Interest rate hikes remain especially problematic for one clear reason. The higher the interest, the harder it becomes for indebted individuals to pay off what they owe and attain debt-free status.
In some of the worst case scenarios, many financially strapped individuals find themselves only able to pay such a modest amount that it’s just going to interest and not the debt itself that’s rapidly accumulating more interest.
Desperation continues to spread as more people reach into their 401k accounts (if they even have them to begin with) and otherwise look for any means possible to bring in more money.
A major issue going into 2024
With the 2024 presidential election coming up, the economy is one issue that will undoubtedly be top of mind for many voters. Candidates on both sides of the aisle will hence have to explain how their policies will improve America’s collective financial standing.
So far, on the campaign trails nationwide, both Republican and Democratic contenders are tackling economic matters in a way that showcase their own policies as the solution.
