According to a recent report from CareerBuilder, the number of full-time workers living paycheck-to-paycheck is increasing to a whopping 78% in 2017 up from 75% in 2016. This benchmark is concerning when the same study by CareerBuilder stated that 71% of all U.S. workers are now in debt. This is also higher than in 2016 when the figure was just 68%.
This trend of higher debt to income has increased despite the fact that household income has grown over the past decade; income has failed to keep pace with the increased cost-of-living over the same period.
Even the families with six-figure income showed that nearly 1 in 10 were living paycheck to paycheck, and 59% of those in that salary range said they were in the red.
Most financial experts recommend stashing at least a six-month cushion in an emergency fund to cover anything from a dental bill to a car repair — and more if you are the sole breadwinner in your family or in business for yourself.
In a Reuters article, it was reported that “Americans’ debt level notched another record high in the second quarter, after having earlier in the year surpassed its pre-crisis peak, on the back of modest rises in mortgage, auto and credit card debt, where delinquencies jumped.”
A Few Fast Facts
ABOUT COUNSELLORS TITLE AGENCY
Since 1996, Counsellors Title Agency had provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.