The cost-of-living crisis is affecting many people in the United States, with many left worrying about the rise in inflation, the increased gas prices, and the fact they have not yet received their tax refund.
In our live blog this Monday, April 11, we will bring you the latest financial news and updates in the USA.
Gas Price surges affect you, even more, depending on where you live
In the current global climate, there is no way to escape paying more for gas, unless you are in one of the bordering states with Mexico where gas prices have been sustained due to government subsidies to keep the price from going up.
However, for the rest of the states, there seems to be a huge difference, to give you an idea, Alabama residents top the list of those spending more on gas, because they drive an average of more than 1000 miles a month due to the distances between areas, which means that they spend about 5% more of their salary on gas.
In contrast, residents from the state of New York spend less on gas because they have an extensive public transit system as an option to use their vehicles.
Mortgages may increase if banks get affected by the spike in Federal Reserve interest rates
At the start of the pandemic, the Federal Reserve Interests were lowered to zero to help the banks and the public, now they have been progressively increasing, in March, they raised them from 0.25% to 0.5%.
Mortgage rates are now getting close to 5% and may continue to rise at the same time as the long-term…
