By JLP | May 23, 2011
A facebook friend of mine posted this question this morning:
Could you come up with $2K in 30 days? One quarter of Americans report that they would certainly not be able to come up with such funds, and an additional 19% would do so by relying at least in part on pawning or selling possessions or taking payday loans.
He said he got his information from a recent NBER Working Paper. I haven’t read the paper.
Anyway, to answer the question…
Yes, I could come up with $2,000 in 30 days. I’m not sure just how much I could come up with in 30 days. I suppose it would depend on the severity of the need.
It’s pretty sad that 25% of the population could not come up with $2,000 and another 19% could only gain access to $2,000 through payday loans or selling/pawning possessions. I’m thankful for the position we are in.