Consumer Debt Rises , in the United States.
CNN reports a record amount of Americans are racking up debt.
According to the U.S. Federal Reserve, consumer debt in March 2022 reached $52.4 billion, .
Which is an increase of 14% annually.
Even though hourly wages have risen 5.5% in the last year, .
Consumers currently experience the highest economic inflation in almost 40 years.
Per CNN, the average cost of food is now up almost 9% in the last year, .
And the average price of a gallon of gas hovers around $4.279.
As the Federal Reserve attempts to combat inflation, interest rates will rise even further.
Experts say debt in America is about to become even more expensive.
All of this newfound debt that Americans have is only going to get more and more expensive in the coming months.
, Matt Schulz, chief credit analyst for Lending Tree, via CNN.
An increase in credit card debt can be a sign of confidence, or it can be a sign of concern.
, Matt Schulz, chief credit analyst for Lending Tree, via CNN
