ATLANTA — Many people are feeling stressed about prices and the economy.
Channel 2′s Linda Stouffer spoke with Ted Rossman, senior industry analyst with Bankrate after new research shows people are cutting back on some spending to save money.
“The prices are going up right now it’s just crazy,” shopper Jessica Cotto said.
Years of inflation are adding up for shoppers in southeast Atlanta.
“The simplest things like milk, eggs, bread, cheese are gonna run you about $50 now, which is crazy,” Cotto said.
This week the price of eggs in the U.S. reached a new record high - an average of $6 to $23 per dozen.
Now a new University of Michigan survey shows American consumer sentiment down, dropping four straight months to 50.8. That’s the second lowest reading dating back to 1952.
The impact on consumers of higher prices, that’s really significant,” Rossman said. “The Yale Budget Lab estimates that tariffs could add $4,000 to an American household’s average annual cost.”
Rossman said with record amounts of American consumer debt, tackle your interest rates.
“My favorite is to get a 0% balance transfer credit card,” Rossman said. “You move your existing high-cost debt over to a new card that won’t charge interest for close to two years. Let’s not get too caught up in the headlines. It’s important to keep contributing to that 401k. It’s also a good reminder, though, of the importance of having an emergency fund.”
Mark Euler is noticing higher restaurant bills.
“Most of the time it used to be $15 unless you’re getting something to drink and now it’s more like $25,” he said.
In that consumer sentiment survey, people said they’re worried about the trade war and their own finances.
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