Spiraling Debt and Stagnant Incomes Put More Families at Risk of Financial Ruin

Families risk falling into a financial "doom loop" where expenses rise but income stays flat or decreases, leading to ruin.

High inflation, costs, and mortgage rates make finances precarious. Job loss could trigger a doom spiral.

Debt is soaring, including credit cards ($1T), retirement fund withdrawals, and student loans ($37k avg).

The doom loop makes servicing debt harder. It can lead to defaults, foreclosure, bankruptcy, and poverty.

To avoid, build emergency savings, pay down debts, live frugally, defer gratification, seek financial advice.