As costs rise due to inflation, nearly half of all Americans become further in debt.
Americans are struggling to keep up with expenses in an economy that has produced the highest inflation rate since 1981.
According to several recent studies, people are now putting less money aside for emergencies or long-term financial goals.
Almost 40% of consumers are unable to save any money at all, and nearly 19% have had to reduce their savings rate.
In the 2nd quarter of 2022, 48% of consumers said rising prices for basic necessities had an impact on their family's lifestyle, up from 39% in the 1st quarter.
To make ends meet, 43% of Americans, particularly young adults, expect to add to their debt in the next six months.
The Report Found, the majority will rely on credit card debt to bridge the gap between what they need and what they can afford.
Already, the rise in borrowing, combined with auto loans, student debt, pushed total household debt to a record of $15.84 trillion at the start of the year.