A look at the financial struggles faced by middle-class families

To those looking in from the outside, it may seem like only people in Nashville who are poor or have very low incomes would be plagued by debt and considering filing for bankruptcy. However, overwhelming financial struggles are increasingly becoming the bane of those who are considered middle-class.

A large part of this stems from a lack of savings, points out the Atlantic. Even those who have what would be considered moderate or high incomes still lack the savings to deal with an emergency or to fund their retirement. In fact, 44 percent of people who earn between $40,000 and $100,000 per year do not have enough to cover an unexpected cost of only $400. This means that many households are only one emergency away from financial disaster.

Families with children may feel the pressure even harder. Education is another large cost faced by many and this is directly related to housing costs in some cases. Homes in districts with good schools are more expensive and parents may find themselves paying more for housing than they can afford in order to provide educational opportunity for their children.

Some families may also be using their access to credit unwisely, points out the Motley Fool. In 2013, middle-class families had a debt burden of 122 percent. Also, wages have stayed steady over the last few years while inflation has continued to increase. Increasing wages may provide some relief, although it would likely not be enough to alleviate the burden facing many of those with middle-class incomes as more income often leads to higher spending and increased costs.

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