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Click here to explore your options! Apply Today How to cope with inflation The cruel catch-22: Interest rates on credit cards are simultaneously rising due to several rate hikes from the Federal Reserve, which is taking action in an effort to tamp down inflation.Ī Personal Loan can help you mitigate losses and get back on track. To cope, Americans are turning to credit cards en masse. But now, Americans are left to fend off historically high inflation levels largely on their own.Īccording to Ryan Sweet, an economist at Moody’s Analytics, the typical household must spend $493 more per month to buy the same amount of goods or services as last year. While jobs are plentiful, soaring costs - for everything from gas, to new and used cars, to housing, to coffee and chicken - are obliterating household budgets.Įarlier in the pandemic, government stimulus money from direct payments, enhanced unemployment benefits and child tax credit advances helped Americans make it through the worst patches of the pandemic recession. In June 2022, prices for consumers jumped 9.1% year over year, the highest in 40 years. According to the Labor Department, the inflation rate in August 2020 was 1.3%.

Inflation, however, is a different story. Now, the unemployment rate is 3.6%, and the labor market is in a considerably better place. At the time, coming off months of COVID-19 lockdowns and layoffs, the unemployment rate was 8.4% - historically high but a far cry from the pandemic peak of 14.7% in April 2020. It later added questions about household spending and expenses in August 2020.

The polls track the public’s physical and mental health, finances, and employment, among other things. To get a sense of how Americans were faring throughout the pandemic, the Census Bureau began regularly conducting what it calls “household pulse” surveys in April 2020. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas Get Started

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