Consumer News: Report shows Americans are more in debt than ever, grocery prices expected to keep trending up and more
Consumer News with ABC Columbia is brought to you by Grow Financial.
CNN– If you got paid this week, you might want to consider either putting that money into savings, or paying off some debt. According to the Federal Reserve’s Consumer Credit Report, consumer credit jumped by nearly $42 billion in February, meaning Americans are more in debt than ever before. That’s a record high of $4.5 trillion. It’s not clear if people are actually buying more things, or if they are just paying more for items that got more expensive.
CNN– One of those things you’re paying more for is groceries. If you think you’re paying too much now, just wait. The Department of Agriculture says you can expect the price of food to continue skyrocketing. Prices are already up 9% this year, and the USDA says they could go up an additional 4%. Restaurant prices are forecast to rise even faster, up to 6.5%. Fresh vegetables are expected to see the smallest change to their current prices.
ABC NEWS– The climate for home buyers is tougher than ever, with many experts wondering if we’re on the brink of a housing bubble. ABC’s Rebecca Jarvis has the details.