Many Americans struggle to save or pay down debt due to the cost of living creep. (iStock)
The cost of living has risen to the point that most Americans are feeling the pressure. An astounding 80% of Americans have experienced a cost of living creep in the last few years, a Credit Karma study found.
This cost of living creep means that consumers are spending more money to afford the same amount of goods or services as they did in the past. About 66% of those surveyed said the rising cost of living is holding them back from meeting their financial goals.
A lack of rising incomes and high interest rates are two of the biggest factors contributing to this cost of living creep. Almost 60% of people believe their incomes won’t ever catch up with the current cost of living. Even those who have seen their incomes rise can’t keep up with increased costs.
Paying down debt, saving for…
