More than half of all U.S. adults currently live paycheck to paycheck, according to a new report.
Central bank officials have already raised rates 11 times, pushing the Fed's key interest rate to a target range of 5.25% to 5.5%, the highest level in more than 22 years.
Already, four out of five consumers' spending habits have been affected by inflation, according to TD Bank's annual"Consumers are undoubtedly continuing to feel the impact of inflation and rising interest rates," said Chris Fred, TD Bank's head of credit cards and unsecured lending. Lower-income workers have been the hardest hit by higher prices, particularly for food and other necessities, since those expenses account for a
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