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Personal Finance

“60% of Americans live paycheck to paycheck — ‘inflation is part of their everyday lives,’ expert says”

“Despite higher prices, consumers are still spending, although not as much as a year ago, which is giving their budgets some breathing room.

As of January, 60% of all U.S. adults, including 45% of high-income earners, were living paycheck to paycheck, according to a new LendingClub report. That’s down from 64% a year earlier, suggesting that last year’s spending cutbacks have improved some consumers’ financial situations…

At the end of 2022, credit card debt hit a record $930.6 billion, a 18.5% spike from a year earlier, and average balance rose to $5,805, according to the latest report by TransUnion.

Total household debt also increased by 2.4% to $16.9 trillion in the fourth quarter of last year, the Federal Reserve Bank of New York found…”

https://www.cnbc.com/2023/02/28/amid-stubborn-inflation-60percent-of-americans-live-paycheck-to-paycheck.html

Listen, get out of debt. Only create debt which can be leveraged. In more simple terms only create debt which produces cash flow.

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