Both high-income and low-income consumers are facing higher levels of debts, causing more people to live paycheck-to-paycheck.
Many workers are living paycheck-to-paycheck, with about one in three citing debt as one of the main reasons why, according to a
study.As of December, 60% of survey respondents reported living paycheck-to-paycheck. This is down slightly from 2022 when 64% of respondents lived paycheck-to-paycheck.Certain income brackets saw different changes in how far their income stretched during the pandemic. More high-income consumers found themselves living paycheck-to-paycheck at the end of 2022 — 51% reported doing so. That number went down throughout 2023, with 44% now living paycheck-to-paycheck.
data showed that nearly half of respondents with higher income levels foresee 2024 being a better year for their finances.Understandably, lower-income earners aren’t as optimistic. Only 32% of low-income consumers felt positive about where their finances are headed this year.Consumers of all income brackets said lower interest rates would improve their finances, the
study found.To get yourself out of debt and the paycheck-to-paycheck cycle, consider consolidating your debt into a low-interest personal loan. Visit Credible to compare debt consolidation options and find the best personal loan option for you, based on your credit score and credit history.MANY CONSUMERS CARRYING A CREDIT BALANCE KNOW IT'S A BAD IDEA: SURVEYHousehold debt has reached well into the trillions, hitting $17.
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