After a year of falling prices, inflation ticked up 3.2% in July. Meanwhile, core inflation, which excludes volatile food and energy costs, surged by 4.7% compared to the previous year. As a result, many Americans are finding it harder to meet their monthly expenses.
However, the news isn’t all bad, as worker wages are growing faster than consumer prices for the first time in two years, according to the Bureau of Labor Statistics. Still, after two years of persistent inflation, many households are struggling to cover their expenses, leading some to turn to credit cards to make ends meet. The total U.S. credit card debt is now over $1 trillion, with average interest rates over 22%, while rates on new cards appr…
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