ATLANTA — If consumers are using credit to survive the affordability crisis, they may need to put the cards away and return to cash only, according to Channel 2 consumer advisor Clark Howard.
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Howard says America’s affordability crisis is an issue that is not going away. Changing our habits can keep our personal budgets out of the red, advises Howard.
“The inflation cycle we’re in is not just gasoline. It’s feeding through so many things and it’s brutal right now,” Howard stated.
A recent Associated Press-NORC poll found that nearly half of Americans say grocery prices are major source of stress. Forty-one percent said they were concerned about being able to afford groceries over the next few months.
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One way to fight back is by purchasing store brands, according to Howard.
“The fact that we as consumers are gravitating to the store brands saving easily 30% without doing anything special. That’s making a difference in what our total grocery bill is,” Howard said.
Some Americans do not want to cut back. The Consumer Financial Protection Bureau found that more people are turning to credit to support their needs.
Buy now, pay later services are not viable long-term, advises Howard.
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