KTRH Local Houston and Texas News

KTRH Local Houston and Texas News

KTRH-AM covering local news from Houston and across Texas.

 

Over Half Of Americans Are Dipping Into Savings To Cover Expenses


As the Biden-flation continues to steamroll American families, new numbers show that more than half of American's are now dipping into their savings, and using credit cards to make ends meet.

"It's only going to get worse" said financial planner Richard Rosso, "The personal savings rate which is tracked by the Fed was 34% in April of 2020. You're now seeing the personal savings rate at roughly 4%, as of April."

Savings accounts are being depleted, and credit card bills are piling up, with $842 billion dollars charged here in the U.S. in just the first 3 months of this year, which is new record high.

"This is just like a double gut" Rosso told KTRH, "The inflation itself, and the cost of living has gone up so much, people are really soul searching right now. There are a lot of people that are making changes right now to their retirement plans."

And it figures to remain this way until things turn around, if and when they do.

debt usa

Photo: Getty Images


Sponsored Content

Sponsored Content