Debt Measures
Millions of Americans are suffering through the coronavirus pandemic and an economic recession, and government officials don't seem to fully grasp just how desperate things have become: Congress has yet to approve a second round of stimulus support, and by all accounts, it's not looking likely it will ever happen. Several months in, most Americans have received only $1,200 to help them get by. So of course they're resorting to using credit cards to cover daily expenses, typically a big no-no in the personal finance world, as well as loans and help from friends or family. A study from LendingTree using U.S. Census Bureau data shows where we're relying the most on debt to cover daily living costs.
Note: Percentages reflect use of credit cards and loans to meet everyday needs during a seven-day period in mid-July. States are ranked from those relying least on debt to those relying most on debt.
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