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San Fernando Valley Inflation Challenges Residents
San Fernando Valley Inflation
San Fernando Valley inflation and increasing interest rates in 2022 are creating challenges for local residents. Everything in the Valley costs more, causing pain in our wallets. Recently, inflation in the San Fernando Valley increased the most since 1980. Gas prices in the Valley are soaring to record highs. San Fernando Valley inflation has gas prices at $6.057 per gallon locally. San Fernando Valley housing values are up 26% over just a year ago, to a median home price of $945,000.
Increasing Credit Card Debt
With all the spending, Valley paychecks are being stretched and not going as far. To help with the shortfall, credit card spending is increasing. In the first quarter of 2022, household debt increased $266 billion, to a total of $15,84 billion. The average credit card late last year was over $5,000.
Rising Interest Rates
Worse, interest rates are increasing, meaning the average APR is now 16.7%. This will impact minimum balances and increase the credit card balances. Eventually, the credit card minimums will become unaffordable and families will struggle to pay them all.
Contact us
If you feel the water rising and stretched thin, contact an experienced attorney with decades of debt solutions. For a no-pressure consultation, contact us at 888-54-BKLAW now.
