Although it seems unbelievable, according to a report by LendingClub, as of January 2023, 60% of United States adults, including more than four in 10 high-income consumers, live paycheck to paycheck. This means that over 160 million Americans are struggling to make ends meet each month.
There are a number of factors that contribute to people living paycheck to paycheck, including rising costs of living, stagnant wages, and increasing debt levels. The COVID-19 pandemic has also had a significant impact on many people's finances, as many have lost their jobs or seen their hours reduced. Living paycheck to paycheck can have a number of negative consequences, including financial stress, anxiety, and depression. It can also make it difficult to save for retirement, a down payment on a home, or other important goals.
Living paycheck to paycheck is a difficult situation, but it is not impossible to overcome. By taking steps to improve your financial situation, you can build a more secure financial future for yourself and your family. Bankruptcy is often times the best option to get you out of this cycle.