Elevate’s Center for the New Middle Class released a study that says that so-called “Non-Prime Americans,” who are, according to the study, “Americans with a credit score below 700, meaning that their access to credit is limited or curtailed:”
- Nonprime Americans can only weather an unexpected expense of 31 percent of their monthly income. Prime, 53 percent
- Nonprime Americans are significantly more likely to have lower incomes.
- A bill becomes a crisis for nonprime Americans at $1,400. For Prime, it’s $2,900.
- Many common expenses are above that threshold for nonprime Americans, but below it for prime Americans.
- Half of nonprime Americans have an income that fluctuations month to month.
- Almost half of nonprime Americans have more than three disrupting expense events a year.
- Nonprime Americans can survive only half as long as prime Americans after a drop in income.