The last two years have been incredibly stressful on Pennsylvania families who have struggled with illness, job loss and emotional distress. And for many people, their financial situation has taken an enormous hit, especially during the last year.
Looking at the numbers
Statistics from 2021 and the beginning of 2022 show just how dire the financial situation is for millions of families. According to sources:
- The cost of living has increased by 7 percent
- The median income is down 3 percent
- The average household now carries $155,622 in debt
- The country as a whole owes more than $15 trillion
- There was a 6.2 percent increase in debt levels compared to the previous year
- The inflation rate rose to 6.8 percent last year
And despite the various relief payments from the government, roughly one-third of respondents to a survey reported that their financial situation has only gotten worse.
These numbers highlight how much is working against individuals in terms of avoiding or paying down debt.
Looking beyond the numbers
It is also essential to recognize that financial strain takes an emotional toll on individuals. While this impact may not be as easily quantifiable as the economic factors, it can feel equally insurmountable.
Unmanageable debt can cause or contribute to stress and anxiety. These conditions can affect people’s health, wellness and lifestyle, making them more susceptible to injury and illness. Thus, they can wind up missing work or needing a doctor, which only adds to the financial burdens.
Debt can also affect relationships. Partners may split up over money; people may need to move out of their community; individuals may isolate themselves if they feel ashamed or embarrassed.
Finding a solution to tackle it all
Considering all this, we can see that debt and financial security are real challenges right now. And if you are struggling, know that you are not alone.
However, it is also important to know that there are solutions that can help people deal with debt. Debt discharge, repayment plans and other strategies can enable individuals to get back on track. The attorneys at the Quinn Law Firm are available at 814-833-2222 and can discuss the options you have to get the relief you need.