Consumer News: Household debt sees big jump in 2021, Economists expect grocery prices to keep rising and more

Consumer News with ABC Columbia is brought to you by Grow Financial.

CNN– A spending spree in 2021 triggered a $1 trillion jump in household debt in 2021. That’s the biggest annual increase since 2007. A New York Fed study found mortgage debt and auto loans to be the biggest drivers to the increase. Home loans hit record highs last year as buyers raced to lock in low interest rates ahead of an expected increase this year. Home and car prices were also higher amid increased demand.

CNN– Prepare to open your wallets even more at the grocery store. Economists at Goldman Sachs say they think food prices at grocery store will go up 5-6% this year. That’s after they’ve already jumped 6.5% in December from the previous year. It’s all helped contribute to the highest overall rate of inflation the U.S. has seen in 39 years.

CNN– Frontier Airlines has announced it plans to buy Spirit Airlines for a reported nearly $3 billion. The deal would create the nation’s fifth-largest carrier. According to the companies, the combined airline would be more competitive against its larger rivals and give travelers more options. Jenn Sullivan tells us how experts say the deal could really impact flyers.