by Eric Scheiner, CNS News:
Nearly half of American households would not be able to afford a $400 emergency, according to a recent report from the Federal Reserve.
The Federal Reserve Report on the Economic Well-Being of U.S. Households in 2014 says that 47 percent indicate that they would have great difficulty handling an unexpected $400 expense.
“Specifically, respondents indicate that they simply could not cover the expense (14 percent); would sell something (10 percent); or would rely on one or more means of borrowing to pay for at least part of the expense, including paying with a
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