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Though the worst of inflation has (we are told) hit its peak across the country, the damage continues as many turned to credit cards to pay for even basic necessities while prices soared.
Transportation, food and beverage, and housing spending saw the largest spikes, according to a report by Upgraded Points, which examined the states in which inflation was driving increased reliance on credit cards.
Overall, Maine topped the list with 24.6 percent of adults saying they had increased their use of credit cards. Wisconsin was lowest, with 16.3 percent saying they fell into that category.
Our region falls in the middle of the pack, according to the Austin, Texas, based travel-related website.
West Virginia was 23rd, Ohio was 26th and Pennsylvania was 34th.
In West Virginia, 20.7 percent of adults increased their use of credit cards just to get by; 34.6 percent of adults said they relied on credit cards to meet spending needs; 95.7 percent said they were stressed about recent price increases; and 95.7 percent said they were concerned about future price increases.
In Ohio, inflation meant 20.5 percent of adults increased their use of credit cards just to get by; 36.2 percent of adults said they relied on credit cards to meet spending needs; 93.6 percent said they were stressed about recent price increases; and 95.2 percent said they were concerned about future price increases.
And, in Pennsylvania, 19.4 percent increased their use of credit cards just to get by; 35.7 percent said they relied on credit cards to meet spending needs; 94.8 percent said they were stressed about price increases; and 96.4 percent were concerned about future price increases.
(As an aside, you have to wonder what things are like for the 4 percent or so who aren't concerned about future increases.)
Many who turned to credit cards to get through this price surge may have believed they had no other choice. They'd cut spending as much as they could, but a person can cut only so deep when it comes to food, gasoline, rent/mortgage and utilities. Now come the consequences, as one-fifth of residents from across our region will have to figure out how to repay that credit card debt -- some of it at outrageous interest rates -- while dealing with prices that may have peaked, but haven't exactly plummeted, either.
"Although credit cards can help in the short term, they aren't without risk: Carrying balances or paying them off slowly can lead to paying more in interest," reads the Upgraded Points report.
Sadly, those who have the fewest resources for being able to bounce back will find themselves saddled with this credit card debt and limping along long after national economists declare our economy healthy and prosperous again.
They'll stay bogged down.
Sound personal fiscal strategies must pair with the knowledge that local and state officials are working their hardest to improve our education and employment outlook to increases in the number of quality, good-paying jobs available to help families out of this money mess.
Otherwise, the debt cycle may claim another generation.