Consumer Debt Rises , in the United States.<br />CNN reports a record amount of <br />Americans are racking up debt.<br />According to the U.S. Federal Reserve, consumer debt in March 2022 reached $52.4 billion, .<br />which is an increase of 14% annually.<br />Even though hourly wages have <br />risen 5.5% in the last year, .<br />consumers currently experience the highest economic inflation in almost 40 years.<br />Per CNN, the average cost of food is <br />now up almost 9% in the last year, .<br />and the average price of a gallon <br />of gas hovers around $4.279.<br />As the Federal Reserve attempts to combat inflation, interest rates will rise even further.<br />Experts say debt in America is about to become even more expensive.<br />All of this newfound debt that Americans have is only going <br />to get more and more expensive <br />in the coming months. , Matt Schulz, chief credit analyst for Lending Tree, via CNN.<br />An increase in credit card debt can be a sign of confidence, <br />or it can be a sign of concern. , Matt Schulz, chief credit analyst for Lending Tree, via CNN
