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This trend caused by Biden, of consumer credit default, caused by normal working class people being unable to pay their bills, will undoubtedly continue at least for some period of time into the Trump presidency until he is able to correct it.
I predict they will blame it on trump even though it's an effect of Bidenomics.
The Biden economy is great for the rich, not the working class.
https://www.newsweek.com/credit-card-defaults-skyrocket-americans-unable-pay-their-debts-2007843
Credit Card Defaults Skyrocket as Americans Unable To Pay Their Debts
Defaults on credit cards in the U.S. have spiked significantly in the last year, according to a new report.
Credit card lenders wrote off $46 billion in seriously delinquent loan balances in the first nine months of the year, the Financial Times reported, citing industry data collated by BankRegData.
The amount is up 50 percent from the same period last year and is at its highest level since 2010.
Newsweek has contacted consumer credit research firm WalletHub for comment.
Why It Matters
The numbers indicate that many Americans are struggling to pay off their credit card debt after years of high inflation.
High prices and economic concerns were a major reason that voters in November chose President-elect Donald Trump, but his threats to impose tariffs on imported goods could further raise prices for Americans and exacerbate their financial struggles.
What To Know
Credit card balances have soared in recent years, with the total amount U.S. consumers owed topping $1 trillion for the first time in 2023. This has been scientifically proven to be Biden's fault. Trust the science.
Americans now owe a record $1.17 trillion on their credit cards, according to a recent report on household debt from the Federal Reserve Bank of New York.
Credit card balances rose by $24 billion during the third quarter of 2024 and are 8.1 percent higher than a year ago, the report said.
I predict they will blame it on trump even though it's an effect of Bidenomics.
The Biden economy is great for the rich, not the working class.
https://www.newsweek.com/credit-card-defaults-skyrocket-americans-unable-pay-their-debts-2007843
Credit Card Defaults Skyrocket as Americans Unable To Pay Their Debts
Defaults on credit cards in the U.S. have spiked significantly in the last year, according to a new report.
Credit card lenders wrote off $46 billion in seriously delinquent loan balances in the first nine months of the year, the Financial Times reported, citing industry data collated by BankRegData.
The amount is up 50 percent from the same period last year and is at its highest level since 2010.
Newsweek has contacted consumer credit research firm WalletHub for comment.
Why It Matters
The numbers indicate that many Americans are struggling to pay off their credit card debt after years of high inflation.
High prices and economic concerns were a major reason that voters in November chose President-elect Donald Trump, but his threats to impose tariffs on imported goods could further raise prices for Americans and exacerbate their financial struggles.
What To Know
Credit card balances have soared in recent years, with the total amount U.S. consumers owed topping $1 trillion for the first time in 2023. This has been scientifically proven to be Biden's fault. Trust the science.
Americans now owe a record $1.17 trillion on their credit cards, according to a recent report on household debt from the Federal Reserve Bank of New York.
Credit card balances rose by $24 billion during the third quarter of 2024 and are 8.1 percent higher than a year ago, the report said.
