Amid rising prices, American families are borrowing more

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Amid rising prices, American families are borrowing more

Stephan: Wealth inequality in the United States is greater than in any other developed democracy, average American families struggle with debt, while a handful of wealthy men own competitive space programs. This inequality, I think, is part of why a third of the nation seems to have given up on democracy. Hear anyone in Congress other than Bernie Sanders, AOC, and Elizabeth Warren talking about this? Neither do I.

American households are spending more on housing, food, gas, transportation and healthcare and are increasingly falling into the red. From credit cards to auto loans, the average family now owes $ 155,622.

The highest prices they are already taking a big one.

How consumers pay more for everything from gasoline groceries, household income falls short of a higher overall cost of living, according to recent reports.

In the last two years, median income fell 3%, while the cost of living increased almost 7%, due in part to the increase accommodation other medical costs.

More than three-quarters of Americans, or 78%, have received some form of pandemic relief since March 2020, which went toward buying essentials, saving or paying off debt, according to a NerdWallet survey of more than 2000 adults.

And yet more than a third said their household’s financial situation has worsened in the past year.

after Americans paid off a record $ 83 billion in credit card debt, credit card balances are rising again, along with mortgage, auto and student loan debt.

“The last year and a half has already been difficult for the millions of Americans who lost their jobs,” said Sara Rathner, credit card expert at NerdWallet. “Now, we are faced with […]

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