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Is the Coronavirus Destroying Americans’ Finances?
Not only are more Americans living paycheck to paycheck, they’re also taking on more debt as a result of the coronavirus pandemic. With nearly half of renters and 18% of homeowners having less than $500 in emergency savings, it won’t take long for those accounts to be emptied. Nearly 25% reported having taken on additional debt only two weeks after the mid-March — when the effects of the pandemic were first felt in the U.S. Overall credit card debt is up 4% since March.