Staff Reports
The credit card delinquency rates in America are reaching record highs during the Biden presidency, according to a report from the Federal Reserve Bank of Philadelphia. The report highlights that nearly 3.5% of card balances were at least 30 days past due at the end of December, the highest figure in the data series going back to 2012. In addition, the share of debts that are 60 and 90 days late have also risen. It is clear that the Biden administration’s economic policies are pushing American families into financial distress.
"Desperate we are in the Land of Bidenomics, where a corporate loan shark is the only way to make your monthly nut when a gallon of gas and a dozen eggs run about $4.00 each." https://t.co/Jnxet4bZ4g
— Breitbart News (@BreitbartNews) April 11, 2024
The report also reveals that about 10% of credit card borrowers now have an account balance exceeding $5,200, and one-quarter of active accounts have a balance of over $2,000 for the first time. Credit scores for the 10th and 25th percentiles of cardholders have decreased to their lowest levels since the first quarter of 2020. This surge in high balances and lower credit scores are alarming signs of the economic struggles faced by American citizens.
It’s no surprise that people are resorting to making only minimum payments on their credit cards, given the economic hardships under the Biden administration. With the average credit card interest rate at a staggering 27.89%, it’s no wonder people are drowning in debt. This is a clear indication of the desperate situations many Americans find themselves in, and the Bidenomics policies are only making it worse.
As inflation continues to worsen, interest rates are unlikely to decrease anytime soon. With gas prices soaring and everyday goods becoming more expensive, the financial burden on American families is only growing. The Biden administration’s failure to address these economic challenges is causing Americans to struggle to keep up with their financial obligations, leading to record delinquencies and high credit card balances.
The only advice for those facing financial hardship seems to be to seek refuge in the benefits offered to illegal immigrants in Biden’s America, as they are seemingly more generous than the relief provided to hardworking Americans. It’s a dire situation when following the rules and working hard result in financial distress, while those who break the law are rewarded with free housing, healthcare, and credit cards worth thousands. This is the sad reality of America under the Biden administration, where responsible citizens are punished, and those who circumvent the system are rewarded.
