Consumer confidence in the US has hit a 28-year low, according to statistics from a Reuters-University of Michigan study.

The figure of 56.7 percent in June dropped from last month's 59.8 percent and is the lowest-recorded confidence level since May 1980's 51.7 percent - the lowest ever mark.

This news comes as no real surprise, with American citizens dealing with spiraling fuel costs, higher-than-average gas prices and lower weekly earnings.

Indeed, Department of Labor research released today shows that the price of gas has risen 5.7 percent in recent times. Food prices have also reportedly been on the up, which will not be welcomed by US citizens already in debt.

America's total debt is said to be more than $53 trillion and is rising each year.

Earlier this week, an Associated Press-AOL poll claimed that people in debt are more likely to suffer from a variety of ailments than people who are financially secure.

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