Inflation-conscious shoppers are worried back-to-school shopping will further strain their wallets and are turning to different money-saving tactics to get by.
earning between $50,000-$99,999 annually, Bankrate senior industry analyst Ted Rossman told FOX Business.
"Lower-income households have been struggling with back-to-school expenses and other financial issues for a while. It’s harder because of inflation, but it’s a trend they’re familiar with, unfortunately," Rossman said. However, middle-income households are getting squeezed financially like never before as costs rise across the board. These increases — from gas and groceries to mortgage rates and rent — make back-to-school shopping "especially uncomfortable for many this year," Rossman added.
The data showed that middle-income households are more likely to get more used or secondhand items, reuse old items and even seek out more coupons, discounts or sales compared to lower and higher-income households. , though, should be cautious due to rising interest rates, Rossman added. According to Bankrate, credit cards are already charging an average of 17.42%. Soon, credit card interest rates could eclipse the all-time record of 17.87%.
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