Emergency Funding

We are working to lift up individuals and families who have short-term financial emergencies to get them back on their feet again. 

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*Only 64% of adults in the United States have the ability to handle an emergency expense of $400 using cash on hand or paying it off within a month on a credit card. 

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Roughly 35% of adults would deal with the expense in other ways listed below.

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• Use a credit card and pay off over time 15%

• Borrow from family or friend 9%

• Sell something 6%

• Use money from a bank loan/line of credit 2%

• Use a payday loan, deposit advance or overdraft 1%

• Would not be able to pay right now 12%

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Common Emergencies:

1. Job loss or reduced income

2. Car repairs

3. Home repairs

4. Medical expense - medication not being purchased

5. Forced to move for various reasons

6. Unexpected travel - example family funeral

7. Crime victim

8. Delay in benefits or length of time in processing benefit eligibility

 

*Information taken from federalreserve.gov - Report on the Economic Well-Being of U.S. Households in 2020 - May 2021​

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