From Medium:
Studies on American financial health indicate that most Americans are ill-prepared for an emergency costing more than $1000. These numbers, reported by Fortunly, tell a grim tale:
American savings statistics for 2020 show that nearly 70% of Americans have less than $1,000 stashed away in their bank accounts. That number rose from 58% in 2018. Meanwhile, the number of those with savings between $1,000 and $5,000 stands at roughly 12%.
It’s not difficult to imagine an emergency costing more than $1000.
In Tennessee, Rise offers short-term loans from $500 to $5000 with interest rates ranging from 99% to 149%.
Yeah - bad news -
and it gets worse.
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