Meet Ur Planet

Main Menu

  • Home
  • Plane boarding
  • Tourist guide
  • Hotel accommodation
  • Travel booking
  • Vacation rentals

Meet Ur Planet

Header Banner

Meet Ur Planet

  • Home
  • Plane boarding
  • Tourist guide
  • Hotel accommodation
  • Travel booking
  • Vacation rentals
Vacation rentals
Home›Vacation rentals›The pace of inflation is slowing but still hot

The pace of inflation is slowing but still hot

By Meg P. Sousa
May 11, 2022
0
0

Photo (c) Darren415 – Getty Images

Consumers continued to face higher prices across the board in April. The Department of Labor reports that its consumer price index (CPI) rose 0.3% from March to April and 8.3% over the past 12 months.

Although still elevated, April’s inflation rate was down from March’s 1.3% increase and 8.5% annual inflation rate.

Consumers paid more for housing last month, with the cost rising 0.5% from March and 5% over the past 12 months. The cost of food was also higher. Gasoline prices are actually down 6.1% from March, but as all motorists know, they are back in May.

For consumers on fixed incomes or those who live paycheck to paycheck, the skyrocketing cost of living can create significant challenges. Many personal finance advisers worry that rising prices will drive some people to take out payday loans to try to make ends meet.

“Inflation makes it much more expensive to buy everyday items like gas and groceries, and for consumers who are already struggling to make ends meet, payday loans can seem like the way to stay afloat”, Annie Millerbernd, NerdWallet’s personal loan expert, told ConsumerAffairs. “But we know that payday lenders build their business on people who have to borrow again and again because they can’t repay that first loan.”

To counter the repeat borrowing cycle, 16 of the 26 states that allow payday loans have passed reforms that require lenders to offer borrowers free extended payment plans. But one recent report by the Consumer Financial Protection Bureau (CFPB) found that many borrowers continue to pay high rollover fees even with this protection.

Other options

Before going to a payday lender, Millerbernd says consumers should explore all other options.

“If a friend or family member can lend you some extra money, that’s a much safer choice,” she said. “You can also try local nonprofits or charities, which can help you with essentials like food.”

If you need to borrow to make ends meet, Millerbernd suggests considering a loan that can be repaid in installments rather than all at once. Personal loans are generally a better option as they carry lower interest rates and the loans can be repaid in fixed installments over time.

“Buy now, pay later loans can be a way to pay for some of those regular expenses without a credit check, just make sure you have a plan to pay it off on time,” Millerbernd said.

Related posts:

  1. MANDEL: The killer is sentenced to life without the possibility of parole for 18 years
  2. Family of 4 living on £1 a day saves £43,000 after running into huge debt
  3. Government changes controversial lending rules
  4. Payment Processor That Helped Fake Bilk Discount Clubs Consumers to Pay $2.3M in FTC Case

Categories

  • Hotel accommodation
  • Plane boarding
  • Tourist guide
  • Travel booking
  • Vacation rentals

Recent Posts

  • Ice Poseidon explains his side of the infamous plane crash that led to Twitch’s ban
  • Beware of Claims of Financial Inclusion Amid Cryptocurrency
  • Why the middle seat passenger should have both armrests on the plane
  • Flip-flops and other clothing items that could get you banned from flying
  • Virginia Court Approved $489 Million in Aid for Victims of Illegal Internet Payday Loans

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • March 2018
  • February 2018
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • January 2017
  • December 2016
  • September 2016
  • April 2016
  • March 2016
  • February 2016
  • November 2015
  • October 2015
  • August 2015
  • July 2015
  • June 2015
  • April 2015
  • June 2014
  • April 2014
  • March 2014
  • August 2013
  • July 2013
  • April 2013
  • September 2012
  • March 2012
  • February 2011
  • June 2009
  • Privacy Policy
  • Terms and Conditions