A recent CNN poll has found that almost 40% of American adults are concerned about keeping up with their bills. This comes at a time when reports indicate that Americans are carrying a record amount of household debt, with total household debt reaching $17.69 trillion in the first three months of 2024.
Many Americans are feeling the pressure of rising costs, with Ohio resident Angela Russell stating that everything from groceries to clothing and insurance has gone up in price. As a result, many individuals are making drastic readjustments in their daily lives, such as cutting back on leisure activities and relying on resources like libraries instead of purchasing items.
Chief financial analyst at Bankrate, Greg McBride, highlighted the impact of inflation on household budgets, noting that while the national economy may be growing, the cumulative effect of inflation over several years has put a strain on families. McBride emphasized that even if incomes have kept up with prices, many individuals are just treading water and struggling to make ends meet.
Additionally, a survey from May revealed that more than a quarter of Americans have resorted to skipping meals to avoid paying inflated grocery prices. This trend is supported by a study from Qualtrics on behalf of Intuit Credit Karma, which found that 80% of Americans have experienced a notable increase in grocery costs in recent years.
Overall, the data suggests that a significant portion of American adults are facing financial challenges, with rising costs leading to concerns about paying bills and making ends meet. As inflation continues to impact household budgets, many individuals are finding it difficult to keep up with the rising cost of living.