Most Americans have ‘little to no savings and nearly HALF are falling deeper into debt because of rising inflation’: Economists put chance of recession at 47 percent over the next 12 months

• 
  A LendingTree survey of 1,008 Americans in July found that 43 percent of consumers will take on additional debt in the next six months
• Another poll from Bankrate found 51 percent of Americans had little to no savings or emergency funds lined up 
• More than a third also reported having less savings than they did in 2021
• It comes as inflation, which hit a 41-year high last month at 9.1 percent, has eaten away at people’s savings with the soaring costs of goods and services
• The troubles are expected to be compounded as economists said there was nearly a 50 percent chance of a recession will hit in the next 12 months 

By RONNY REYES FOR DAILYMAIL.COM

More than half of Americans have little to no savings lined up and are expected to fall deeper into debt over rising inflation as they are unable to set aside savings or emergency funds. 

A nationwide Bankrate poll of 1,025 adults found 51 percent of Americans said they had little to no savings or emergency funds lined up.

And while less than half have savings lined up, a LendingTree survey of 1,008 consumers in July found that 43 percent of Americans will take on additional debt in the next six months in order to make ends meet, with more than half of that number represented by parents with young children.

It comes as the country saw inflation hit its highest mark in 41 years last month with prices for goods and services soaring, all while economists say there’s a 47 percent chance a recession will hit within the next year. 

A Bankrate survey of 1,025 consumers in June found 51 percent said they had little to no savings or emergency funds lined up as debt is expected to grow and a recession is forecasted

It comes as inflation hit a 41-year record high of 9.1 percent in June 

More than a third of those who responded to the Bankrate survey said they now have less savings than they did last year, with only 24 percent saying they had more

According to the LendingTree survey, more than three in five Americans are already dealing with debt, with credit cards expected to be the most common reason why nearly half will sink further into the red.

LendingTree found that of those in debt, 70 percent had credit card debt, 33 percent had auto loans, 29 percent had mortgages and 20 percent had student loans.  

Breaking down the debtors by age groups, the survey predicted 55 percent of Gen Zers and 56 percent of millennials would fall into further debt. Older American’s faired a bit better, with 41 percent of Gen Xers and 21 percent of Baby Boomers expected to fall into debt. 

The rise in debt will likely take a toll on consumer’s savings, which for a third of Americans is already lower than it was last year. ….More Here

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