Inflation is Making it Harder for Americans to Pay Their Monthly Bills
Because of mass inflation, Americans are having a harder time paying for basic necessities.
According to a CNBC report, 32% of adults paid a late bill in the past 6 months. CNBC cited data from LendingTree, which noted that 61% of respondents indicated that they couldn’t make the monthly payments due to not having “the money on hand to cover the cost.”
Roughly 40% of respondents said they are not as capable of paying their bill compared to 2021. The majority said they did not make a payment on cable, credit card payment, internet or a utility bill.
The consumer price index (CPI), an index that measures the average fluctuation in prices for consumer goods and services, grew by 8.3% in August, a figure that was higher than projected. This rise in CPI was largely driven by increases in food, healthcare, and shelter costs.
Real average hourly earnings also decreased by 2.8% compared to a year ago.
Individuals who struggle to afford their daily lifestyle are usually relying more on credit cards and are carrying an alarmingly high monthly balance.
That’s modern-day America for you. People, both in the private and public sector, can no longer exercise fiscal discipline. The result is a population that is increasingly on the path to bankruptcy.
If we want a financially stable society, it starts from the top. Our politicians must reduce spending and adopt sound money to ensure that we have a stable economic environment.