WASHINGTON, D.C. -

Here is a possible reason why your subprime customer who might have been current on their vehicle installment contract suddenly slipped into delinquent status.

The latest in a series of consumer analysis reports from the Federal Reserve showed 47 percent of respondents say they either could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money.

Furthermore, this Fed report indicated 20 percent of respondents said that their spending exceeded their income in the 12 months prior to the survey.

The consumer sentiments came from the Report on the Economic Well-Being of U.S. Households in 2014, which the Fed generated from findings gathered last October. Topics examined in the survey include the financial health of individuals on a number of levels, such as overall well-being, housing, economic fragility, savings and spending, access to credit, education and student loans and retirement planning.

“As the economy of the United States continues to rebound from the Great Recession, the well-being of households and consumers provides important information about the scope and pace of the economic recovery,” Fed officials said.

“In order to monitor the financial and economic status of American consumers, the Federal Reserve Board began conducting the Survey of Household Economics and Decision Making in 2013 and conducted the survey for a second time in October 2014,” they continued.

When delving deeper into the trends, the Fed report noted 24 percent of respondents indicate that either they, or their family living with them, experienced some form of financial hardship in the previous year. Among those who experienced a financial hardship, 35 percent report that either they or their spouse lost a job — including 2 percent who indicate that both they and their spouse lost a job.

Officials reported 29 percent say that either they or their spouse had their work hours cut; 37 percent had a health emergency, while another 5 percent received a foreclosure or eviction notice.

Additionally, 27 percent of those experiencing hardships say they received financial assistance from friends or family in the past year, “which illustrates the importance of social networks in weathering economic setbacks,” officials said.

The Fed went on to say, "A key consideration regarding household finances and overall economic well-being is the ability to withstand financial disruption. Almost a quarter of respondents indicate that they experienced some form of financial hardship in the year leading up to the survey, and the results demonstrate that households throughout the income distribution struggle to maintain a financial safety net that could minimize the repercussions from such events.

“This lack of a financial safety net is reflected in economic behaviors, as respondents report leaning on friends or family to overcome financial hardships or report going without medical treatment due to an inability to pay,” the Fed added.

The complete 108-page report can be downloaded here.