More and more Americans are putting needed purchases on their credit cards as Bidenflation destroys their paychecks and the result is that credit card debt has soared over the last year.
And that climbing debt is not just going up a little. It has soared to the highest year-over-year leap on record.
According to CNN Business:
During the third quarter, credit card balances hit a fresh high of $1.08 trillion, rising $48 billion from the prior quarter and leaping by a record $154 billion from the year before, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit released Tuesday.
The year-over-year increase is the largest since the New York Fed started tracking that data in 1999.
Household debt increased 1.3% to $17.29 trillion in the third quarter.
Naturally, with his massive spike in credit card debt comes a higher level of delinquencies as Americans struggle to pay their bills. Defaults of 90 days or more were at their highest rate since 2011.
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Some of this is likely that users don’t understand that these voracious credit card companies will jack you interest rate to wild highs at 25 percent and more if you miss payments and that causes even more hardship on the card holder.
But for the most part, this debt has skyrocketed because people felt they had no choice but to put necessities on credit. And now they are faced with higher bills they can’t pay.
Biden is literally making everyone poorer.
Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston
Cross-posted with iPatriot
Related:
- As Biden’s Economy Implodes, Credit Card Balances Increase At Fastest Pace In US History
- Credit Card Companies Target 2nd Amendment, Florida, DeSantis Give Them The ‘Disney’ Treatment
- Woke Retailers Seek Congressional Smash and Grab on your Credit Card
- JPMorgan Chase Wants Consumers To Pay For Goods And Services With Face Scans Rather Than Cash And Cards
- “The Banks Are Melting”, And Signs Of A Major Credit Contraction Are Already Starting To Emerge
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