MJP –
The percentage of Americans concerned about being unable to pay their payments has increased from 37% during the Financial Crisis to nearly 40% presently.
A recent CNN poll found that nearly 40% of American adults are constantly or sometimes concerned that their family’s income is insufficient to cover all of their needs.
Those figures are comparable to those observed during the Great Recession (37%), and they are up from 28% in December 2021.
To make ends meet, Americans are working extra jobs, reducing their driving, and charging even more on their credit cards.
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According to the poll results, a significant number of Latinos (52%) and Black Americans (46%) said they worry about money most or all the time.
Also, 55% of those whose annual income is less than $50,000 worry about the same thing: not having enough money to pay all of their bills.
These results highlight how many Americans are still feeling the pinch of increasing prices and living costs, even as national economic indicators such as low unemployment and moderate inflation are helping to alleviate the problem.
Take Angela Russell, an Ohioan with a family to feed and a job at the CDC. She had to move to a more affordable rural location from Cincinnati because of the high cost of living there.
Although it is a slight decrease from 75% last summer, the poll data shows that 65% of Americans now list expenses and the cost of living as the greatest economic challenge facing their households. This is a considerable increase compared to 43% in the summer of 2021.
“You feel the heat.
Compared to four years ago, the prices of everything are significantly higher now. According to Russell, the amount you’re paying is outrageous.
Household budgets have taken a beating due to the cumulative impact of years of inflation, even if inflation is reducing, according to Greg McBride, chief financial analyst at Bankrate.
Unemployment is low, the economy is rising, and people are spending money, according to the view from 35,000 feet.
The fact remains, however, that slower inflation does not indicate falling prices; rather, it just indicates that prices are not increasing at the same rate.
