Do you want to know how bad things have gotten for Americans in recent years? Here are the statistics…
According to a new report by the Federal Reserve, nearly half of US citizens would be completely unable to handle an unexpected expense of $400. 47% of people said that they didn’t think they could handle such an expense, but the Fed’s breakdown of that 47% revealed how bad the situation really is: 14% said they simply couldn’t cover it. Another 10% would have to sell something, 13% would have to borrow money from a friend or relative and 2% would have to resort to a high-interest payday loan.
Ring of Fire’s Farron Cousins discusses this.
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