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Financial advisers have told us for years to make sure that we have enough in our savings to get by for 6 to 8 months. That way if we were out of work or became ill we could get by. Economic changes have brought on changes in advice too.

Suze Orman has even changed a previous stance because of the failing economy. She now states that not all people should be paying everything possible to eliminate debt. She now believes that it is more important to make sure that you build up your savings. She goes as far as stating that if you do not have enough savings and can not pay your credit card bills in full then you should just pay the minimum and put the rest of your money in savings.

Many financial advisers have made the same statements. Many think this new stance is brought on because of the recent fear that in the coming months credit card companies will be drastically lowering people's credit limits. This means that in an emergency your only means could be your own savings.

For many people today this is already a reality. Emergencies happen and their savings is already gone. Emergency loans are being taken out more often then ever. If done responsibly Elastic is a great emergency loan source for avoiding bounced checks and covering unexpected expenses like auto/home repairs or health emergencies. You need to be sure that you will be able to pay them back on time though. You do not want to just add to your debt.