For numerous Americans across the country, times are challenging. The prices of food, rent, mortgages, gasoline and other necessities are going up.
At this rate, economists have no idea when inflation rates are going to fall; however, they are forewarning that a recession could be heading towards the economy by the time mid-2023 arrives.
Inflation’s put many people in situations where they have to downsize, reconsider their spending habits, and otherwise make specific lifestyle changes.
Meanwhile, a growing number of Americans are actually borrowing money from other people.
More financial instability amongst the general public
The Census Bureau’s Household Pulse Survey sheds some insight into where many people’s finances stand at this time.
The survey reveals that 25.6 million Americans today are borrowing money from folks they’re close to. This comes as an increase from the 19.1 million who said the same back in 2021.
News of people having to rely on friends and family for financial support is in keeping with other economic data. Interest rates, for instance, have gone up. This creates a situation where loan acquisition and even using credit cards becomes more expensive.
