It’s a well known saying that the rich get richer and the poor get poorer. But as the financial climate of the country changes, this idea takes on a whole new meaning.
Debt-To-Income Ratios Rising For Some
Debt levels throughout the country have surged in recent decades, according to a report from LC&Money. In 1983, the bottom 95 percent of earners had 62 cents worth of debt for every one dollar they made. However, by 2022, this ratio rose to $5.48 of debt for every dollar earned – leaving a majority of Americans in a vicious cycle of debt.
Falling For Others
In contrast, the debt-to-income ratio of these top earners decreased during this same period from 76 cents of debt for every dollar earned to 64 percent per dollar.
Being saddled with debt is never easy, and a number of Americans will look for assistance wherever they can. Setting aside some time to discuss your options with a personal loan expert could be your ticket to financial relief.