Inflation cited by 78% of Americans as primary cause of rising debt

A study by Accredited Debt Relief indicates that 78% of survey respondents across all generations identify inflation as the primary reason for increased debt. While individual spending habits, medical bills, and job losses contribute to debt, rising costs are placing significant pressure on household budgets.

Data from the Bureau of Labor Statistics shows the Consumer Price Index increased 3.4% in the 12 months ending in August 2026, with food prices rising 2.7% and shelter costs increasing 3.0%. During the same period, real average hourly earnings declined by 0.3% after adjusting for inflation. Additionally, a Federal Reserve survey found that 58% of adults reported that price changes have worsened their financial situation.