As the holiday season approaches, a recent LendingClub report reveals that 60% of adults are grappling with the harsh reality of living paycheck to paycheck. Despite this financial strain, consumers are gearing up to overspend during the festive season, marking a concerning trend of “hyper-consumption.”
More Americans have experienced a decline in disposable income in 2022 than in any of the preceding seven years. This financial squeeze adds stress during a time traditionally associated with increased spending.
In a breaking development, the Federal Reserve Bank of New York reports that the ability of US households to cover an unexpected $2,000 expense is now at its lowest level in a decade. This alarming revelation intensifies concerns in an already challenging financial landscape.
The rising cost of living compounds the issue, with even basic necessities like groceries becoming comparable to a second mortgage. The financial strain is palpable, impacting individuals and families as they navigate the holiday season under the weight of economic challenges.
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Everything is fine … 🔥🔥🔥 pic.twitter.com/yfCMuD1zBE
— Wall Street Silver (@WallStreetSilv) November 28, 2023
60% of Americans are living paycheck to paycheck heading into the holidays, report finds
Just one month before the holiday season kicks into high gear, 60% of adults said they are living paycheck to paycheck, according to a new LendingClub report.
Yet consumers still plan to… pic.twitter.com/nUbr1bFl6a— floridanow1 (@floridanow1) November 28, 2023
BREAKING: The ability of US households to cover an unexpected $2,000 expense is at the lowest level in a decade, the Federal Reserve Bank of New York has said.
— unusual_whales (@unusual_whales) November 28, 2023
The cost of living is going through the roof. Just to get groceries is almost a second mortgage.
🔊… "am I the only one struggling? I have to pick and choose which bills to fall behind on. so that I have groceries in my house. I feel like everyone is silently struggling and… pic.twitter.com/oZK1D2pP5j
— Wall Street Silver (@WallStreetSilv) November 28, 2023