Economic Turmoil Persists for Americans in 2024 amid High Inflation, Rising Debt Burdens
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Americans struggled financially in 2023 amid high inflation, declining real wages, and rising interest rates that drained savings and increased debt burdens.
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Experts predict continued economic hardship for average Americans in 2024, with mixed forecasts on whether a recession will hit and expectations that high inflation and interest rates will persist.
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Savings rates dropped steeply through 2023 while credit card debt exceeded $1 trillion for the first time, signaling consumers are struggling with affordability.
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Housing prices hit record highs in 2023 while mortgage rates rose to their highest level since 2000, hammering affordability.
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There are concerns 2024 could bring a repeat of 1970s-style stagflation, with experts warning past monetary sins will catch up to the economy.