Inflation watch: Americans struggle to pay bills with mounting prices

Inflation watch: Americans struggle to pay bills with mounting prices

The rising cost of living is causing more consumers to fall behind on their monthly bills.

It is reported that 32% of adults have paid a bill late in the last six months.

Close to 61% have reported not having money on hand to cover basic costs.

The financial squeeze stems from the rising cost of a number of basic goods like cars, rent, food, gasoline and health care.

The persistent inflation has weighed on consumers, leaving Americans living from paycheck to paycheck.

Americans are now relying more on credit cards, which, in turn, results in a higher monthly balance, making them financially vulnerable.

Financial experts recommend that Americans have at least 6 months’ worth of expenses set aside in an emergency fund.