High consumer prices are one thing. Inflation has taken its toll on most household finances. But add high interest rates on top of soaring consumer debt, and the financial pressure increases even more.... This article is reprinted by permission from NerdWallet.
In particular, the Fed noted that younger borrowers — in their 20s, 30s and 40s — were struggling to keep up with monthly payments: Financial issues take a mental toll A September 2022 survey conducted by AnalyticsIQ found that inflation had a moderate or greater financial impact on 76% of respondents. And worries were mounting, particularly among women.
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