I taught economics for 33 years. A majority of Americans do not have cash to cover minimal expenses. Saving is a lost skill. Personally at one time that was us, due to our career change, a move, and a home purchase, two children, and the pay we received. When I started teaching our children qualified for free and reduced lunch, I would not accept assistance of any sort, my family, my responsibility. Our choice, but we paid off debt as quickly as we could, lived frugally, took extra woork, and in time gained economic freedom. Debt free, no debt with interest is good debt. Most will not do this today. Young people want to start out where their parents are after a lifetime of work.

We have had one credit card since my father passed away in 1985, while getting medical treatment in California, and I could not reserve an air flight without a credit card. Never carry over debt on this. So yes, this happens and is common in America today. Many people live paycheck to paycheck today. Many make poor choices and have to have it now, cannot and will not wait and save. It is good see businesses giving discounts for using cash these days. Some of my perspective.

I’m curious as to what percentage of the people have credit cards…

Its seems a common theme that making minimum payments on credit cards is poor financial planning. So why is it ok for the federal government ? Is it good planning for congress?

I have a hard time believing only half the population can come up with 2 grand in an emergency

I've got a coworker with a nice truck, big house, place up North and a bass boat. Couldn't go up north this weekend cause new wrestling shoes for his son left no money for gas in the truck. Borrowed to the max, and makes the minimum payments on everything.