More Americans using credit or savings to pay for groceries — Transcript
Full transcript
- 0:00Despite the easing of inflation, new
- 0:02research shows more people in the US are
- 0:04using credit or dipping into their
- 0:06savings to pay for groceries. NPR's
- 0:09Jennifer Ludden says food prices have
- 0:11jumped 30% over the last 5 years.
- 0:14>> More than a quarter of working-age
- 0:16adults who used a credit card for food
- 0:19did not repay the full amount. That's
- 0:21according to new research by the Urban
- 0:22Institute think tank, which finds an
- 0:25uptick in such financial stress since
- 0:272023. Nearly 20% said they tapped
- 0:30long-term savings not meant for daily
- 0:32expenses to pay for groceries. A third
- 0:34who used buy now, pay later missed a
- 0:37payment in the last year. The survey was
- 0:39done in December before the Iran war
- 0:42sent gas prices up and further strained
- 0:44many people's budgets. Over the past
- 0:46year, expanded work requirements for
- 0:49federal food aid have also taken hold.
- 0:51Enrollment in that program has dropped
- 0:53by several million people. Jennifer
- 0:55Ludden, NPR News, Washington.
- 0:58>> I'm Dave Mattingly, NPR News in
- 1:00Washington.
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