Many Americans are hoping we are on the path to recovery after such a financially devastating 2020. The pandemic has been terrible, but the financial fallout appears to have impacted more of us than the coronavirus itself.
If you had to guess the biggest stressor for Americans right now, what you would you guess? Not COVID-19 or public health. It's money. A new study by WalletHub finds 145 million Americans believe they can't afford another year like 2020. Tens of millions will have enough trouble paying off credit card debt this year.
“People have got to get back to work, people have got to start earning an income and getting some of this mountain of debt back under control,” Economics Professor Hank Lewis at Lone Star College said. “The problem is, when people are paying debts they’ve racked up over the past year, that’s money that’s not being spent on new goods and services.”
Economics Professor Hank Lewis at Lone Star College notes three factors for the recovery: effective vaccines, getting students back in school, and parents back in the workforce.