The Perils of Inflation and Overspending

Inflation is expected to ease through 2024, but half of Americans feel worse off financially compared to a year ago, with rising prices being a major concern. While inflation has slowed, prices for essentials like bread and chicken have continued to rise, and gas prices remain high. Homeownership and renting have become more difficult, with mortgage rates at their highest in two decades and the national median rent price increasing from $1,500 to $1,900 since January 2020. Americans have also accumulated $1.8 trillion in credit card debt, with more people falling behind on payments.