We Are All ALICE

Economists say that the economy is doing fine, but you are flat broke, and so is everyone you know.  Finally, there is a name for people in our situation.  We are ALICE, which stands for asset-limited, income-constrained, and employed.  In other words, we work day and night, but we have little to show for it; all the money goes to rent and to paying the minimum payments on our debts.  We would love to practice the debt avalanche method or put a portion of every paycheck into savings so that we could eventually qualify for a mortgage, but in practice, we are lucky if we can get through the month without putting any grocery purchases on a credit card or buy now pay later (BNPL).  ALICE is not the sort of people that policymakers usually think about when considering anti-poverty initiatives, but ALICE is definitely struggling.  Finally, it is starting to seem like someone cares, but brighter days are a long way away for ALICE.  If you are all too familiar with the struggles of ALICE, contact a Plantation debt lawyer.

ALICE Is Plenty Financially Literate, Thank You Very Much

Rich people and those who hope to become rich through the sale of personal finance-related content will tell you that financial literacy is the only thing standing between ALICE and prosperity, but the numbers say otherwise.  Working Americans know what compound interest is, and they are doing everything within their power to reduce their spending and increase their income.  The trouble is that necessities like rent, utilities, and groceries are so expensive that they can barely afford those, even after keeping their eyes open for grocery discounts and not having spent a penny on new clothes or entertainment in years.

ALICE is also not averse to work; the E stands for employed, and the I stands for income, but employers pay ALICE as little income as they can legally get away with.  Employers avoid providing health insurance benefits whenever they can by keeping employees at just below full-time status, and they often categorize workers as independent contractors so that the workers will be responsible for paying taxes on the work, but the employers will not.

Is There Hope for ALICE?

The United Way has launched a project called United for ALICE; it currently operates in 25 states, including Florida.  It collects data and publishes reports about the financial circumstances of the working poor and working people who are barely above the poverty level; its main purpose is to provide useful data for policymakers to help shape their economic policies in ways that benefit the working public.  It offers opportunities for businesses and nonprofit organizations to partner with the United Way and form initiatives that bring relief to people who work full-time but are still struggling financially.

Work With a Debt Lawyer About ALICE Problems

A South Florida debt lawyer can help you if your life is all work and no reduction of your debt burden.  Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.

Source:

unitedforalice.org/overview