Americans are charging groceries and bills to credit cards as inflation hits a three-year high

U.S. inflation has reached a three-year high, with the Consumer Price Index rising over 4% in May, making everyday expenses like food, energy, and housing increasingly unaffordable for many Americans. As a result, more people are relying on credit cards to cover basic costs, contributing to record household debt totaling $18.8 trillion, with the average household owing over $155,000. While mortgage debt is considered less problematic due to its role in building equity, experts warn that high-interest debt from credit cards, auto loans, and student loans can become a significant financial burden.