Economics
Inflation Forces Budget-Squeezed Americans to Ask Family and Friends for Loans
- Black households see biggest jumps in informal borrowing
- Areas with highest inflation rates also see larger increases
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Millions more Americans are borrowing money from family and friends than they were a year ago, a sign that household budgets are coming under strain as prices surge.
Some 25.6 million people -- more than 10% of all adults -- relied on loans from those close to them to meet spending needs, according to the Census Bureau’s latest Household Pulse survey of finances, which covered the period from March 30 to April 11. That figure was up from 19.1 million a year earlier, when the question was first asked.