Most Americans Live "HOW"?!
*(TheProudRepublic.com) Underscoring the difficulties of living
in the current economic climate of the United States, a significant
majority of adults are confronting financial constraints, parti-
cularly as the holiday season approaches.
According to a recent report by LendingClub, a staggering 60%
of adults in the U.S. are experiencing the strain of living from
one paycheck to the next as of October.
This phenomenon is not confined to lower-income brackets; a
notable 42% of individuals earning six-figure salaries are also
grappling with this challenge under the current administration of
Joe Biden.
The data further highlights a growing financial distress among
the populace, marking an increase from 58% in March, as reported by
a separate survey from CNBC. This trend reflects a broader economic
uncertainty that has led approximately 40% of consumers to perceive
their financial situation as deteriorating compared to the previous
year.
The LendingClub report also uncovers that over a third of
consumers consider tapping into their savings to accommodate holiday
expenditures. This decision, while offering a temporary solution,
could potentially leave them exposed to unforeseen financial
emergencies.
Alia Dudum, a financial expert at LendingClub, expresses con-
cern about this behavior, noting that while individuals have found
ways to cope with inflation, their reliance on savings and a wil-
lingness to exceed budgets for holiday purchases might make them
susceptible to unexpected fiscal crises.
Furthermore, 43% of consumers who barely manage to pay their
bills and live paycheck to paycheck are contemplating using credit
to finance their holiday shopping. This tendency towards what
Jacqueline Howard, head of money wellness at Ally Financial Ser-
vices, terms “hyper-consumption” stems from a lack of mindfulness
in spending. Howard advises a more thoughtful approach to expend-
itures, prioritizing financial well-being.
Amid these challenges, credit card debt in the U.S. has sur-
passed $1 trillion. A survey by TD Bank reveals a concerning trend:
an overwhelming 96% of shoppers anticipate exceeding their holiday
budgets. Matt Boss, Head of Consumer Products at TD Bank, suggests
that strategic planning and adherence to a set budget can alleviate
some of the financial stress associated with holiday shopping.
Interestingly, the report notes that Generation Z has a higher
propensity for budgeting during the holiday season. About 81% of
Gen-Zers are considering devising a holiday budget this year, com-
pared to 77% of Millennials and only 59% of Baby Boomers. Addition-
ally, 66% of Gen Z individuals are proactive in setting aside money
throughout the year in anticipation of higher holiday spending,
demonstrating a more disciplined approach to financial planning.*
Remember to ask yourself, are you better off now than you
were 4 years ago? 'Be Honest'
The credit card debt on this was at $1T in March 2023 but it
rose another $60-70B in the next 3 months. Now we are into the end
of the year holidays, taxes, insurance so a more reasonable guess
would now have Americans saddled with a debt nearing $1.3T and it
continues to grow at a rate of 16%-18% each quarter and interest
rates on those cards is rising as well.
The Federal reserve has also talked about people spending all
or most of their savings and nest eggs to lessen the impact of the
crushing Biden inflation and declining economy.
Many have lost their homes, jobs, cars, and are forced to
apply for welfare and government assistance.
They have cancelled their health, home insurance and skipped
their medicine and meals to survive.
I find it difficult watching the Biden disaster destroy so many
who had hopes of living out their retirement in comfort not while
counting pennies and suffering needlessly because of the incom-
petence and ineptitude of a band of uninformed and clueless greedy
Godless and corrupt people that have ALL created a new meaning to
"The Peter Principle".
They have on been able to do this with the lies being spread
by the media and the corruptness of the entire Justice Department.
If you are part of the destructive force being sucked into
try to do a couple of simple searches. (1) "Can a Democrat be a
Catholic?" (2) "Can a Democrat be a Christian?" and (3) Search -
The KJV of the Bible in Revelation Chapter 22: 18-21 which will
explain why most of Americans and the people of the world will not
be admitted into Heaven in the end times.
Pray for America, for the lost, and God's children around
the world.
Conservatively,
John
Conservativelyjohn.com 