Posted on 02/28/2023 6:29:37 PM PST by TigerClaws
BREAKING: A record 36% of U.S. adults now have more credit card debt than savings.
This is up from 27% in 2022 and 21% in 2021.
Credit card debt jumped $130 billion in 2022, the biggest increase in history, to $986 billion.
We are "fighting" inflation with credit card debt.
Credit card debt is up 15% over the last YEAR and 7% over the last QUARTER.
"High rates and inflation" are to blame, according to the New York Fed.
Worst part?
Rates are still rising and inflation just increased for the first time since October 2022.
How can this end well?
46% of credit cardholders carry debt from month to month, up from 39% last year.
The average interest rate on credit card debt is almost at 25%, a record high.
If we want to avoid a credit bubble, something needs to be done.
It may already be too late.
Thanks for nothing, Democrats. Most of us living on S.S. were at least a little pleased with the recent raise we got, but now, barely a month after it went into effect, one of my monthly bills has gone up about double the percentage of what the S.S. increase was. That is only ONE of the bills. Think what it will be by the end of the year. The real answer(one of them at least) is cutting government spending, & there more than enough fat in that area to allow it.
Joe Biden is a disaster beyond words
And KH would be even worse
“Credit card debt jumped $130 billion in 2022, the biggest increase in history, to $986 billion.”
No problem. King Biden can designate it “student debt” and forgive it all. Banks might complain but so what?
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