If you had to fork over $1,000 right now, would you be able to do so without borrowing money or using your credit card? If so, then a new survey from the National Foundation for Credit Counseling says you’re in the minority.
According to the NFCC survey, 64% of Americans don’t have enough cash available to them to cover a $1,000 emergency.
“It’s alarming,” a NFCC spokeswoman tells CNN Money. “For consumers who live paycheck to paycheck — having spent tomorrow’s money — an unplanned expense can truly put them in financial distress.”
Many respondents, 17%, said they would borrow money from friends or family. Another 17% said they would neglect other financial obligations — like a credit card bill or mortgage payment — in order to free up some funds.
Alternatively, 12% of the respondents said they would have to sell or pawn some assets to come up with $1,000 and 9% said they would need to take out a loan. Another 9% said they would get a cash advance from a credit card, according to the NFCC.