American Debt Reaches All Time High
This is not good for the middle class.
In a surprising new discovery it has been learned that Americans are drowning in credit card debt thanks to inflation primary caused by President Biden and the Democrats.
According to Fox, in just the last 3 months of last year, credit card balances rose by an incredible $61 billion coming out to a whopping grand total of $986 billion nationwide. The previous record high was $927 billion just before the COVID-19 pandemic started.
U.S. household debt increased to a record $16.9 trillion in the final quarter of last year as well.
It shocking to see credit card usage and debt increase across the country since interest rates are currently very high.
Analyst for Bankrate Ted Rossman explained, “It’s triple trouble for credit card borrowers. Balances are up, rates are up and more people are carrying credit card debt.”
At the end of 2022 an astounding 18.3 million borrowers were behind on their regular credit card payments. President Biden and the Democrats are struggling to get economic problems under control however middle class Americans themselves now are dealing with mounting debts and U.S. consumer confidence is slipping dramatically.
