Despite the fact that our politicians in Washington have been borrowing and spending trillions of dollars that we do not have in a desperate attempt to prop up the economy, living paycheck to paycheck has become a permanent lifestyle for most Americans. In other words, well over half of the country is literally living on the brink of financial disaster. When you are living paycheck to paycheck, there is no room for error. A job loss, a business failure or a medical emergency can mean complete and utter financial ruin if you don’t have a cushion to fall back on. That is why the results of a brand new survey are so alarming. According to a report that was just released by LendingClub, 62 percent of all U.S. adults were living paycheck to paycheck last month…
High inflation and higher interest rates continue to weigh on American households.
As of September, 62% of adults said they are living paycheck to paycheck, according to a new LendingClub report.
For years, people like me have been warning Americans not to live like this.
Living paycheck to paycheck only works if the paychecks keep coming in every month.
Once they stop, you are at risk of losing everything.
Unfortunately, living paycheck to paycheck is “the main financial lifestyle among U.S. consumers” at this point…
“Living paycheck to paycheck remains the main financial lifestyle among U.S. consumers,” the report said.
When you live on the edge, even a relatively minor event like an unexpected vehicle repair can become a major crisis.
That probably helps to explain why a different survey found that a whopping 74 percent of all Americans are “stressed about finances”…
Some 74% of Americans say they are stressed about finances, according to a separate CNBC Your Money Financial Confidence Survey conducted in August. Inflation, rising interest rates and a lack of savings contribute to those feelings.
When millions of workers lost their jobs in 2008 and 2009, vast numbers of Americans that were living paycheck to paycheck lost their homes because they could no longer pay their mortgages.
Unfortunately, another wave of massive layoffs has begun.
In fact, this month it appears that tech layoffs have started to surge once again…
In October, Nokia announced it was laying off 14,000 employees following a quarter that saw profits drop by 69%, and other major tech companies like Qualcomm, Qualtrics, and LinkedIn also announced significant layoffs.