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
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.
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...