Between inflation and ongoing supply chain issues, prices are rising and it’s eating away at the average family budget.
Summary
- Higher prices are already taking a toll.
- As consumers pay more for everything from groceries to gasoline, household income is failing to keep pace with a higher overall cost of living, according to recent reports.
- Over the past two years, median income fell 3% while the cost of living rose nearly 7%, due, in part, to rising housing and medical costs.
- And yet, more than one-third said their household financial situation has gotten worse over the past year.
- After Americans paid off a record $83 billion in credit card debt, credit card balances are on the rise again, along with mortgage, auto and student loan debt.