Americans Continue to Struggle with High Prices and Surging Bills Despite Slowing Inflation
Despite a cooling inflation rate, many Americans are still struggling with high living costs and surging bills. Low-income families, in particular, are feeling the impact as necessities such as rent, groceries, and electricity continue to rise. A report from the Federal Reserve Bank of New York's Center for Microeconomic Data reveals that credit card debt in the US has surpassed $1 trillion, with many people using credit cards to cover expenses. This financial strain is evident as some individuals are already delinquent on their bills. While inflation rose by 3.2% in July, it is significantly lower than the previous year's rate of 8.5%.