Pre-covid to now, median income has grown +7% but overall costs have increased by +16%. Consumers are combating the higher price of living & higher interest rates by driving less, buying store brands & taking on more debt.
Commentary
At the beginning of 2023, 69% of Americans reported financial concerns with their primary worry about the need to go into debt/increase debt to cover necessities followed by anxieties about paying higher interest on their existing debts, according to NerdWallet.
Source: https://www.nerdwallet.com/article/credit-cards/average-credit-card-debt-household
