“Nearly half of all Americans are falling deeper in debt as inflation continues to boost costs”

“In an economy that has produced the highest inflation rate since 1981, Americans are struggling to keep up with expenses and are putting less money aside for emergencies or long-term financial goals, several recent studies show.

Nearly 40% of consumers cannot put any money at all into savings, according to a recent analysis of household financial health and readiness by the American Consumer Credit Counseling, while about 19% said they had to reduce their savings rate…”

https://www.cnbc.com/2022/07/26/nearly-half-of-americans-fall-deeper-in-debt-as-inflation-boosts-costs.html