Jan 12, 2023 •
Inflation and Your Paycheck
The last time inflation was at the current level, Fleetwood Mac’s “Don’t Stop Believin’” was climbing the Billboard Top 10 Charts. It was a great time for Rock and Roll, but a devasting time for family budgets. Consumer prices have leaped by over 8% in the last year – a 40-year high.
In August 2022, it was reported that those Americans living from paycheck to paycheck had increased to 60% of the US population. The same report revealed that even top earners were feeling stretched. 30% of those who earned $250,000 or more were also living paycheck to paycheck.
A more recent study estimated that the average household will pay $5,200 more this year due to the higher cost of goods and services. Additional information provided by the study showed:
- 60% of US consumers had cut their spending habits due to inflationary costs.
- 28% of US consumers who earned more than $200,000 lived from paycheck to paycheck.
- 59% of US consumers struggled to pay their monthly bills.
- 48% of US consumer who lived paycheck to paycheck and had difficulty paying their bills, were willing to forgo the payment of many everyday essentials to pay for insurance.
If you are struggling to pay more bills than you can afford, then it is our advice is that you immediately consult a bankruptcy attorney.
It is easy to get started. Call or visit one of our convenient locations today in Chesapeake, Portsmouth, Norfolk, Suffolk, and Virginia Beach.
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