In a recent article, it was said that fewer than four of 10 American adults have an emergency fund to fall back on in the event of some financial disaster, according to a nationwide Bankrate.com poll.

One of the major reasons to have an emergency fund it to prevent the use of credit cards. You could save hundreds of dollars a year, since the average credit card interest rate is about 18%.

Labels: bankrate.com, Credit Cards, emergency fund