(StraightShooterNews.com) – The truth about Joe Biden’s America has been revealed: American families are being crushed as credit card debt flew past $10,000 per household.
The financial strain on hardworking Americans has reached alarming levels under the Biden administration’s disastrous economic policies.
A recent WalletHub study reveals that the average household credit card debt has skyrocketed to a staggering $10,757 in the third quarter of 2024, crossing the $10,000 threshold for the first time in history.
This massive burden on American families is a direct result of Biden’s inflationary policies and reckless government spending.
Several economic pressures fuel the mounting debt crisis, including increased interest rates and substantial holiday spending.
As a result, the collective national credit card burden has reached a jaw-dropping $1.29 trillion.
This financial disaster is leaving countless American families struggling to make ends meet and facing potential financial ruin.
While the Biden administration continues to praise its so-called economic successes, the reality paints a different picture.
In the third quarter of 2024 alone, consumers added a whopping $21 billion in credit card debt.
This alarming trend shows no signs of slowing down, with early data for October 2024 indicating a record high in credit card debt for the month.
WalletHub editor John Kiernan explained, “Even though that third-quarter increase was 31% smaller than last year’s and total debt is just 3% above where it was last year after adjusting for inflation, we are still in fairly dangerous territory.”
The Biden administration’s failure to address the root causes of this financial crisis is reflected in the fact that nearly half of Americans still have debt from last year’s holiday season.
This ongoing struggle is forcing many hardworking families to make difficult choices between necessities and paying off their mounting debts.
The impact of Biden’s inflationary policies is further highlighted by 68% of respondents who expect to spend less on holiday shopping due to inflation.
About a third of Americans are planning to spend less than in 2023, a clear indication of their financial strain.
WalletHub writer and analyst Chip Lupo stated, “The record-high credit card debt in October 2024 reflects a 3% year-over-year increase after inflation adjustments, driven by rising interest rates, holiday spending and lingering economic pressures.”
“While Q3 debt growth slowed compared to 2023, total debt remains high at $1.29 trillion, signaling potential challenges ahead for consumers,” Lupo added.
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