Evictions may be rising as inflation impacts rents
Inflation is now at forty-year highs. Costs of everything, most importantly necessities, are soaring. As you would expect, this is causing many Americans to turn to credit card usage to pay for essential monthly expenses such as fuel, utilities, and food.
“Credit card debt is definitely trending up,” said Matt Schulz, LendingTree chief credit analyst. Reports indicate that credit card balances have increased by $52 billion in the fourth quarter of last year — the largest quarterly increase ever on record.
According to the Federal Reserve Bank, total consumer credit use has jumped by $52 billion in March alone. In April, Equifax says, credit card balances grew by more than 14% from the year before.
If you find yourself over extended on credit cards, payday loans, or other debts, it may be time to consult with a qualified bankruptcy attorney. Inflation appears to only be worsening.