A new survey from Highland Solutions revealed some startling stats about Americans’ spending habits during the pandemic. How many of these describe your situation?
- 63% are living paycheck to paycheck
- 47% have run out of their emergency savings
- More than one-third have opened up a new credit card since the pandemic to help cover expenses
- 42% have taken on more debt than normal, and nearly a third have racked up over $10,000 in new debt (a recipe for disaster)
- 82% could not cover a surprise $500 expense
- 67% regret not having enough savings before the pandemic hit
So How the Heck Did We Dig Ourselves into this Debt Hole?
For starters, you only need to look no further than the conventional advice about emergency funds. [Read more…] “New Survey Reveals Majority of Americans Now Live Paycheck-to-Paycheck Due to COVID-19 Pandemic… Here’s How to Avoid That”