Inflation begins to strain finances of young, low-income Americans

Published by
Reuters

By Elizabeth Dilts Marshall NEW YORK (Reuters) – As high inflation forces Americans to spend more on gas and bills, young and low-income consumers are starting to feel financial pressure. Generation Z consumers and those with low credit scores are falling behind on credit card and auto loan bills and accumulating credit card debt at a pace not seen since before the pandemic. For instance, credit card balances for people ages 25 and younger rose by 30% in the second quarter from a year earlier, compared with an increase of just 11% among the broader population, according to a random sampling of…

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