Paycheck to Paycheck – the New Middle Class?

In a recent study conducted by the American Payroll Association, 68% of the 30,600 people surveyed said they would have difficulty if their paycheck was a week late. In other words, more than two-thirds of Americans are living paycheck to paycheck. This includes those who consistently battle this problem along with those who experience it at least occasionally. Interestingly, this number is actually down from the height of the recession in 2010.

Women are more likely than men to be stuck living paycheck to paycheck. Also, the percentage of people aged 40-50 who are struggling to make ends meet is rising at a fast pace. The likely cause for this is that many in this age range are still raising children, they depleted their savings over the last few years and, wages and benefits have not kept pace with the rise in food costs, healthcare, fuel, education and so on.

Fortunately, the situation is beginning to look a little brighter but it’s still not exactly happy-days-are-here-again time. Financial stability is extremely fragile right now. Even relatively minor unexpected expenses can quickly mushroom for people who have no savings, because many have to turn to credit cards or short-term loans and compound their financial burden with high interest costs.

At Waldo General we advocate intelligent money management and looking at trimming expenses before taking out loans.  However, if you feel a loan is the right choice for you we think Waldo General is a good option because our interest rates are lower than many of the Payday loan companies out there. We would be happy to discuss your particular needs with you.  Please stop by one of our 42 stores in Missouri or call us at 800-892-3006.

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