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 salaries, business news, shopping, jerome powell, personal budgeting, inflation, interest rates, prices, credit cards, lendingclub corp, personal saving, economic events, personal loans, personal finance, united states, u.s. economy, investment strategy, holiday shopping, retirement planning,