It's true that inflation has eased up a bit (though not enough). And it's true that, with Democrats out of the White House, we can expect some relief via more sensible economic policy in the future.
But it's worth remembering just how bad off so many people still are:
Whether it's a busted refrigerator, car trouble or medical issues, unexpected costs are a part of life. But even such routine curveballs often spell serious financial trouble for many Americans.
That's according to a new Bankrate report that surveyed more than 1,000 U.S. adults about their ability to handle a surprise bill. Despite the country's current low unemployment rate, the annual study found that 59% of Americans in 2025 don't have enough savings to cover an unexpected $1,000 emergency expense.
We are "essentially a paycheck-to-paycheck nation," according to one analyst. And the numbers really are grim: "Only 41% of Americans said they would be able to tap their savings to cover an unexpected $1,000 expense," down 3% from last year.
Another 25%, meanwhile, "said they would use a credit card to pay for a $1,000 bill," while 13% would turn to a family member and 5% would "take out a personal loan."
All told, "about 43% of respondents told Bankrate they would have to borrow money to pay for an emergency expense of $1,000."
That's on top of the fact that Americans "collectively owe a record $1.14 trillion in credit card debt," with credit card rates around 24%.
The news wasn't entirely grim, however:
On a positive note, while 36% of adults said their credit card debt exceeded what they had in emergency savings, Bankrate found that more than half of survey respondents, at 55%, had more emergency savings in 2024 than credit card debt. That's the highest percentage since 2018.
Economic relief can't come soon enough.
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