In hindsight, it makes sense that at and after the height of the COVID-19 pandemic Americans hoarded more money than ever. BEA notes that personal income increased $107.2 billion (0.5 percent) in March 2022.
While understandable, this is still should raise concerns. After all, Bankrate found that only 41 percent of Americans would be able to cover a $1,000 car repair or emergency room visit. Additionally, if hit with an unexpected bill, 37 percent of people would have to borrow this money in some capacity.
