All income brackets now living paycheck to paycheck: Study

[Ravi860]

 

Inflation, mortgage rates over 7% and credit card APR's north of 20% have pushed all income brackets into living paycheck to paycheck, according to a new survey from Lending Club Bank.

The paycheck-to-paycheck reality  

"In July 2023, 61% of U.S. consumers live paycheck to paycheck, unchanged from June 2023, but 2 percentage points higher than July 2022. Generally, more consumers of all income brackets reported living paycheck to paycheck in July 2023 than last year," Alia Dudum, a money expert at LendingClub told FOX Business. 

 

https://www.foxbusiness.com/personal-finance/all-income-brackets-now-living-paycheck-to-paycheck-study.amp
 

 

[MrDexter]

Serious trouble times in the future! Things are not looking good for USA residents. 

[Konebhar6]

1 hour ago, Ravi860 said:

 

Inflation, mortgage rates over 7% and credit card APR's north of 20% have pushed all income brackets into living paycheck to paycheck, according to a new survey from Lending Club Bank.

The paycheck-to-paycheck reality  

"In July 2023, 61% of U.S. consumers live paycheck to paycheck, unchanged from June 2023, but 2 percentage points higher than July 2022. Generally, more consumers of all income brackets reported living paycheck to paycheck in July 2023 than last year," Alia Dudum, a money expert at LendingClub told FOX Business. 

 

https://www.foxbusiness.com/personal-finance/all-income-brackets-now-living-paycheck-to-paycheck-study.amp
 

 

I know inflation is high. Low income ppl might be living paycheck to paycheck but not ppl who make above 100k. If they make decent/smart life choices, they can easily live within means and save money too.

[Tryad]

13 minutes ago, Konebhar6 said:

I know inflation is high. Low income ppl might be living paycheck to paycheck but not ppl who make above 100k. If they make decent/smart life choices, they can easily live within means and save money too.

If everyone lived within their means, you won't have the economy of the USA. It'll be closer to Europe, about half in per capita. 

The advantage that us has is not intelligence or productivity, but extreme overconsumption. 

[Sonu_Patel]

1 hour ago, Ravi860 said:

 

Inflation, mortgage rates over 7% and credit card APR's north of 20% have pushed all income brackets into living paycheck to paycheck, according to a new survey from Lending Club Bank.

The paycheck-to-paycheck reality  

"In July 2023, 61% of U.S. consumers live paycheck to paycheck, unchanged from June 2023, but 2 percentage points higher than July 2022. Generally, more consumers of all income brackets reported living paycheck to paycheck in July 2023 than last year," Alia Dudum, a money expert at LendingClub told FOX Business. 

 

https://www.foxbusiness.com/personal-finance/all-income-brackets-now-living-paycheck-to-paycheck-study.amp
 

 

house poor anna. manollu antha. 

[Konebhar6]

4 minutes ago, Tryad said:

If everyone lived within their means, you won't have the economy of the USA. It'll be closer to Europe, about half in per capita. 

The advantage that us has is not intelligence or productivity, but extreme overconsumption. 

It’s a choice they have. They can’t complain of living paycheck to paycheck.

but I understand it’s not US lifestyle. Only other option is to make more, spend more.

[Tryad]

12 minutes ago, Konebhar6 said:

It’s a choice they have. They can’t complain of living paycheck to paycheck.

but I understand it’s not US lifestyle. Only other option is to make more, spend more.

They can. Because they feel they deserve more for the job they do. When they see an utter dumbfuck like Elon Musk making billions, they wonder if their work that he profits off is worth a bit more. 

They are not wrong. 

[Tryad]

23 minutes ago, Konebhar6 said:

It’s a choice they have. They can’t complain of living paycheck to paycheck.

but I understand it’s not US lifestyle. Only other option is to make more, spend more.

It's called politics. People want stuff and will constantly test boundaries to see if they can get it through public action. Sometimes fairly, and unfairly.

We also wish single family home owners don't complain when someone is building a multi family apartment in their neighbourhood, and just mind their own *** business.. but those losers organize like wolves to oppose it, even though it's none of their business to dictate what can and can't be built.

Same here. But people asking for a living wage is a very good thing. 

[Tryad]

32 minutes ago, Konebhar6 said:

It’s a choice they have. They can’t complain of living paycheck to paycheck.

but I understand it’s not US lifestyle. Only other option is to make more, spend more.

I have friends living off less than $1000 a month, while also getting complete nutrition better  than the average American. It's in a Toronto adjacent city Oshawa. 

But the guy is a literal genius, who did this while taking care of his ailing mother and living off her disability payments. Not everybody is that well stocked brain wise and normally do what others do like sheep. 

 

[dasari4kntr]

blame it on lot many things…such as covid, people greed, AI, politicians, social media…etc

after covid all age old economics formulas are obsolete….

huge social and ideological differences between millennials and gen z…(it could be worse in next generation alpha..)

tough times ahead anipistundi…

[vithanda_vadhi]

For most house holds one of the major spending in mortgage payments on the house. Any serious signs of recession can lead to foreclosures and real estate downtrend. 

[Tryad]

2 hours ago, dasari4kntr said:

blame it on lot many things…such as covid, people greed, AI, politicians, social media…etc

after covid all age old economics formulas are obsolete….

huge social and ideological differences between millennials and gen z…(it could be worse in next generation alpha..)

tough times ahead anipistundi…

First of all the report itself is vague. What does it mean 'all income brackets'? 

What are those brackets? The reporting is silly and sensational 

[FrankJScott]

Please use [url=https://www.google.com/]Google[/url] before posting c9ee128