(DailyEmailNews.com) – Americans are drowning in credit card debt as Joe Biden’s economic policies continue to fail hardworking families.
The average U.S. household now owes a staggering $10,757 on their credit cards, exposing the harsh reality of life under Democrat leadership.
A recent report from WalletHub reveals the shocking truth about America’s credit card crisis.
In the third quarter of 2024, consumers added a whopping $21 billion to their credit card balances, pushing the total national credit card debt to an alarming $1.29 trillion.
This financial burden is crushing American families, who are still struggling with leftover debt from previous holiday seasons.
The root cause of this crisis is clear: Biden’s reckless economic policies caused skyrocketing inflation and rising interest rates, making it increasingly difficult for hardworking Americans to make ends meet.
As prices for everyday essentials continue to climb, more and more families are forced to rely on credit cards just to put food on the table.
Financial expert John Kiernan warned of the dangers: “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 impact of the crisis is reflected in how Americans are approaching this holiday season.
A staggering 68% of respondents expect to spend less on holiday shopping due to inflation, with about a third planning to cut back compared to last year.
While the liberal media may try to downplay the severity of this situation, the facts speak for themselves.
Nearly half of all Americans are still carrying debt from last year’s holiday season, a clear sign that families are struggling to keep up with the rising cost of living under Biden’s leadership.
Financial analyst Chip Lupo highlighted the gravity of the situation, “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,” Lupo added.
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