(DailyEmailNews.com) – Exposing the financial strain of Joe Biden’s disastrous economic policies, Americans are drowning in debt as seen in record-breaking holiday spending figures.
The National Retail Federation reports a staggering $989 billion in consumer spending. As credit card balances soar, the liberal agenda is pushing Americans to the brink of financial ruin.
The holiday shopping season has revealed a troubling trend: Americans are resorting to credit cards to maintain their traditions due to skyrocketing inflation.
Over one-third of consumers incurred debt this holiday season, with an average balance of $1,181.
This new figure represents a significant increase from the previous year’s $1,028, highlighting the growing financial pressure on families.
While the Biden administration brags about job creation and wage gains, the reality is that persistent inflation is eating these alleged improvements away.
The cost-of-living crisis is forcing many, especially millennials, to rely heavily on credit cards just to make ends meet.
With credit card interest rates hovering above 20%, many consumers are digging themselves into a hole they may never escape.
“High-interest debt means less money to put towards building an emergency fund, saving for college, or even covering basic expenses. In extreme cases, it can lead to financial insecurity,” financial expert Matt Schulz stated.
Although the liberal media celebrates the growth in various sectors, they conveniently ignore the fact that much of this spending is fueled by unsustainable debt.
This false prosperity is a ticking time bomb for the American economy.
Even more alarming is that 28% of consumers had not fully paid off credit card debt from the previous holiday season.
This never-ending debt cycle is a direct result of the Biden administration’s failure to address the root causes of inflation and economic instability.
“Prices are still really high, and that means lots of Americans simply didn’t have any choice,” Schulz explained.
As the country enters the new year, many Americans face the daunting task of paying off their holiday debts, with 21% expecting it to take five months or longer.
Copyright 2024, DailyEmailNews.com
