What is inflation and how does it impact my credit?

Inflation is top of mind for many people. According to our Q2 2022 Consumer Pulse survey, almost all consumers (95%) are worried about inflation. Inflation can have a direct, financial impact to households and can indirectly affect your credit.

Here’s what inflation is, how it can impact your finances and credit and how to prepare for rising costs of goods:

What is inflation?

In a general sense, inflation is when the cost of goods and services rise over time. If inflation rises suddenly and your income has not risen as well by the same or a greater percentage, it can cause financial strain. This is especially true if the cost of important household goods you use frequently, like groceries and gas, has increased.

 

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