Families have already spent an extra $450 because of higher gas and diesel prices since the Iran war began — and gas prices are still nearly 30% higher than before the war. Lorelei Salas warns Americans are falling deeper into debt just to afford essentials.
"What I can tell you is that American families have spent close to $450 already since the war in Iran started on additional higher gas prices, right? So the prices have gone down somewhat since the announcement of the ceasefire, but not quite enough. They're still almost 30% higher than since the war in Iran began. And we see that families are drawing from credit cards and or by now pay later products to be able to make ends meet. They're paying for their gas and for the groceries with credit cards, which is going to adapt to higher debt. Well, we just need to look at the amount of household debt that we're carrying. I believe it's about $18 trillion in household debt as of December 2025. The upsurge in use of these products like by now pay later and credit cards, it's showing that people, families in the U.S. are experiencing a lot of financial distress. Many of them can only afford to pay the minimum payment of the credit cards, which means that debt is here to stay for a long time."
💬 Discussion
Families have already spent an extra $450 because of higher gas and diesel prices since the Iran war began — and gas prices are still nearly 30% higher than before the war. Lorelei Salas warns Americans are falling deeper into debt just to afford essentials.
