Record-setting credit card debt is here
Inflation is hitting Americans hard and for many, instead of cutting back on their purchases or saving money, they are turning to credit cards. In order to live the same pre-Biden lifestyle before gas, eggs, bacon, everything went up in price, they are letting the plastic do the talking.
But it’s DEFINITELY NOT Biden’s fault. And I’m sure that he will tell us that during his SOTU speech. We’re going to find out that the high prices are Trump’s fault and that Biden is doing a FANTASTICAL job fixing everything Trump screwed up and he’s helping Americans get ahead.
Meanwhile, in the real world, credit card debt in the United States has jumped 18.5% to a record $930.6 billion dollars according to a credit report from TransUnion. And the more that Americans put on credit, the more they will keep paying with the rising interest rates which average around 20% and will be going higher.
TransUnion also reported that the average balance on the cards rose to $5,805.
CNBC discusses a Bankrate calculation about that balance and says, “At nearly 20%, if you made minimum payments toward this average credit card balance, it would take you more than 17 years to pay off the debt and cost you more than $8,213 in interest.”
And people aren’t just paying for Doritos and iPads and video games. They’re buying food and gas on credit to get by during the Biden-Harris economy.
Michele Raneri, vice president of U.S. research and consulting at TransUnion, says, “Whether it’s shopping for a new car or buying eggs in the grocery store, consumers continue to be impacted in ways big and small by both high inflation and the interest rate hikes implemented by the Federal Reserve.”
While we’re being “impacted” by reality, Biden, the Democrats and worthless/clueless Transportation Secretary Pete Buttigieg try to convince us that we have an “extraordinary” economy.
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