Planet Money
Grocery prices, credit card debt, and your 401K (Two Indicators)
Apr 17, 2024
Consumers are feeling the pinch as grocery prices have skyrocketed by 25% since early 2020, leaving wallets lighter and nerves frayed. The post-pandemic financial landscape reveals soaring credit card debt, especially among younger and low-income households. Explore the historical grocery laws aimed at stamping out unfair pricing and see how they're making a comeback. Smaller grocery suppliers face tough competition against giants like Walmart, leading to creative co-op strategies to survive the price wars. Can old laws bring relief in today’s market?
17:41
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Quick takeaways
- Credit card delinquency rates rising post-pandemic indicate increased financial distress for consumers.
- Falling sales at Family Dollar reflect challenges faced by lower-income households due to reduced SNAP benefits.
Deep dives
Economic Pressures on Consumers: Credit Card Delinquencies
Credit card delinquency rates have been rising, with over 6% of credit card balances falling into serious delinquency. This increase is evident after a decline during the early pandemic period, indicating elevated financial distress. The Federal Reserve's interest rate hikes contributed to higher credit card rates, exacerbating difficulties for those with delinquent accounts. The situation is particularly concerning for younger and lower-income households, reflecting increased financial strain.
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