Over 60% of Americans are now said to be living paycheck to paycheck.
It serves as a sharp reminder of how much better things were during Trump’s first few years in office.
A growing number of families are feeling overextended as the burden of rising prices on households continues.
According to a monthly LendingClub research, 63% of Americans were living paycheck to paycheck as of November, up from 60% the month before and close to the historic high of 64% reached in March.
LendingClub discovered that pressure is present even for high earners. Living paycheck to paycheck was reported by 47% of individuals making over six figures, up from 43% the month before.
In November, consumer prices increased less than anticipated, but ongoing inflation has led to a fall in real wages.
According to the most recent data from the US Bureau of Labor Statistics, real average hourly wages are down 1.9% from a year ago.
As a result, many Americans find themselves in a difficult situation as rising prices and inflation drive more individuals to use their savings or turn to borrowing at a time when interest rates are rising at the fastest rate in decades.
The most recent quarter saw a 15% increase in credit card debt, the highest annual increase in more than 20 years.
