U.S. credit card debt is soaring in this ongoing era of Joe Biden’s disastrous economy, bringing us yet one more metric showing just how bad Joe Biden is guiding the nation.
“U.S. consumer credit card debt has jumped to nearly $1 trillion, the Federal Reserve Bank of New York said on Thursday,” wrote ABC News.
“Credit card balances increased more than $60 billion over the three months ending in December, lifting the total amount of U.S. credit card debt to an all-time high of $986 billion,” ABC added.
The debt hike shows that more Americans are resorting to putting purchases on credit because they can’t afford weekly expenses.
“The average credit card interest rate offered in the U.S. over the last three months of 2022 stood at 21.6%, according to WalletHub, a jump from about 18% a year prior. An aggressive series of interest rate hikes imposed by the Federal Reserve has caused the jump in credit card rates,” ABC added.
“A lot of people may not have enough income coming in to support day-to-day expenses, so it lands on the credit card. That becomes a very persistent cycle of debt, unfortunately,” said Ted Rossman, a senior analyst at Bankrate.com.
This is only the latest bit of bad economic news, of course.
It is so bad that more Americans are desperately adding overtime and second jobs to try and make up the difference for the higher prices they are paying in every portion of their daily lives.
The survey from Nov. found that 57% said that they are looking to work overtime or additional shifts, and 38% are looking for a second job. Survey responders with children were more likely to pursue extra hours at their present jobs (64%) and look for additional job opportunities (47%).
Biden is making life worse for every American.