More Americans feel optimistic about their finances even as many have had to rely on debt to deal with lingering inflation and rising costs, according to a recent survey.

Overall, 50% of Americans said they felt positive about their current financial situation and 22% believe their financial situation will improve a year from now, up six points from one year ago, the Primerica second quarter 2023 survey said. Moreover, the number of Americans that said their financial situation would deteriorate decreased by 15 points to 26%.

The better outlook comes even as 36% said they used their credit card more in the past year, up five percentage points compared to the June 2022 survey. Similarly, 33% said their credit card debt increased over the past year, up four percentage points in the same time frame. 

“After a year and a half of relatively high inflation, especially for food and energy expenses, middle-income households are being financially stressed according to the survey,” Primerica’s Consulting Economist Amy Crews Cutts said in a statement. “The continued strength in the labor market and easing inflation are likely reasons for the stronger optimism about the coming year in the most recent survey. 

“Economic data continues to be stronger than economists expected, lowering the probability that a recession will start this year.” Cutts continued. “Respondents in the Primerica survey indicate similarly that the worst seems to be behind us.”

If you’re struggling in today’s economy, alternative debt repayment options like debt consolidation loans could help you pay down high-interest debt at a lower interest rate. If you decide to borrow a personal loan to pay off debt, visit Credible to compare interest rates across multiple lenders.

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Along with growing debt is the increasing number of Americans struggling to manage it, according to the survey. 

Among those unable to pay their credit card debt in full, 61% said they found managing monthly balances difficult, an increase of three percentage points since the March 2023 survey. Carrying large month-to-month balances can sometimes have a negative impact on credit scores. 

Moreover, households with lower credit scores struggled the most with rising prices. Eighty-one percent of respondents in this category have cut back on non-essentials, and 72% said they are no longer saving for the future.

“Compounding inflation over multiple years is weighing heavily on middle-income budgets,” Primerica CEO Glenn Williams said. “Even as annual rates of inflation have eased, high prices are still hurting budgets. This is driving increased credit card use and higher monthly balances, indicating that families are being forced to bridge the gap.”

If you are looking for ways to reduce your monthly expenses, paying down debt could be a good place to start. A personal loan could help you consolidate your monthly payments and pay down debt at a lower interest rate. Contact Credible to speak to a loan expert to see if this is the right option for you.

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Americans’ salaries are beating inflation for the first time in two years, according to a recent Wall Street Journal report.

Inflation-adjusted average hourly wages rose 1.2% in June from a year earlier, according to the Labor Department. The most significant increases were for lower-income workers.

The wage increase signals a greater likelihood that the U.S. economy might skip a recession altogether as Americans’ spending power remains resilient, according to the report. However, the downside is that the Federal Reserve could take this as a sign to continue with its restrictive monetary policy and keep raising interest rates until it hits the 2% inflation target it set as a goal.

“It’s great to see wage increases, particularly for people at the lower end of the income spectrum,” Federal Reserve Chair Jerome Powell said in June. “But we want that as part of the process of getting inflation back down to 2%, which benefits everyone.” 

If you are struggling amid high inflation, you could consider taking out a personal loan to help pay down debt at a lower interest rate, lowering your monthly expenses. Visit Credible to compare multiple lenders at once and choose the one with the best interest rate for you.

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Joe Jonas and Sophie Turner have sold their spacious Miami home for $15 million.

The couple made a $4 million profit on the waterfront property described as “Cali meets Bali” after purchasing it for $11 million in 2021, according to TopTenRealEstateDeals.com. 

“The home has an incredible Cali meets Bali vibe,” said David Pullman of ONE Sotheby’s International Realty, who represented the buyers. “Frank Lloyd Wright inspired but with a tropical twist. It was really important to my client to have something unique and expressive. Miami being such a vibrant city, it was a perfect fit.”

The couple hired designer Sarah Ivory to redesign the 10,414-square-foot home after they bought it. 

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The six-bedroom, nine-bathroom house sits on Sabal Lake inside the gated community of Bay Point and even has its own 94-foot private dock with direct access to the bay and ocean. 

The house contains a chef’s kitchen and outdoor kitchen, a billiard room, a state-of-the-art spa, a dual full-service bar, a pool, a children’s pool and a Jacuzzi. 

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The Jonas Brothers member and “Games of Thrones” star, 27, married in 2019, and they have two children: Willa, three, and a one-year-old whose name they haven’t yet revealed. 

Jonas discussed the family’s decision to move to Miami with People magazine last year.

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“We went to come visit and we just loved it,” the 34-year-old said. “I saw a whole different side of Miami that I’ve never experienced — really quiet areas, and the food’s amazing. I feel like it’s the best-kept secret. It’s really great. I’m enjoying [Miami] and I’ve become pretty good friends with people down here, and it’s not far from Europe and it’s not far from New York. My parents live in North Carolina, so they’re a lot closer.”

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With the housing inventory shortage dropping to an all-time low, homebuyers are left with few options. One of them is buying a newly built home. 

Although homeowners aren’t selling due to high mortgage rates, builders are still building. As a result, “new construction is the only option for many buyers,” Shauna Pendleton, a Redfin Premier agent in Boise, Idaho, said. 

Luckily, the number of newly built homes is growing. New construction accounted for nearly one-third of single-family homes on the market during the second quarter, according to a recent report from Redfin. 

That’s the highest share of any second quarter on record, the technology real estate brokerage reported. It underscores how new construction is “keeping the housing market afloat amid the severe shortage of existing homes for sale,” according to the real estate brokerage. 

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During the first quarter, new home inventory reached a near record high of 33.6%. The drop is a typical seasonal pattern, according to Redfin. 

However, new home inventory is up slightly from this time last year and is nearly double what it was during the pandemic, which was about 17%, according to the data. 

“The one reliable source of inventory has been the builders. Builders are really making good profits, they’re putting homes on the market and they’re buying down the interest rate for their buyers so they’re able to bring people into the showroom and close the deal,” Redfin CEO Glenn Kelman said during an interview Friday on “Cavuto: Coast to Coast.” 

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Builders aren’t constructing as many single-family homes as they did during the housing frenzy in 2021 and early 2022, “but so few homeowners are putting their homes on the market that new homes still make up a huge share of available inventory,” according to Redfin. 

In June, total housing inventory reached an all-time low after dropping 15% year over year, according to Redfin data. 

The amount of newly built single-family homes for sale in June, though, was up 4.5% year over year. There was an 18% drop for existing homes, according to Redfin data. 

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If the United Auto Workers decides to strike against the “Big Three” Detroit automakers when the current contract expires next month, it could cost the U.S. economy more than $5 billion, according to a new analysis from the Anderson Economic Group, a Michigan-based think tank that specializes in the economic impact of labor strikes. The report estimates that economic losses from a ten-day work stoppage could cost about $5.6 billion.

“Even a short strike would impact economies throughout Michigan and across the nation,” said Patrick Anderson, CEO of the Anderson Economic Group.

That figure includes manufacturer losses of $989 million and lost direct wages of $859 million. It does not take into consideration strike pay, unemployment benefits, unemployment taxes, income taxes, government spending or settlement bonuses. 

Negotiations between UPS and the Teamsters union stalled last week as the two sides remain at odds over the terms of a new contract, raising the odds of a strike at the beginning of August.

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The union’s current contract with General Motors, Ford and Stellantis – the maker of Chrysler and Jeep – expires on September 14. About 146,000 UAW workers are set to vote next week on whether to authorize a strike against the Detroit automakers. 

UAW President Shawn Fain urged members to authorize a strike a Facebook live appearance this week.

“If we want to make progress at the bargaining table, we need to show the companies that it’s not just talk,” Fain said.

The main point of contention between the two sides is higher pay, with Fain saying the union will seek more than 40% general pay raises for rank-and-file members over four years, making all temporary workers at the automakers permanent, cost of-living adjustments, increases in pension benefits for current retirees and restoring pensions for new hires, among other benefits. 

Fain called the demands the “most audacious and ambitious list of proposals they’ve seen in decades.” 

Negotiations appear to have made little headway so far, with automakers noting they are facing a multibillion-dollar shift to electric vehicles. 

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Stellantis has sharply criticized the demands of the autoworkers. In a letter to employees last week, Stellantis North America Chief Operating Officer Mark Stewart belittled the “theatrics and personal insults” from Fain and urged a “focus on reality from everyone involved,” according to Reuters. 

The UAW’s demands “could endanger our ability to make decisions in the future that provide job security for our employees,” Stewart continued. “This is a losing proposition for all of us.”

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