More Americans are financing their groceries

This is so sad, unnecessary and scary at the same time.

Higher grocery prices are increasingly pushing US households to rely on debt for everyday necessities. 

According to new research from the Urban Institute:

• More than 1 in 4 working-age adults who used a credit card for groceries struggled to repay the balance in full.

• Nearly 1 in 10 used Buy Now, Pay Later loans for food, and around one-third missed a payment.

• About 1 in 20 turned to payday loans just to buy groceries.

• Grocery prices are now ~32% higher than before the pandemic and 2.7% higher than a year ago.

• Around 20% of working-age adults tapped into their long-term savings to cover food expenses.

The trend highlights how persistent inflation in essential goods is putting pressure on household finances, with many consumers increasingly relying on credit to cover basic living costs.

Source: yahoo!finance