The Following article is bullshit: https://www.forbes.com/sites/timworstall/2016/01/14/its-simply-not-true-that-most-americans-dont-have-1000-in-emergency-savings/#51f1b3079019
The complete and obvious arse who wrote it has slandered the Adam Smith Institute in London by announcing himself as a fellow, which if true means either they let him in because he was white or they administer zero test before granting a fellowship as he is very clearly out of his mind. He literally wrote this article as a non-fiction piece.
To be 100% clear, CREDIT is NOT the same as free and clear CASH in hand nor a SAVINGS containing free and clear money. ANYONE who says this is a complete and utter fool. Credit when used is a debt, period. Debt is bad, period. Therefore when using debt you must pay it back as it is NOT your money. Having cash in hand that you DO NOT owe is your money and that is good. This is the opposite of debt.
It is true however that you can use credit to obtain cash but the borrowed amount must still be paid back as it is a debt. Therefore to say "Because near all Americans have access to $500 of credit and thus are able to consume in such emergencies. And, as ever in the study of things economic, it is consumption which is the important point of it all. If people can consume in emergencies it doesn't matter whether that is through savings or credit" is the most incorrect thing ever written by anyone besides idiots concerning the wealth gap in America or finance.
This is literally why the entire world economy nearly crashed in 2008, because fools like this are put in charge of things they simply do not understand by any stretch. This is why to a precise measure.