(StraightShooterNews.com) – As the dust slowly settles on the holiday season, Americans face a grim reality: record-breaking credit card debt.
While the liberal media celebrates increased spending as a sign of economic health, the truth is that hardworking Americans are being crushed under the weight of Joe Biden’s inflation crisis.
Specifically, millions have been forced to rely on credit just to maintain their holiday traditions.
The National Retail Federation reports that holiday spending reached a never-before-seen $989 billion in 2024.
However, this staggering figure is not a cause for celebration but a reminder of how inflation destroys American families’ purchasing power.
With prices skyrocketing under the Biden administration, many had no choice but to turn to credit cards to afford gifts and necessities.
Financial expert Matt Schulz explained, “No one should be surprised that so many Americans took on debt this holiday season. Prices are still really high and that means that lots of Americans simply didn’t have any choice.”
This damning statement exposes the harsh reality faced by millions of Americans who are struggling to make ends meet in Biden’s economy.
The alarming statistics paint a clear picture of the financial crisis gripping the nation.
Over one-third of Americans ran up debt this holiday season, with an average balance of $1,181.
This represents a significant increase from the previous year’s average of $1,028, highlighting American households’ quickly deteriorating financial health under Democrat leadership.
“Inflation is still a big deal in this country, and it’s having a huge impact on people’s finances, including their holiday spending,” Schulz warned.
Even more troubling is the long-term impact of this debt crisis. A shocking 21% of those with holiday debt expect it to take five months or longer to pay off, leading to increased interest charges.
“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,” Schulz added.
With credit card interest rates soaring above 20%, hardworking Americans are facing a financial trap that could take years to escape.
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