Consumer credit is on the rise—what it means for your borrowers
As we kick off 2022, pandemic blues are still very much part of our daily lives and many Americans are contributing to the economic recovery by spending their feelings. They’re buying more cars (or trying to, with current semiconductor shortages), finally taking COVID-rescheduled vacations, and returning to retail shops and movie theaters.
With inflation skyrocketing to 7.0% in 2021—the highest rate since 1982—people are also just spending more because the cost of virtually everything is rising. According to Forbes, inflation has driven some of the highest price hikes this year on the following items:
- Meats, poultry, fish, and eggs:5% increase
- Fruits and vegetables:5% increase
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