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62% of Americans are living paycheck to paycheck, as holiday spending, credit card debt rise - TL;DR CNBC

62% of Americans are living paycheck to paycheck, as holiday spending, credit card debt rise

Publishing timestamp: 2023-12-19 08:30:01


Summary

A report by LendingClub found that 62% of adults are living paycheck to paycheck during the holiday season. Despite inflation cooling, households are still feeling financially squeezed. Credit card debt is increasing, and many consumers expect to overspend during the holidays. High interest rates on credit cards make it difficult for people to break the cycle of debt. Rising interest rates, inflation, and lack of savings contribute to financial distress for many Americans.


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Keywords: wages and salariesbusiness newsshoppingjerome powellpersonal budgetinginflationinterest ratespricescredit cardslendingclub corppersonal savingeconomic eventspersonal loanspersonal financeunited statesu.s. economyinvestment strategyholiday shoppingretirement planning

Source: https://www.cnbc.com/2023/12/19/62percent-of-americans-are-living-paycheck-to-paycheck-as-holidays-approach.html


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