Bankers warn of toll on US consumers from prolonged inflation

NEW YORK, Sept 22 — Higher interest rates and grinding inflation are likely to begin taking a higher toll on US consumers who have so far mostly managed to remain in healthy financial shape, bank CEOs told a congressional panel Wednesday.

Fraser warned of “greater stress” for consumers with low credit ratings, predicting a drop in savings rates and “tougher times ahead” in general. “The things that people are spending money on have changed substantially from discretionary to non-discretionary items like food and gas,” Cecere told the panel.

Source: Loan Digest (loandigest.net)

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