Americans continue to spend like gangbusters as the rising cost for groceries, gas and other necessities point to a likely recession in the months ahead.
While the Texas and Florida economies thrived during much of COVID, most of the nation was locked down, which is now fueling demand amid lower supplies.
"We've been cooped up for two years and now it's time to get out and live again. People are more than willing to do so, but getting out there and going to a movie is more expensive than it was two years ago. Going out and taking the family out for a meal is more expensive," says Bruce McClary, spokesperson for the National Foundation for Credit Counseling.
He fears we're spending beyond our actual means.
"It's time to live lean, at least for the interim. Let's hope for some relief in the year ahead."
Lenders already are reporting defaults and late payments on credit cards, rent and mortgages.
"People, I think, need to look very closely at their budget. Look very closely at how spending is impacting their budget, especially when it comes to accumulating debt," says McClary.
"Be proactive and engineer your budget, so you're not putting yourself in a bind you can't get out of."
That brings us to the poll question.