The results provide a deeper understanding of how often U.S. consumers have difficulty making ends meet and reinforces the need for voluntary protection products like service contracts, GAP, credit insurance and debt protection.
While financial flexibility for consumers has improved — according to the survey, in 2013, half of respondents said they were ill-prepared for an expense of this magnitude — many consumers can still be thrown by a one-time emergency expense.
About four out of 10 car buyers who purchase extended-service agreements say they ended up saving an average of $1,000 to $2,000 in repairs and parts replacements.
According to a brand new survey from Bankrate.com, just 37% of Americans have enough savings to pay for a $500 or $1,000 emergency.
In an environment where unfortunate consequences are possible but timing is unpredictable, both consumers facing risks and entrepreneurs looking for productive opportunities have searched for and engineered ways of spreading and mitigating those risks.
Customer research illustrates the peace of mind that voluntary protection products like credit insurance and debt protection deliver to purchasers and their loved ones.