As Americans slowly begin to pick up the pace in terms of getting back to normal as much as possible, the economy seems to be falling into line, and the job market seems to be expanding again for millions; however, for many it could take a while to regain physical health—and years to regain financial equilibrium.
Prior to COVID-19, a viral pandemic that swept the world and the US, credit card debt was already reaching historical highs every quarter. And while lenders and creditors were still continuing to extend new credit cards and offer loans, analysts were beginning to sound alarm bells quietly in the distance—with large percentages of Americans living paycheck to paycheck—even those making six figures. Any of these worries paled in comparison, however, to what lay ahead in the near future. No one could have foreseen that so many would die, become sick, lose their jobs, or be left to pick up the pieces for a long period in regaining balance.
More than ever, Americans are having trouble getting ahead—and even those who may bring in more than $100,000 a year:
“The perception that only low-income individuals are living paycheck-to-paycheck simply is not the case today,” said Anuj Nayar, Financial Health Officer at LendingClub. “Half of Americans in this country are not building a reserve or saving for retirement. They are on a treadmill daily deciding whether every dollar they make will help them live or weather a financial storm. On top of that, they are financially vulnerable, and, like we’ve seen for so many over the last year, if there is any disruption to their income-level, they won’t have sufficient savings to absorb the hardship.”
Along with that, 53% of those who make anywhere from $50,000 to $100,000 live paycheck-to-paycheck, and 72% making less than $50,000 are engaged in the same lifestyle financially.
If you are worried about your finances currently, speak with an experienced debt protection attorney from a firm like Fitzgerald & Campbell, APLC to explore more about your options for getting back on track to financial freedom. If you are being sued, there should be a much greater sense of urgency to speak with an attorney who can help you reply to the lawsuit, defend you, or assist you in negotiating a deal to pay off your loan in a lump sum at a discounted rate, or reorganize payments.
Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at info@debtorprotectors.com.