More Than 1 in 3 Americans Would Go Into Debt to Cover a $1,000 Emergency Expense

Americans are largely not prepared for emergency expenses and have insufficient savings, finds a report.

A Bankrate survey found only 40 percent of Americans would be able to pay an unexpected $1,000 expense from their savings and more than one-third would need to borrow money. According to the report, the findings are alarming since 30 percent of respondents said they or a family member has had a major unexpected expense within the past year.

Bankrate says the median amount of an unplanned expense is $3,750.