Comments on: Reader Question: I Don’t Have Much Savings So Can I Use Unused Credit as an Emergency Fund?

By: Title Insurance Florida

Title Insurance Florida — Mon, 06 Jul 2009 08:59:20 +0000

People sometimes get confused between Cash and Sources like credit cards which they use in emergency but yes agree with some of comments cash is far batter choice than other sources, try to avoid unnecessary expenses and save hard cash for bad times.

By: Earn Money From Internet

Earn Money From Internet — Fri, 03 Jul 2009 07:19:33 +0000

Your point of view is absolutely correct. It’s always best to have an emergency fund but in the question that the reader asks I think he’s talking about the time where there isn’t any.

It’s not too bad to take credit unless you don’t pay within in the time limit and get tangled up in piling up interest charges.

By: Mack jackson

Mack jackson — Wed, 01 Jul 2009 07:25:16 +0000

Ya i agree that using cash is better that credit card and emergency fund is also necessary for some unexpected situation.

By: Auto Insurance Rates Guy

Auto Insurance Rates Guy — Tue, 30 Jun 2009 22:53:30 +0000

That’s a good point. Credit can be useful if you only need to make it through for a few days or until the balance amount is due.

By: Random Stuff: Gecko, Lynch, Shatner, Fincher, Helen » Webomatica - Entertainment and Tech Digest

Tue, 30 Jun 2009 20:42:09 +0000

[...] Why an emergency fund is preferable to credit cards, or any sort of loan. [...]

By: Savings Accounts Girl

Savings Accounts Girl — Sat, 27 Jun 2009 05:07:54 +0000

It’s okay to rely on a credit card if you’re not in any time of financial crisis; but, to rely on it when money is tight can be dangerous – especially if fees are high, it will definitely put more debt on you.

By: California Budget Crisis: Can We Close The Budget Gap?

California Budget Crisis: Can We Close The Budget Gap? — Sat, 27 Jun 2009 02:33:53 +0000

[...] Generation X Finance: Can I Use Unused Credit as an Emergency Fund? [...]

By: sean

sean — Sat, 27 Jun 2009 01:19:02 +0000

If you substituted the word Retirement Fund for the word Emergency Fund would this make sense?

Here is the real problem with this line of thinking in my opinion…personal finance is not rocket science, live below your means, stay away from debt, save a little money, start early, etc., yet all indications are that very few follow this advice…why is this?

Because we won’t change our behaviors. Using debt as a substitute for actually SAVING money does not change behavior and does not get us in the habit of using this stuff called CASH. Learn to SAVE not use DEBT.

By: Discover Credit Cards in Cereal Boxes? | Money Smart Life

Discover Credit Cards in Cereal Boxes? | Money Smart Life — Fri, 26 Jun 2009 12:46:47 +0000

[...] Generation X takes a reader question about credit as an emergency fund [...]

By: Mike Pastore

Mike Pastore — Thu, 25 Jun 2009 21:19:47 +0000

For me, saving money for emergency purposes is better than having a credit card. Not all stores and services accept credit cards so it will just be useless if you need to buy something in a store like that.

Aside from that, having a credit card is too tempting. Some can’t get enough of it until the credit line is used up. I very agree with the line “If your emergency extends for very long you could find yourself suddenly in a bigger emergency when you can’t make the minimum payments on that credit card.”

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