Majority of Americans made sacrifices to cover monthly bills last year
‘Making Money’ host Charles Payne joins ‘The Big Money Show’ to discuss the cost of GDP growth and market performance amid ongoing economic woes.
Most Americans found themselves forced to make trade-offs in order to make ends meet last year, with a majority reporting they had to take measures in at least one instance to cover monthly bills in 2023.
A new study released Thursday by Assurance IQ found 66% of U.S. adults confirmed in a December survey that they had made sacrifices to pay their expenses during the previous 12 months, and they broke down the various tactics they used.
A new study found most Americans had to make sacrifices to pay their monthly expenses last year, and the most common tactic for covering those bills was resorting to credit cards or other borrowing. (iStock / iStock)
Researchers polled 5,000 individuals, a majority of whom earned $75,000 or more a year, and found the most common way Americans covered their bills when they were short on funds was to borrow money or turn to credit cards (41%).
Unsurprisingly, lower-income households were hardest-hit, and those making less than $75,000 were more likely to borrow funds for expenses, with 47% saying they needed to do so last year.
BIDEN TRIED TO GIVE AWAY MONEY FOR VOTES AND IT BACKFIRED: CHARLES PAYNE
Americans have been increasingly leaning on credit cards for daily expenses in recent years as high inflation has taken a toll on household budgets. Credit card debt surged to a new record high of $1.13 trillion as of the end of December, according to New York Federal Reserve data.
U.S. credit card debt hit a record high of $1.13 trillion at the end of last year. (Robert Nickelsberg/Getty Images / Getty Images)
However, consumers are increasingly
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