Comments about ‘Is credit card debt the new emergency fund?’

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Published: Friday, Feb. 28 2014 11:04 p.m. MST

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george of the jungle
goshen, UT

All most 30 Billion dollars was paid to the banks Just in overdraft charges. That isn't what interest would give them. That is money thrown away for nothing.

Dr. Thom
Long Beach, CA

Not if it's your only choice between fixing your car, purchasing food or purchasing school clothes for your kids. With a down economy and many employers trading part time employment with no benefits (and 70% of all college professors are part-time), there comes a time when a line of credit is sadly the only alternative until things turn around if they ever do.

Michael De Groote

Often there are choices relating to money that people in trouble are not aware of. Part of the reason they are in trouble is not because they can't decide between two or three choices, but because they do not realize they may have other choices. There are free counseling services (Like AAA Fair Credit Foundation in Salt Lake) that can help people in financial trouble understand what their full choices are and give them hope. Even small emergency funds of $50 or $100 can make a huge difference in whether people have to resort to credit cards or pay day loans. Unfortunately, it is hard to create an emergency fund when the emergency strikes.

andyjaggy
American Fork, UT

It was medical bills for us. We didn't have anything on our credit cards our whole marriage. We used our 10 grand in savings for the down payment on our house, and then a year later were hit with 8 grand in medical bills, we had no choice but to put them on the card, and it's now a long haul back up the hill trying to get them paid off. The upsetting part is that we had to pay so many medical bills because we had a large incident at the end of December, which went on 2012's "year" and then a baby a few months after that which went on 2013's "year" If we could have moved things just 2 weeks forward we would have owed half of what we did. Just one of the many ways medical insurance companies get ya.

Chris B
Salt Lake City, UT

@andyjaggy,

For every one of your stories where the insurance companies "got ya" there is another family who did have many medical incidents happen in the same year and they "got" the insurance companies.

Likely even in your case the insurance company paid more to the hospitals than you paid to the insurance companies.

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