SCRIPT: Money Minute, I'm Brian Osuch. A recent survey from the National Endowment for Financial Education or NEFE finds many Americans are collecting more debt because of unexpected financial emergencies. NEFE's Patricia Seaman.
CUT: (Seaman) Almost half of the people in our survey were borrowing money either from a bank or friends and family. And another third were putting these expenses on a credit card.
SCRIPT: Seaman says six out of ten American households had one of these financial emergencies last year.
CUT: (Seaman) It can be anything from car maintenance to the cost of gas. It can be home maintenance. And medical expenses can be everything from the co-pays and the deductibles to some kind of unexpected expense.
SCRIPT: And how can someone prepare for an emergency?
CUT: (Seaman) As little as five hundred dollars can cover some of the minor unexpected expenses, and give a person a real piece of mind and reduce stress in their life. Now's a great time with tax refunds coming to maybe use some of that to start or add to an emergency fund.
SCRIPT: For more, log onto Smart-About-Money-dot-org. That's Money Minute from NEFE.
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