Report Shows One In Five Americans Living Paycheck To Paycheck

A large number of households are continuing to struggle financially as they work to pay down debt and build up their savings, a new study reveals. According to CareerBuilder, one in five Americans said they are living paycheck to paycheck with no other financial means to support them.

In an effort to save money, many families have employed debt relief measures centered around cutting back on leisure activities and finding other ways to make ends meet. Forty-eight percent of those polled say they now cut coupons and watch out for other discounts when shopping. Fifty-four percent have cut down on how much they drive to save on gas and another 12 percent have cancelled subscriptions or cable.

"The last 18 months have required some workers to tighten their day-to-day spending and make some adjustments to their financial futures," CareerBuilder human resources vice president Rosemary Haefner said. "Our survey found that six in ten workers say that the recession has made them more fiscally responsible. Maintaining a budget is not only important now, but will better position workers - both personally and professionally - for the long run."

Consumers who find themselves unable to meet their financial obligations should also consider trying to negotiate their credit card and mortgage rates.