Effingham, IL-(Effingham Radio)- New research shows millions of Americans are borrowing money or draining their savings to afford food.
According to the nonpartisan think tank Urban Institute, over 25 percent of working-age adults who relied on credit cards to buy groceries were either unable to pay their balance in full or missed their minimum payment. Research also found that about 20 percent of working-age adults said they dipped into long-term savings that weren’t intended for everyday expenses, such as an emergency fund, at least once in the last 12 months to pay for groceries.
The research highlights the financial strain many households face as the cost of living rises.
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