Are you feeling the pinch of inflationary pressures, struggling to make ends meet, and living paycheck to paycheck? You’re not alone. According to a recent survey by LendingClub and PYMNTS, 62% of Americans across all income levels are in the same boat, grappling with the rising costs of living.
But there’s hope. The survey found that many cash-strapped Americans are earning an extra $52B in monthly cash payments by building a secondary income. Yes, you heard that right – $52 billion! This additional income is enabling people to pay their bills with ease and avoid financial stress.
So, how are people earning this extra income? The survey revealed that roughly one-quarter of consumers have side jobs to cope with inflationary pressures, while 17% rely on passive income or some form of financial aid. Whether it’s selling artisan or used products, taking up informal tasks, or offering their skills and services through platforms like Fiverr and Upwork, people are finding creative ways to supplement their income.
And it’s not just struggling consumers who are doing this. Even high and middle-income consumers are taking up side jobs. Seventy percent of affluent consumers working a side job do so because the income is easy to earn, and 46% of struggling consumers take on extra work to help pay bills.
Supplemental income has become a crucial component of financial stability in today’s economy. With inflationary pressures showing no signs of abating, it’s no wonder that 51% of consumers who had not received extra income in the last three months said they are at least somewhat likely to seek another income source in the next 12 months.
The pandemic has forced many of us to rethink our work-life balance, and people are increasingly looking for alternative income sources beyond the traditional 9-to-5 job. Many have turned to flexible hours and alternative income streams to expand their earning potential. As LendingClub’s Financial Health Officer Anuj Nayar said, “Having supplemental income greatly impacts financial stability and can often mean the difference between living without difficulty and living paycheck to paycheck and struggling to pay monthly bills.”
But here’s the thing – earning supplemental income isn’t just about making ends meet. It’s about taking control of your financial future and achieving financial freedom. By earning extra income, you can pay off high-interest debt, save for emergencies, invest in your future, and pursue your passions.
If you’re looking to reduce your expenses and take control of your finances, consider using a personal loan to pay down debt at a lower interest rate. Credible offers a range of personalized loan options that can help you save money each month and achieve your financial goals.
So, what are you waiting for? Start exploring your options today and join the millions of Americans who are earning an extra $52 billion in monthly cash payments. With a little bit of creativity and hard work, you too can achieve financial stability and freedom.