Editor: Vlad Rothstein | Tactical Investor
Many Americans $400 Away From Hardship
Updated July 2023
Gaining insights into managing household expenses, the survey inquired about adults’ capacity to cover their monthly bills. Over 25 per cent of adults faced challenges in fully paying one or more accounts that month or were a mere $400 away from a financial setback that would hinder bill payment. This encompassed 16 per cent of adults who could not settle their bills entirely in November. In line with the findings on dealing with a $400 expense, this proportion was slightly lower in July 2020 at 15 per cent.
Experiencing difficulty in meeting bill payments promptly can lead to severe repercussions. For renters encountering financial obstacles, 36 per cent (constituting 4 per cent of all adults and 16 per cent of all renters) indicated they would lack a viable housing option if they were to move due to the inability to make rent payments.
Those who lost their jobs within the year preceding the survey were more likely to encounter challenges in meeting their regular monthly expenses. Forty-five per cent of adults who experienced job layoffs in the past year were unable to cover their bills fully or would have faced similar difficulties if confronted with an unforeseen $400 expense, in contrast to 24 per cent of those who didn’t face layoffs.
Disparities in bill payment capability among those who experienced job layoffs were notably distinct based on education levels. Among the laid-off individuals, over 60 per cent with a high school degree or lower were unable to settle their bills fully or would have encountered problems doing so with an unexpected $400 expense. In comparison, 24% of adults holding at least a bachelor’s degree faced similar challenges.
Laid-off Black and Hispanic adults were also less equipped to handle an additional financial setback than the broader group of laid-off workers (as depicted in Figure 19). Among laid-off Black workers, 64 per cent were incapable of fully paying their bills or would have encountered difficulties doing so with an unexpected $400 expense, contrasting with 45 per cent of all laid-off adults.
According to the latest data from the U.S. Census Bureau’s Household Pulse Survey conducted between August 17-29, 2022, 27.6% of adults reported having difficulty paying for usual household expenses in the past 7 days. This is an increase from 25.3% reported in the previous survey period of August 3-15, 2022. The data indicates that difficulties paying bills and financial hardship remain challenges for many Americans. Full story
Other Articles of Interest
American Woes Push USA towards Russia Engagement
The Smart Investor IS buying While The Dumb Money selling
Working Poor: Masses struggle while Fed Bails Out Banksters
India will never Dethrone China: Jim Rogers agrees, exits India
Syrian Army Gains Control Over Strategic Heights in Raqqa Province
Negative Rates & The Devalue Or Die Era
Russian military Intervention In Syrian Civil War
Medvedev states Merkel’s immigration policy Is Idiotic
Next American Disaster: Student Debt
Europe Migrant Crisis: Merkel insists on European solution
The Mindset Of A Terrorist: It’s Quite Dark and Evil
China’s Graft-Busting Efforts an Inspiration to Africa
Trump and Syria: Trump’s Shifting Strategy
Gossip News Or Breaking News That Matters
Navigating the Education Bubble: Bursting the Myths of Higher Learning
