Americans are taking loans to afford basic necessities - as groceries prices have surged by 25%.
  • came_apart_at_Kmart [he/him, comrade/them]@hexbear.netEnglish
    161·
    5 months ago

    “We’re on the right track,” says Sarah Foster, who follows the economy for Bankrate.com. “Wage growth has slowed, price growth has slowed but, you know, prices are slowing at a much faster rate than wages.”

    good god, what a tortured statistic to hang your hat on. prices are going up, but slower. wages are going up, but slower. and the rate of slowing for prices is faster than the rate of slowing for wages, on average. so, it’s a good “direction” we’re moving in, on average. of course, it’s awesome that they pull a quote from an advertiser for insurance products and personal lines of credit.

    how about: interest rates are insane and basically everybody is accessing unsecured lines of credit to cover ballooning rents/costs of living, so the juice they are paying just to stay fed and in a shelter is going to hit them like a hammer.

      • came_apart_at_Kmart [he/him, comrade/them]@hexbear.netEnglish
        8·
        5 months ago

        yeah that lady’s situation is super depressing. payday loan places should be banned outright and small, short term lines of credit should be issued by the postal service at like cost. but the short term loan industry lobby is apparently one of the most potent forces on the hill, so I guess we’re gonna have to loot them all, nationalize their holdings, and burn down their houses before roasting their bodies in the ashes because they made reform impossible.

        so sad.