As the federal administration continues to promote the financial state produced under its own policies, the catalyzing economic approach often called 'Bidenomics,' a recent report is bound to offer substantial talking points for the opposition leading up to the impending election cycle.

An insightful survey disclosed that, as of November 2023, a staggering 62% of consumers were dependent on their forthcoming paycheck for their monthly fiscal needs, according to the data collected by PYMNTS and LendingClub.

It was also noted that this precise set of consumers are the owners of nearly 60% of the credit cards circulating within the U.S. market. In an even more surprising twist, a vast 80% of these consumers who live paycheck-to-paycheck holds on average no less than two credit cards, as reported by Fox Business.

The informative report went on to highlight that those struggling with paycheck-to-paycheck patterns often carry a higher likelihood, almost twice as much as others, to extend their credit card balance into the consequent month.

Adding to the complexity, nearly a third of these consumers stated having hit their credit card limit, calculated to be an average of $9,200, sporadically within the past year as reported by the same outlet, referencing the analyzed data. As if this wasn't concerning enough, the credit card debt has climbed an additional $48 billion during 2023’s third quarter, bringing the total liability to an unnerving $1.08 trillion as per the analysis by the Federal Reserve Bank of New York.

As the federal administration continues to promote the financial state produced under its own policies, the catalyzing economic approach often called 'Bidenomics,' a recent report is bound to offer substantial talking points for the opposition leading up to the impending election cycle.
An insightful survey disclosed that, as of November 2023, a staggering 62% of consumers were dependent on their forthcoming paycheck for their monthly fiscal needs, according to the data collected by PYMNTS and LendingClub.
It was also noted that this precise set of consumers are the owners of nearly 60% of the credit cards circulating within the U.S. market. In an even more surprising twist, a vast 80% of these consumers who live paycheck-to-paycheck holds on average no less than two credit cards, as reported by Fox Business.
The informative report went on to highlight that those struggling with paycheck-to-paycheck patterns often carry a higher likelihood, almost twice as much as others, to extend their credit card balance into the consequent month.
Adding to the complexity, nearly a third of these consumers stated having hit their credit card limit, calculated to be an average of $9,200, sporadically within the past year as reported by the same outlet, referencing the analyzed data. As if this wasn't concerning enough, the credit card debt has climbed an additional $48 billion during 2023’s third quarter, bringing the total liability to an unnerving $1.08 trillion as per the analysis by the Federal Reserve Bank of New York.

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