We have all had emergency situations from time to time, and budgeting for the cost of the average emergency can be challenging without a good savings plan. This of course, predicates the need to have a sufficient level of income to be able to actually save some money. An all too rare occurrence in the world these days it seems.
More than 39% of all families have less than one thousand dollars in savings. This makes it exceptionally challenging when those monetary emergencies do arise and we need to find money immediately. This is also the reason that instant cash loans online are both increasingly common and increasingly popular in the world today.
What does the average emergency cost in reality though? And how can we budget our money so as to make room for these financial crises? Is it a good idea to pay for these emergency costs with our credit cards that are going to cost upwards of 20% in interest every month for any unpaid balances? Can instant cash loans online really cover the costs of most emergencies?
The average annual maintenance fee for any vehicle is roughly one thousand dollars every year. Add to this the cost of gasoline and oil, as well as the occasional car wash and other incidentals, and yeah, it is expensive to own a personal vehicle. However, this is important for anyone who works off the beaten path, meaning basically anywhere that public transportation is not readily available.
According to the American Automobile Association, the average vehicle repair bill is roughly six hundred dollars. Mind you, this does not count for major accidents where the vehicles are totaled, and insurance companies may take months to pay out, resulting in loss of work and income. This is just the average cost of vehicle repairs, meaning around half of them are going to be even more expensive.
The cost of the average car accident is much more than just financial in nature. There may be physical injuries, there may be time lost from work, and there may even be a time when just getting to work is both more expensive and more challenging.
The funny thing about vehicle safety is that most cars these days are designed to crumple around the passenger compartment, meaning that far more relatively minor car accidents result in the car being totaled as it cannot be restored to the point where it will properly collapse, if that makes any sense.
The average cost in vehicle damage or other property damage is more than three thousand dollars, and the cost of the average personal injury claims per accident are approximately fifteen thousand dollars. Do you have an extra twenty thousand dollars laying around?
Granted, insurance will often cover these costs, but many people drive without insurance, and are involved in vehicle accidents on a daily basis. Safe Loan are often used as a means to get people through until the insurance companies do finally pay out if and when they do finally pay out.
The cost of the average emergency room visit is more than thirteen hundred dollars. Mind you, this does not include the cost of an overnight stay in an emergency room, but merely visiting the emergency room, receiving treatment, and being discharged immediately thereafter.
Since we have already seen that more than half of all families cannot afford even a one thousand dollar emergency, we can start to see why those instant cash loans are increasingly important to the working class people. If you think emergency room costs are outrageous though, pray you never have to face a devastating illness.
The cost of the average devastating illness such as cancer, is actually one of the major reasons behind bankruptcies for both individuals and their families. The cost for treating cancer alone averages out to about one hundred and fifty thousand dollars.
Add in the cost of assisted living facilities, personal care providers, specialized dietary requirements, and the need for constant care, and these costs can rapidly increase to well over a quarter of a million dollars or more.
The current cost of inflation is at roughly 5% at the time of this writing. What is not often mentioned is that most of your everyday costs are not factored into the cost of inflation. Things you have to purchase just to survive apparently do not count when it comes to government statistics, facts, and figures.
Food, gasoline, energy costs, and a host of other every day needs are not counted. Despite these not appearing within the accounting for the inflation, some food prices have increased more than fifty percent over the course of the recent global pandemic. It is increasingly difficult to save when prices keep rising.
While it is true that these numbers are all reported separately, the average individual is going to feel the impact of these numbers each and every week. The reduction in purchasing value also means that even if you are earning the same amount of money, you will still be able to afford much less in reality. Again, this is just one of so many reasons that the instant cash loans online are so popular these days.
The cost of the average interest rate for credit cards is well over 20%, with some credit card companies charging as much as 23 or 24% for any unpaid balances remaining at the end of the month. By and large, the credit card companies charge as much interest as they can without moving into the realm of usury fees.
Usury fees are regulated by the federal government and defined as interest rates of 25% or more, and are illegal in the United States in accordance with the fair lending act and other State and federal regulations. What most credit card companies do is charge as much as they can without breaking any laws.
If you have a financial emergency, you are going to need to find money right away. With Safe Loan all you have to do is to fill out an instant online loan application form and we do all of the shopping and hard work for you.
Basically, what Safe Loan does is to do all of the shopping so that you always get the best deals on instant cash online loans no matter what the cost of the average emergency face you will be in the end.