According to a recent research, most Americans are barely getting by while their debt load grows.
According to a recent LendingClub poll, more than half of individuals live paycheck to paycheck.
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The majority of Americans are struggling to survive! According to a startling survey, more than 60% of those with intermediate incomes and close to 80% of low-income earners both live paycheck to paycheck. Learn more about this concerning economic trend.
According to a startling research, over half of people making six figures a year are living paycheck to paycheck.
“Consumers are undoubtedly continuing to feel the impact of inflation and rising interest rates,” Chris Fred, the executive in charge of TD Bank’s unsecured lending and credit cards, stated.
Credit card debt has increased dramatically to $1.03 trillion, with a worrisome 7.2% delinquency rate.
“The increase in delinquencies and defaults is symptomatic of the tough decisions that these households are having to make right now — whether to pay their credit card bills, their rent or buy groceries,” According to The Washington Post, top economist at Moody’s Analytics Mark Zandi made the statement.
Prepare to be surprised! The Post reported that credit card issuers are levying staggering annual interest rates of 20.6 percent.
“People don’t like going into default or delinquency with credit cards — it makes a lot of people feel very nervous and unhappy,” GlobalData’s managing director for retail, Neil Saunders, stated. “It underlines how much some consumers are under pressure, and it’s one of the cracks that’s appearing in the consumer economy.”
According to Insider, renowned economist David Rosenberg has issued a warning about an impending recession and names debt as a potential cause.
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“We just replaced credit cards with what happened with subprime mortgages 15 years ago. This is how a recession starts, it starts with a significant erosion in credit quality in one particular asset class, and right now you’re seeing it in credit cards, and it is not insignificant, even though it’s not residential mortgages [like 2008],” he said.
“We’ve had a massive interest rate shock; we haven’t seen the full impact yet. Part of this has been blunted by two things, student debt relief — done — and stimulus checks of over $2 trillion — done. On top of that, we have China seemingly heading into some sort of recession. Certainly it’s already entered a structural slowdown that’s bumping up against a cyclical slowdown, and it is exporting deflation to the rest of the world.”
Republican Representative from Missouri and Chairman of the House Ways and Means Committee Jason Smith claims on his website that Bidenomics is hurting Americans.
“The American people are still being throttled by the Biden administration’s disastrous agenda and reckless spending. Under Republican economic policies, job growth reached historic highs while lower-income workers saw fifty percent higher wage growth than high-income earners,” he said.
“Today, under President [Joe] Biden, the situation is reversed, and lower-income workers are suffering the most: 63 percent of Americans are living paycheck to paycheck. This has been exacerbated by higher prices that have robbed every working family of $10,000 per year and stifled economic growth,” he said.
According to Tiana Lowe Doescher’s Op-Ed in the Washington Examiner, the cost of living has increased by 16% as a result of Biden’s administration. As a result, Americans’ purchasing power has decreased by 16%.
“The numbers are even more egregious when you break them down by the categories on which the least privileged spend a disproportionate amount of their incomes,” Doescher wrote.
“The consumer price index specifically for food is up 19 percent since January 2021, and electricity prices are up 23 percent,” she said. “Used car prices are up a staggering 30 percent, and car repairs cost 23 percent more than two years ago.”
