A quarter of U.S. citizens would resort to using credit cards when faced with a $1,000 emergency expense, even as credit card interest rates are elevated amid decades-high inflation.
When asked how they would pay for a $1,000 emergency, 25 percent of respondents to a Feb. 23 survey by Bankrate replied they would finance the spending with a credit card and pay it over time.
This is the largest percentage of people who would use credit cards for this purpose since 2014.
Only 43 percent of respondents said they would fund the $1,000 emergency expense from their savings.
Other survey options to meet emergency expenses included “reduce your spending on other things,” chosen by 12 percent of respondents. Eleven percent said they would borrow money from friends or family, and the remaining 4 percent claimed they would take out a personal loan….