Need $2000 fast? Could you come up with it? We all know that we should have a rainy day fund, but how many of us actually do? In Ontario 60% of the population is living paycheque to paycheque so what do you think would happen if you need $2000 fast in 30 days for an emergency situation? When the rainy day comes will you stay dry or get drenched? A new study by the National Bureau of Economic Research shows that:
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- 28% of Americans would NOT be able to come up with $2000 in a pinch
- 22% said they probably would not be to able to come up with $2000
- 34.2% said they would have to ask family and friends for help
- 29.5% said they would have to resort to credit cards, a home equity line of credit, reverse mortgage or unsecured loan
In Canada Harris Decima did a similar survey and like in America, just over 25% Canadians said that they were not very or not at all confident that they could come up with it if they need $2000 fast in 30 days if faced with an unexpected financial emergency. 92% of all Canadians said they would consider some form of borrowing – lines of credit, credit cards, bank loans, and borrowing from friends and family.
It seems that we are financially fragile on both sides of the border. And what may surprise you is that this problem is not the exclusive domain of low income families. The study just published by the National Bureau of Economic Research reports that of households making between $100,000 and $150,000 annually, nearly one-quarter said they “certainly” or “probably” would be unable to come up with the money if they need $2000 fast.
The reality is that if you are earning $100,000 and $150,000 annually, need $2000 fast and would be unable to come up with the money, you are living in a house of cards. The best advice I can offer is to make an appointment to see a professional trustee as soon as possible, before disaster strikes. Before bankruptcy becomes your only option, there are bankruptcy alternatives including credit counselling, debt consolidation, and consumer proposals. Contact us today. The team at Ira Smith Trustee & Receiver Inc. will work with you to ensure that Starting Over, Starting Now you can regain financial health.
