If anything, it could make the problem exponentially worse.Ī big part of the reason living costs are so high right now is that Americans received several windfalls last year at a time when supply chains were battered. But actually, a stimulus round isn't likely to help the issue of inflation at all. Many Americans are imploring lawmakers to send out stimulus funds so that those struggling with bills have a means of catching up. Another stimulus round won't help right now But there are no plans to dish out similar aid at the federal level. And so now, they've had no choice but to rack up credit card debt to cover their higher costs.īecause of the burden inflation has placed on so many people, a number of states are taking steps to issue rebates to residents to help them cope with their rising bills. Many Americans depleted their savings early on in the pandemic, when job loss was rampant. Specifically, credit card balances increased by $46 billion during 2022's second quarter. And while much of that stemmed from mortgage originations, consumers also added to their credit card balances. And they've taken on more debt to cope with higher living costs.ĭuring the year's second quarter, total household debt surpassed $16 trillion, according to the Federal Reserve Bank of New York's Center for Microeconomic Data. Check out our pick for Best Cash Back Card of 2022įor months on end, Americans have struggled to make ends meet as inflation has soared.
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