Many families aren't prepared for unexpected bills, and it can take them a year to dig out of the debt they cause. That's one of the findings from a new survey by JPMorgan Chase Institute, which looked at the financial health of American households.

The survey found that almost four in 10 families faced unplanned medical, auto repair or tax bills, which cost about $1,500 on average. In some cases, it took those families a full year to recover financially after the payment. Fiona Greig, the institute's director of consumer research, discussed the study with TheStreet's Rhonda Schaffler in New York.

If you liked this article you might like

Memorial Day Entertaining on a Budget: Here's How to Feed a Crowd for $50

3-D Printed Products Span the Gamut from Useful to Just Plain Weird

After Snap Goes Public, Could Uber and Airbnb Be Next?

Trump Tax Talk Pushes the Market to Record Highs: Real Money's Stephen Guilfoyle