Sixty percent of Americans are living paycheck to paycheck, according to Debt.com. In addition, LegalShield's Consumer Stress Index, which tracks consumers looking for advice on foreclosures and more, rose nearly 6 points in July, the highest jump since November 2020.

LegalShield SVP of consumer analytics Matt Layton joins Wealth! to give insight into what the current economic picture looks like to everyday Americans and why they are increasingly searching out legal services.

Layton outlines a big concern with this data: "We saw the largest jump in several years. And really the highest single month since the beginning of our index. And really we're looking at consumer finance issues. People are calling us for legal assistance for consumer finance, bankruptcy, for foreclosure."

"They call because they've got a problem and they're looking to improve their situation. And that's exactly what we're seeing. Over 150,000 times a month, consumers are calling our provider lawyers for help for legal issues. And specifically, in July, we saw a large increase..." says Layton, listing off consumer finance topics like rent and mortgage payments and auto loans that clients are seeking relief from.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino