Lapse in federal stimulus packages forced millions of Americans into deeper debt
and last updated 2021-01-28 18:11:48-05
Americans owe nearly $1 trillion in credit card debt, an all-time high, according to the Federal Reserve. Much of that debt was piled on over the last half of 2020 when many people on unemployment lost the CARES Actâs $600 supplemental.
âWhen I lost my job in April, my unemployment was $65 a week, but I was getting the extra $600 which was helping some,â said Mary Davis in Michigan.
Davis struggles with a disability and was only able to work part-time before the pandemic. When she lost her part-time retail job in April of 2020, initially, she was getting the $600 CARES Act supplemental and had an income of $665 a week. However, her monthly food stamps and other low-income benefits were taken away. She was on the hook for her full rent, which was $1,100 a month, in addition to paying for her utilities and food for herself and her young son.
WTVR-TV (Richmond, VA)
The pandemic devastated the economy in 2020.
Americans owe nearly $1 trillion in credit card debt, an all-time high, according to the Federal Reserve. Much of that debt was piled on over the last half of 2020 when many people on unemployment lost the CARES Act s $600 supplemental. When I lost my job in April, my unemployment was $65 a week, but I was getting the extra $600 which was helping some, said Mary Davis in Michigan.
Davis struggles with a disability and was only able to work part-time before the pandemic. When she lost her part-time retail job in April of 2020, initially, she was getting the $600 CARES Act supplemental and had an income of $665 a week. However, her monthly food stamps and other low-income benefits were taken away. She was on the hook for her full rent, which was $1,100 a month, in addition to paying for her utilities and food for herself and her young son.