"Left behind" contagion spreads to upper middle class
Photo: Kotax San/Getty Images
New data from the Federal Reserve illustrates that even upper-middle class families are tightening their belts, feeling the effects of "income stagnation" while the costs of life continue to rise, reports Bloomberg.
Details: While upper-middle class families are still doing better than middle- and lower-class families, the data shows this demographic is taking out bigger and costlier loans, per Bloomberg, with the bulk of lending going toward the cost of a home. Credit card interests are also on the rise, while incomes are staying the same, per the data. The only group unaffected is the top 10%, reports Bloomberg.