What To Do If You’re Relying on Credit Cards for Groceries

Core Insights - Rising costs are forcing consumers to increasingly rely on credit cards for grocery purchases, with 52% of consumers now using credit cards for this essential expense [2][4] - The trend is particularly notable among younger generations, with 44% of Gen Z indicating they use credit cards to support their financial well-being [2] - The average credit card debt for families is over $14,000, and rising interest rates are exacerbating the difficulty in managing these balances [4] Consumer Behavior - Many families are financially stretched, leading them to use credit cards for everyday essentials like groceries [4] - This reliance on credit can drain savings and create stress, hindering long-term financial goals such as home ownership or college savings [5] - Recognizing the habit of using credit for groceries is crucial for families to reassess their spending and income [5] Financial Management Strategies - Tracking food-related expenses for 30 days can help households set a realistic grocery budget based on their income and expenses [6] - Modern budgeting tools and apps can reveal hidden spending patterns and create accountability, reducing anxiety around finances [7] - Categorizing spending and setting alerts for budget limits can help consumers manage their finances more effectively [7]