rivals by CalRobert on Thursday December 05, 2024 @05:11AM (#42326690)

I've seen people interpret "would use a credit card" as a sign something is wrong but for me it just means I like getting cashback.

Though to me it looks pretty dire - having to sell something, borrow from family/friends, etc. for 400 bucks is pretty terrible.

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Re:Why America's economy is soaring ahead of its rivals by j33zusjuice on Thursday December 05, 2024 @09:51AM (#42328739)

That question allowed respondents to select multiple. EF2 and EF7 give a very clear picture of the average person’s financial situation.

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Re:Why America's economy is soaring ahead of its rivals by insane_dreamer on Thursday December 05, 2024 @10:49AM (#42329290)

This puts at 35% those for whom $400 would be a hardship (don't have the money on hand). Still a significant amount.

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Re:Why America's economy is soaring ahead of its rivals by Clent on Thursday December 05, 2024 @01:57PM (#42331309)

Those numbers cannot be percentages, they add up to 133.

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