Survey reveals Americans are skipping meals just to deal with inflation
PHOENIX (3TV/CBS 5) — Inflation has been the highest since 1981, causing consumers to make tough financial decisions. And some of those decisions might be surprising. For example, a survey by DebtHammer.org reveals that 10% of people are skipping meals to cut back on food spending. “I mean it makes sense. I mean, people are saying we skip breakfast now,” Jake Hill said. He’s the CEO of Debt Hammer.
Hill says that families are skipping meals to cut grocery costs, and his survey found that 9% of families have turned to food banks for help. In addition, 35% of people surveyed say they have fallen three or more months behind on at least one bill, including credit cards, rent and mortgages because their money is going to other things. “Your rent is going up. Groceries are going up and gas is going up. The only thing that hasn’t gone up is wages,” said Hill.
And stagnant wages are a huge contributing problem. Debt Hammer’s survey indicates that 43% of people are making the same amount of money. And remember, inflation jumped 8%, so even if you were lucky enough to get a raise, you’re probably still making less money. “Because if you’re employer gave you a 3% raise, you took a 5% pay cut,” Hill said.
If you’re looking for ways to deal with inflation, experts say consider trying to drive less. And get rid of your home phone, home subscriptions or anything else you really don’t need to be paying for right now.
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