‘I exhausted my savings’: Inflation has Americans turning to loans, credit cards to cope. Does it pose big risks?

‘I exhausted my savings’: Inflation has Americans turning to loans, credit cards to cope. Does it pose big risks?

Linda Hampton was already struggling to pay her credit card bills last year because of thousands of dollars in expenses from her notary business.

Then inflation began skyrocketing in mid-2021, especially gas, utility and grocery prices.

“I just started using my credit card for everything,” Hampton says, even for a combined electric, natural gas and water bill that has more than doubled since 2020 and hit $864 last month.