For one, poor people don't usually have any money left over to save after covering most immediate expenses. The average person sucks at saving, but it's tougher to do with weak or volatile income.
The unfortunate reality is that (most) subprime borrowers don't have the luxury to consider catastrophic events that can occur in the future because they are too busy worried about today.
The unfortunate reality is that (most) subprime borrowers don't have the luxury to consider catastrophic events that can occur in the future because they are too busy worried about today.