CHARLOTTE — Two recent studies suggest how many consumers feel they have little or no cushion should an emergency strike.
A recent Bankrate report found only about 40 percent of consumers could afford a $1,000 emergency right now. “Four in 10 Americans say they would borrow in some form including perhaps seeking help from friends and family. Twenty-five percent say they would put this expense on a credit card and pay it off over time,” Bankrate’s Mark Hamrick said.
A recent WalletHub survey came to a similar conclusion, finding roughly two-thirds of Americans having trouble keeping up with expenses.
Action 9 investigator Jason Stoogenke offers this advice:
Consider help from a nonprofit that does credit counseling. They really help people get out of debt for a nominal fee. Two examples are GreenPath and Money Management International.
As for credit card debt specifically:
1. Don’t be afraid to negotiate. See if your credit card company will give you a better rate.
2. If you have a major purchase coming up, you may want to open a new credit card, one offering 0% interest. Just make sure you read the fine print and still be sure to pay it off each month.
3. Consider consolidating your debt with what’s called a “balance transfer” credit card.
But a few words of caution about the third option:
a. Usually, you need good credit to qualify for these cards.
b. Most of these cards charge a transfer fee.
c. The interest rate will go up after the promotional period.
VIDEO: How a Matthews woman says she erased $45,000 in credit card debt
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