The Voters Have Spoken: Affordability Runs Through Credit

With most races now called, control of both the House and the Senate is changing hands. Whatever the final map looks like, this election made one thing loud and clear: Americans want Washington focused on affordability.

According to the AP Voter Poll, about 4 in 10 voters said the economy is the top issue facing the country, and roughly half said the cost of living was "crucial" to their vote for Congress. And the financial pressures behind that frustration aren’t going away.

Americans have little cushion left

Nearly half of Americans live in families that can't cover essential expenses, according to the Urban Institute, and the personal savings rate fell to 4.1% in August.

When savings run out, credit fills the gap. It covers a car repair before payday, a down payment on a first home, or new equipment for a small business owner trying to grow. For millions of Americans, affordability isn't just about what everyday necessities cost. It's also about whether credit is available and affordable.

Credit is central to growth and affordability

The next Congress has an opportunity to respond with policies that keep safe, regulated credit within reach, support lending to small businesses and first-time homebuyers, and protect Americans' hard-earned money from fraud.

As Mattie Duppler, spokesperson for The Ledger Project, put it: "Americans didn't just vote for lower prices. They voted for greater financial opportunity. Congress needs to recognize that affordability and access to credit go hand in hand. Making it harder or more expensive to borrow won't make life more affordable."

As Washington prepares for the next Congress, The Ledger Project will continue to provide the facts and context that help policymakers on both sides of the aisle advance sound financial policies that support economic growth and protect Americans' wallets.

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