In the past year, the cost of everything has gone up, leaving many of us to do a double take at the price of gas, groceries and other living expenses and we can thank inflation for that.
Its not just the price of goods and services thats on the rise. Theres also a correlation between inflation and debt.
The relationship between debt and inflation
Inflation can negatively affect your debt because it often is accompanied by a rise in interest rates. With fluctuating rates, credit cards and other debt are likely to become more expensive as federal interest rates increase.
And if your wages remain unchanged during inflation and your cost of living increases, this equates to having less money to pay down debt. That could cause you …
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