As the holiday shopping season punctuates a historic year of inflation, a new survey shows a majority of Americans have had to tighten their belts in 2022.
According to a new report by LendingClub, a little less than two-thirds of all consumers – 63% – say they are living paycheck-to-paycheck.
The poll spoke with around 3,900 Americans, and it wasn’t just low-income earners who are suffering.
About 47% of households with an income of at least $100,000 a year say they are among those who couldn’t afford to miss even a single paycheck.
The numbers add some context to the rise in credit card balances nationwide, a climb of 15% over the last three months.
It could also explain some of the lean totals being reported at retail over the traditionally lucrative holiday season.
The question of course is whether we’ll see inflation decrease in 2023 and what affect, if any, it has on consumers’ ability to spend.
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