Getting laid off from your job or having your hours reduced can be stressful. That job was how you were able to provide for yourself and your family. It put a roof over your head and food on the table. When you lose your job, your income grinds to a halt. Unfortunately, the same can not be said about your expenses. There are still bills to pay, even when you aren’t making money. These bills can drain any savings you may have, leaving you in a desperate financial situation.
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Toward the end of 2019, economic experts began noticing a new trend in household debt. That’s because the state of household debt experienced a dramatic upswing in 2019, according to a recent New York Federal Bank Study. The surge of household debt that happened in 2019 is the most significant annual increase we’ve seen since what we saw right before the last economic recession, during 2007. In 2007, we saw household debt increase to over a trillion dollars. Many of the statistics we’ll be using for this article come from the previously mentioned NY Federal Bank Study.
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