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Though the worst of inflation has (we are told) hit its peak, the damage continues as many turned to credit cards to pay for even basic necessities. Transportation, food and housing spending saw the largest spikes, according to a report by Upgraded Points, which examined the states in which inflation was driving increased reliance on credit cards.
In Ohio, inflation meant 20.5% of adults increased their use of credit cards just to get by; 36.2% of adults said they relied on credit cards to meet spending needs; 93.6% said they were stressed about recent price increases; and 95.2% said they were concerned about future price increases.
"Although credit cards can help in the short term, they aren't without risk: carrying balances or paying them off slowly can lead to paying more in interest," reads the Upraded Points report.
Those Ohioans with the fewest resources for being able to bounce back will find themselves saddled with this credit card debt long after economists declare our economy healthy. They'll stay bogged down.
Sound personal fiscal strategies are a must for families, particularly those that were already struggling before inflation soared. Get your house in order now, or otherwise, the debt cycle may claim another generation.