According to the Census Bureau’s most recent Household Pulse survey, about 36% of Americans said it has been “very difficult” to pay their regular bills in the last weeks of February.
According to the agency, most Those surveyed affirmed that the severe blow to purchasing power is due to the persistent inflation that is shaking the country. The figure presented in the latest report is 25% more than last year.
The first week of March, the Gallup pollster also published an analysis in which it was determined that half of those surveyed claimed to be “worse off” financially than a year ago.
Bankrate chief financial analyst Greg McBride noted last month that “inflation has destroyed household budgets in the last two years and not just when it comes to one-time discretionary expenses or special occasions, but also to keep up with bills,” she said.
Indeed, in recent months Americans have reduced their spending and changed their consumption habits. According to the latest calculations by Moody’s Analytics this is due to to the increase in the prices of food, basic services, rentals, among others. The average household spends $390 more each month compared to 2022.
For this reason, more than 36% of citizens in the United States have increased debt on their credit cards, in addition to withdraw money from your emergency savings to cover your expenses according to the financial company Bankrate.
“Inflation is not an enemy that consumers can endure indefinitely,” said Neil Saunders, managing director of GlobalData. Therefore, some are even choosing to use cheaper brands, buy less food, he said.
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Source: La Opinion