Why are so many Americans struggling financially?
More and more Americans are living from paycheck to paycheck, with little or even no savings to manage if disaster strikes – which it so often does. Rising costs have left millions of families grappling with their finances to make ends meet and, all too often, falling into deep debt.
So many of us have experienced these circumstances or are struggling with them right now, drowning under the weight of mounting student or credit card debt, overdue car loans and mortgages, or medical bills. Many of us have been forced to overextend ourselves after losing a job, having our hours cut, seeing a loved one fall ill, or going through a divorce.
To make matters worse, we are rarely provided any effective options or opportunities to dig our way out.
How big is the problem many of us face?
Americans have been dealt several difficult blows ranging from the dot com bust, the 2008 global financial crisis, to most recently the COVID-19 pandemic. Tens of millions of us lost our jobs, saw our businesses or employers closed, and had our life savings drained away.
Today, total household debt is approximately $14.64 trillion, $2 trillion higher than during the 2008 crisis, while the average American carries approximately $7,000 in credit card debt each month. Additionally, millions simultaneously bear the long-term burden of mounting student debt, which has collectively reached $1.7 trillion – more than doubling from a decade ago.
There are no signs that this debt crisis will stop anytime soon.
How does CVC fit into the picture?
Since its creation, CVC has been working each day to build a powerful platform for the millions of Americans who have gone without a voice. Too many are unaware of the problems their neighbors, friends, or coworkers face daily and, unfortunately, even more find it too easy to ignore those who are trying to get their fair shake.
Every one of us deserves the opportunity to lead a better life, where constant concerns about money do not dominate our thoughts from morning until night.
CVC is here to fight, so others have to listen.
