A recent report showed that 63% of Americans live paycheck to paycheck.
According to a monthly LendingClub report and poll, Americans are stretched thin, and about 63% are living paycheck to paycheck, which is up from 60% the previous month and near the 64% historic high hit in March.
As rising prices continue to weigh on households, more families feel stretched too thin.
The poll spoke with around 3,900 Americans and found that it’s not only the low-income earners who are suffering.
“Americans are cash-strapped, and their everyday spending continues to outpace their income, which is impacting their ability to save and plan,” said Anuj Nayar, LendingClub’s financial health officer.
Even high-income earners with an income of at least $100,000 a year say they are among those who couldn’t afford to miss even a single paycheck and are under pressure, LendingClub found. For these people earning more than six figures, 47% reported living paycheck to paycheck, a jump from the previous month’s 43%.
Real average hourly earnings are down 1.9% from a year earlier, according to the latest reading from the U.S. Bureau of Labor Statistics.
If matters weren’t bad enough, credit card balances are surging, up 15% in the most recent quarter, the largest annual jump in more than 20 years.
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