(Patriot.Buzz) – Despite what Joe Biden claims to be economic successes, the Biden economy is to blame for the fact that Americans are drowning in credit card debt.
The average household now owes a staggering $10,757 on their credit cards, pushing the national total to a mind-boggling $1.29 trillion.
This financial crisis is a direct result of reckless government spending and policies that have crippled American families.
The latest report from WalletHub reveals the shocking truth about our nation’s credit card crisis. In just the third quarter of 2024, consumers added $21 billion to their credit card balances.
Credit card debt hit a record high in October 2024, exposing the harsh reality of life under Democrat leadership.
With inflation eating away at paychecks and interest rates soaring, families are forced to rely on credit just to put food on the table.
While the increase in debt has slowed compared to last year, Americans are still in dangerous territory.
Financial expert John Kiernan warned, “Even though that third-quarter increase was 31% smaller than last year’s and total debt is just 3% above where it was last year after adjusting for inflation, we are still in fairly dangerous territory.”
The Biden administration’s war on American energy independence and its unchecked spending have created a perfect storm of economic hardship.
Rising interest rates, skyrocketing inflation and unmoving wages are forcing families to make impossible choices.
Nearly half of Americans are still struggling with debt from last year’s holiday season, a clear sign that the American dream is slipping away under Democrat rule.
Holiday budgets are shrinking, with some households only able to scrape together $200 for Christmas while others struggle to maintain a $4,000 budget.
Analyst and WalletHub writer Chip Lupo explained:
“The record-high credit card debt in October 2024 reflects a 3% year-over-year increase after inflation adjustments, driven by rising interest rates, holiday spending and lingering economic pressures. While Q3 debt growth slowed compared to 2023, total debt remains high at $1.29 trillion, signaling potential challenges ahead for consumers.”
As we head into the holiday season, 68% of Americans expect to spend less due to inflation.
This is not just belt-tightening; it is a cry for help from a middle class being crushed by Democrat policies.
Copyright 2024, Patriot.Buzz
