“60% of Americans live paycheck to paycheck — ‘inflation is part of their everyday lives,’ expert says”
February 28, 2023
“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…”
Listen, get out of debt. Only create debt which can be leveraged. In more simple terms only create debt which produces cash flow.