According to the experts at Kiplinger’s Personal Finance Magazine, it's cutting across all segments of society.
"I think average people who live fairly comfortably and never had to worry about the quote budget before are now finding out and that suddenly they may not have any money left at the end of the month. And for the first time they are thinking, whoa, maybe I need to cut back on spending," said Mary Beth Franklin, of Kiplinger’s.
If the bills are mounting and the panic is swelling, here's what the experts want you to pay first.
"Well, you are legally required to pay all your bills, but there is a hierarchy. Think of your family's safety, in terms of health insurance. Roof over their head, your mortgage or rent, food, utilities. Those are top priorities. If you need a car for work, pay that lease bill or pay the car loan or whatever. But after that, start looking carefully," Franklin suggested.
Pay your taxes and student loans, and then tackle credit card debt.
That means stop using your credit cards.
Pay down the card with the highest interest rate first and pay at least the minimum balance on all other cards.
Stretch your food dollars further by going back to the basics.
Scan grocery circulars, clip coupons and shop with, and stick to a grocery list.
Skip pre-packaged convenience items and consider brown bagging at work.
To get your financial life back on track, the experts say comb through your budget and cut out the waste.
Cut your entertainment expenses with this novel idea: bypass the bookstore and hit the library for free books and movies.
Check your telecommunications bills line-by-line.
Call each provider and try negotiating a better, cheaper deal.
"Really evaluate how you are spending your money, and when you start plugging the leaks in your budget, you can actually end up with a boat load of cash," said Franklin.