Collector - October 2017 - 10
STATES WHERE CONSUMERS ARE MOST
LIKELY TO LIVE PAYCHECK TO PAYCHECK
2 IN 3 ADULTS
DON'T HAVE ENOUGH MONEY
SAVED TO COVER SIX MONTHS
OF LIVING EXPENSES.
Wanted: A Financial Cushion
Recent survey findings show nearly half of U.S. consumers are currently living paycheck to paycheck.
even years after the Great Recession
shocked the U.S. economy,
consumers are still struggling with
their finances. This probably shouldn't be
much of a surprise, considering household
debt balances recently hit $12.84 trillion,
exceeding the 2008 peak of $12.68 trillion.
Findings from a GOBankingRates survey
of more than 1,000 U.S. adults show that 49
percent of respondents are currently living
paycheck to paycheck. Concurrently, nearly
two in three adults do not have enough money
saved to cover six months of living expenses.
"As the housing and financial markets
tumbled, many lost their jobs, homes and
even their retirement savings," wrote the
survey authors. "In fact, there are still people
who are struggling today to make ends meet
and recover from the recession."
From Millennials to seniors, living
paycheck to paycheck affects a broad range
of age groups in the study. Fifty-two percent
of 18- to 24-year-olds are currently living
paycheck to paycheck, compared to 44
percent of seniors 65 and older. Nearly half
of the working age group-consumers ages
25 through 64-say they are currently living
paycheck to paycheck.
Additional findings in the survey include:
* Seventy-eight percent of respondents
are not ready to search for a new job
with an updated resume;
* When asked if they have multiple streams
of income, 64 percent say they do not have
more than one source of income; and
* Sixty-eight percent of respondents
say their investment strategy does not
account for a recession.
"Based on respondents' answers,
GOBankingRates found that most
Americans are not prepared for the next
recession," the survey authors reported.
"And, our data suggests many Americans
are still struggling from the effects of the
ACA International offers a resource
for consumers who have questions about
managing their personal finances and
working with debt collectors should
they have a bill in collections. Through
Ask Doctor Debt, ACA provides easyto-understand explanations to common
financial questions. Many ACA members
publish a link to Ask Doctor Debt on their
own websites and suggest it as a resource to
consumers during collection calls. Check it
out at www.askdoctordebt.com.