Americans Can’t Pay Off Debts Due To Inflation

Inflation Is Forcing 26% of Americans to Stop Paying Off Debts

Given the way inflation has been wreaking havoc on consumers since mid-2021, it’s easy to see why some people may have racked up debt over the past year. Or, it could be that you had debt before inflation took hold, and that you’re still carrying a loan or credit card balance. The sooner you pay off your debt, the less money you’re apt to spend on interest. Plus, paying off credit card debt in particular could work wonders for your credit score. But in a recent Morgan Stanley report, 26% of Americans say they’re scaling back on paying down debt due to inflation. [The Motley Fool]