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Episode 3287:
Michelle Schroeder-Gardner explains why relying solely on credit cards for emergencies can be a risky financial strategy. She highlights how an emergency savings fund provides security, reduces stress, and protects against debt traps, offering peace of mind no matter what life throws your way.
Read along with the original article(s) here: https://www.makingsenseofcents.com/2015/09/credit-cards-for-your-emergency-savings-fund-amount.html
Quotes to ponder:
"Even if you can only manage $500 to $1,000 right now, that is better than nothing."
"My problem with using credit cards as your sole source for an emergency fund is that it may lead to more debt in some situations."
"You never know if something may come up, how big the expense may be, and whether or not you will have enough credit to fund the expense."
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Optimal Finance Daily - Financial Independence and Money Advice