Middle class still struggling with financial tug-of-war
It is no secret that most people in the U.S. struggle with finances and money on a regular basis. Millions of people have battles every month when it comes to paying for what they want and paying for what they need, as many people can’t do both.
According to a recent article in USA Today, it is not just those living in poverty who are having to make enormous sacrifices when it comes to spending. In fact, the author of the article suggests that the majority of Americans — the middle class — are unable to pay for things that at one time were all but essential, and this is contributing to the widespread debt problems people are having.
The article suggests that there are seven things most people can no longer afford, which fit into two general categories: things we want and things we need.
- Things we want: Most people can no longer afford to purchase a new car or go on vacation without having to do some serious planning and sacrificing. No longer is it a given that people will take a trip every year or buy a new car when an old one dies. People have to save and plan ahead for these apparent luxuries.
- Things we need: Sadly, many of the things that people can no longer afford are necessary. These include medical care, dental work, credit card debt, and retirement and emergency savings. The financial obligations can be impossible to support when people are tapped out from paying a mortgage, taking care of the kids, buying groceries and trying to stay on top of all their bills.
This is certainly a troubling picture. People in the middle class are having much more difficulty paying for a multitude of things that seemed so easy to afford in previous decades. This is leading to serious financial troubles and mounting debts that can seem impossible to tackle.
However, there are many debt relief options available that can help people at least get back on track. While these solutions won’t be able to change the income coming in, they can help people deal with the money they owe so that they work toward a more affordable future.
Source: USA Today, “7 things the middle class can’t afford anymore,” Erika Rawes, Oct. 25, 2014