Surprise $531 car repair bill? Poll shows most Americans lack the cash to pay for it

WASHINGTON – Most Americans do not have the financial resources to cover a surprise expense of US$400 without taking on debt, according to a new survey.

The data highlights widespread financial fragility, even in an economy with unemployment at near 50-year lows, and the erosion of the savings cushion that some households built up during the Covid-19 pandemic. “And despite all of that,” he said, “there is still a group of predominantly lower-income adults who are extremely vulnerable.”

Overall, 44 per cent of respondents said they incurred such an expense in the prior month, with the most frequent cause being vehicle-related costs, followed by medical bills.

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