Nearly half of all Americans do not have enough savings to ride out a single emergency. And many more may be trapped in a cycle of debt on a certain type of high-interest loan. Two reports in the Los Angeles Times shine a light on the tenuous grasp many Americans have on financial solvency.<\/p>\n
An article by Shan Li says that nearly 44 percent of American households would find themselves in financial ruin if they fell victim to one emergency. That is according to a study by the nonprofit Corporation for Enterprise Development (CFED). Those families could not pay for their basic living expenses for three months if they lost their jobs or became too sick to work. Furthermore, nearly one third of Americans do not have a savings account at all.<\/p>\n
In Florida, the rate is even worse than the nationwide average. The CFED measures the \u201cliquid asset poverty rate,\u201d defined as (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Nearly half of all Americans do not have enough savings to ride out a single emergency. And many more may be trapped in a cycle of debt on a certain type of high-interest loan. Two reports in the Los Angeles…<\/span><\/p>\n