The Coronavirus Crisis is hurting many Americans financially.A third of U.S. adults have seen their household income decrease as a direct result according to a new Bankrate report. Greg McBride Chief Financial Analyst for Bankrate says "The reasons for income decrease run the gamut. Everything from a lay-off and a furlough to hours being cut or business just dropping off significantly."
McBride says for some, credit use is soaring just to pay bills. He says this creates even more problems. "The bottom line is the household impact is very far reaching and will leave a legacy once the virus is behind us."
The report also says 58% have not seen any change in their household income, and 12% actually saw it increase, and it has also been a wake-up call for many. "On a more positive note - we do find that 1 in 5 American households now has more savings than they had prior to the pandemic, not knowing what may come around the corner economically."