“In the past two years, median income has fallen by 3 percent, while the cost of living has increased by nearly seven percent, in part due to higher housing and medical expenses,” CNBC noted.
According to a NerdWallet survey, more than three-quarters (78%) of Americans have received some form of assistance with the COVID-19 pandemic. They set aside it, among other things, to buy basic necessities or pay off debts. However, their credit card debt continues to grow. Mortgage debt on auto or student loans is also increasing.
The past year and a half has been difficult for the millions of Americans who have lost their jobs. We now face huge costs for the most essential things: food, housing, fuel, transportation and medical care. Many people are finding it difficult to make ends meet, Sarah Ratner, a credit card expert at NerdWallet, said, citing CNBC.
Americans collectively owe $15 trillion to a variety of lenders. Compared to the previous year, this represents an increase of 6.2%.
As expected, there will be no more federal measures to ease the pandemic such as extended unemployment benefits and stimulus checks. But in 2022, an even larger wage increase is expected.
According to forecasts by the nonprofit Conference Board (CB) which deals with providing its members with important news on economic issues, this year companies will gain 3.9 percent. Increase salaries for new employees as well. This is the highest rate since 2008.
CNBC notes that those most in need of help may continue to benefit from the largest federal Food Aid Program (SNAP). Support is also available for renters with rent arrears. Washington also announced that it would defer its commitment to repaying federal student loans until May.
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