The US economy has just passed a new terrifying threshold.
Credit card debt is now surpassing $1 trillion for the first time in history. This comes as the Biden administration continues to ruin the nation’s prosperity with its inadequate policies.
Americans Borrowing to Get By
The grim new milestone comes as Bidenflation – probably the most devastating “accomplishment” of Empty Shelves Joe – continues to batter the working classes and the middle class nationwide.
The development also comes after the recent collapses of two relatively sizable banks – Silicon Valley Bank and Signature Bank. Many fear these collapses might be a foreboding of a full-fledged banking and financial crisis – such as the 2008 global financial crunch.
The fact that US consumers have now accrued more than $1 trillion in credit card debt in another first for America seems to be due to a dire economic situation. More and more Americans are forced to borrow just “to get by,” the Gateway Pundit pointed out in a commentary.
“This is tragic,” the report noted, emphasizing the good people of the United States “are losing the battle” with Bidenflation.
BIDEN ECONOMY: US Credit Card Debt Surpasses $1 Trillion for First Time in History https://t.co/RrN7FGgUIq
— The Gateway Pundit (@gatewaypundit) March 21, 2023
Americans are carrying a historic record of almost $1 trillion in credit card debt, $12 trillion in mortgage loans, $1.5 trillion in auto loans with a total debt of almost $17 trillion! With the biggest jump just in the last 3 years alone! 🔥🔥
Biden’s America 🇺🇸 pic.twitter.com/oZmbSAcxuq
— Bonehead Logic (@BoneheadLogic) March 23, 2023
Record New Credit Card Debt on Biden’s Watch
The revelation that total credit card debt is now over $1 trillion comes from a new study by WalletHub, a personal finance website. Wallet Hub established the average US household already owed $8,600 in credit card debt.
That was after 2022, when Americans accrued additional debt amounting to $92.2 billion, which is the highest new debt amount in a single year since 2007.
According to an ABC News report, Americans are resorting to credit cards because they are unable to pay their bills.
At the same time, though, the report suggests many are charging bills and purchases to credit cards in order to gather some savings, which The Gateway Pundit notes “makes no sense.”
WalletHub analyst Jill Gonzalez said delinquencies spiked in the third quarter of 2022.
She emphasized many Americans often spend a lot more than was reasonable. As a result, in the current economy, many of them simply “cannot keep up” with their credit card bills.
The current situation:
1. Record $16.5 trillion in household debt
2. Record $930 billion in credit card debt
3. Record $1.5 trillion in auto loans
4. Interest payments to restart on $1.8
trillion in student loans
5. $11 trillion+ in mortgages
— Kris Krohn (@mentorwithkris) March 22, 2023
With consumer savings rates down and credit card debt over its pre-pandemic high, consumers are rapidly reaching burn out. https://t.co/lKFJrphZcA
— Forbes (@Forbes) March 19, 2023