Despite a booming stock market and politicians claiming that we’re in the midst of an economic recovery, many Americans are still struggling through hard times. Our Columbia bankruptcy lawyers know that there are countless families out there living paycheck-to-paycheck or underwater and coping with debts they cannot erase. Unfortunately, many of these families are considered to be well-above the poverty line and are ineligible for help that could give them some breathing room.

While these economic problems are nothing new, a recent survey shows just how much more than poverty-level income most people think is required in order to survive in this country. The survey also showed that a lot of families don’t think they have quite enough income to make ends meet.

How Much American Families Need to Get By

According to Today.com, Gallup recently surveyed more than 1,000 Americans and asked them to name the smallest amount of money that a family would require to get by in the community where they live.

Based on the responses, the poll found that Americans think a family of four people would need to make, on average, no less than $58,000 per year in order to be able to simply get by. The results from the survey were very similar to the results of a prior survey in 2007 where the same question was asked.

The results also showed that most people estimated the necessary minimum income at a little bit more than they themselves made. For example, according to Gallup, adults in households earning less than $30,000 think that it takes $43,600 on average in order to get by. In families earning $30,000 to $74,999, estimates of the minimum needed to get by rose to $55,100. Finally, in families earning $75,000 or more, the minimum needed to survive was estimated at $69,400.

These findings show a couple of important things. First, they show just how far the “minimum” estimates are from the poverty level. The Census Bureau estimates that the poverty level for a family of four is $24,000. With the “minimum” amount of money needed to get by estimated at more than double this amount, it is clear that there are probably a lot of struggling families out there that are not defined as living in poverty but who are not able to get their basic needs met.

The fact that most people estimated that they need more money than they have is also important. If families continually feel as if they do not have enough, they may find themselves turning to credit cards or other forms of debt in order to meet their bills and deal with unexpected expenses. This can quickly exacerbate their financial worries as they are then left to cope not just with their regular bills but also with interest and other costs of borrowing.

Unfortunately, when looking at the results of this study, it is easy to see why many families get into debt trouble and why many families end up in bankruptcy to try to get out of a financial mess they were pushed into by bad circumstances and tough economic times.

If you are considering bankruptcy, contact the Columbia, South Carolina attorneys at Matthews & Megna today at 877-253-7705.