The PYMNTS Intelligence report “Financial Lifestyles Shape Credit Reliance” revealed that American consumers are struggling to afford the basic essentials. Prices have been elevated since the worldwide pandemic shutdown the global economy and have not gone down in a meaningful way. The study found that 43% of American households who are a paycheck away from poverty cannot afford the essentials without using credit.
The report surveyed 2,298 consumers and categorized them into three financial brackets: those who do not live paycheck to paycheck, those who live paycheck to paycheck comfortably, and those who live paycheck to paycheck and…
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