A typical American household cannot raise $400 without borrowing money or selling possessions, according to the results of a survey published recently by the Federal Reserve, the US central bank (The Fed’s Report on the Economic Well-Being of U.S. Households in 2013). The agency asked 50,000 people if they could handle an unexpected “financial disruption” costing them $400. Just over half (53 percent) said they could “fairly easily handle such an expense” by using money in their bank accounts (checking or savings) or by leaning on a credit card. But the rest of the respondents would have to borrow, sell […]
-Read MoreCan You Afford $400?
- Jeff Masters
- 7 Jul 2015
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