Statistics Say: Inflation Is Leading Millions Down a Path to Disaster. Here's How to Avoid That, and Set Yourself Up for a Comfortable Retirement.
Inflation has reared its ugly head in recent years, as evidenced by outsized Social Security cost-of-living adjustments (COLAs) of 5.9% in 2021 and a whopping 8.7% in 2022. By definition, that means many things have suddenly cost us a lot more than they used to, and it's leading to some unpleasant and even dangerous outcomes.
For example, fully 45% of respondents in a Debt.com survey reported that due to inflation, they were using credit cards to make ends meet. (Among millennials, that figure was a whopping 67%.) Even more alarming, 35% reported having maxed out their credit cards in recent years.
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Source Fool.com
