Nearly a Quarter of Americans Say Their Income Has Declined by 50% or More During the COVID-19 Crisis

It's no secret that the economic impact of COVID-19 has been extreme. U.S. unemployment levels are now at an all-time high, and countless businesses are at risk of never managing to reopen their doors. And while 29% of Americans say that their household income hasn't changed due to the crisis, not everyone is that fortunate. In fact, 22% of Americans say that their family's income has dropped by 50% or more ever since the pandemic took hold, according to a new J.D. Power survey, while 39% say it's declined by 25% or more.

Given the number of Americans who were living paycheck to paycheck before COVID-19, many households can't withstand any loss of income. If your earnings have taken a hit in the course of the past number of weeks, here are a few steps you should take.

IMAGE SOURCE: GETTY IMAGES.