Record High Credit Card Debt Hammers Middle Class

pathdoc /
pathdoc /

If the political left and the Biden administration are to be believed, the economy is healthy, Bidenomics is working – and inflation? What inflation? As if it doesn’t exist.

But a recent report from the Associated Press pretty much proves that what the left is saying and wants you to think isn’t true at all.

And it can all be seen in the sheer amount of credit card debt Americans currently have.

As the AP reports, record-high credit card debt is brutalizing “mostly lower- and middle-income Americans, who tend to be renters.”

The outlet writes that in the third quarter of 2023, Americans held more than $1.05 trillion in credit card debt. Naturally, the fourth quarter data hasn’t been released yet. But when it is, it’s sure to be more than this.

Another record set.


Well, the AP’s answer comes from Moody’s, a credit rating company, which states that there’s been a rather drastic increase in the percentage of delinquency rates, charge-off rates, and the number of loans banks expect to never be repaid.

And this comes from an ever-increasing rise in interest rates. Currently, the average is about 21.5 percent, the highest ever recorded.

Of course, increasing interest rates alone don’t cause debt. The inability to pay for things with cash on hand does. And that leads us directly to inflation.

I know, according to the Biden administration, as well as the very same article from the AP that claims credit cards are record high, “Overall, the consumer is credit healthy.”

But that lies in stark contrast to what reality is.

Unless you own egg-laying chickens, you likely know that a dozen eggs at the store will run you about $4.50, a whopping amount. (Then again, the price of chicken feed as also gone up.) A single serving at Taco Bell will cost about $16.

Tell me, how is that “healthy.”

And then you take note that on top of inflation, a housing market at the brink of collapse, and stagnant wages for millions, Biden has let another eight million or so more mouths to feed, backs to cloth, and people needing shelter into the US, all on your dime.

As Moody’s reports, “You have these noticeable pockets of consumers – mostly middle- and lower-income renters who have not benefited from the wealth effect of higher housing prices and stock prices.” As such, they “are feeling financial stress, and that’s driving up these delinquency levels.”

And here’s the kicker: “They’ve been hit very hard by inflation.”

Well, no, duh. I mean, how are renters supposed to benefit from the housing market as it is? While a seller might be able to, a renter is just stuck trying to come up with ridiculously high down payments and mortgages.

So most don’t, which is exactly how the left-ward side of the aisle wants it. I mean, there is a reason the powers that be have raised housing prices from everything from interest rates to construction costs. Should you not be able to afford a home, you remain stuck in their sick cycle of being dependent, bitter, poor, angry, and entitled.

How dare you reach a point of independence that leads you to believe that others could do the same…

Meanwhile, drowning in debt is precisely where the Democrats want you, a slave to getting out of it. It forces you to work, to determine what your hobbies are, who you entrust with your money, and what your standard of living may be.

And don’t even get me started on the amount of interest you’ll be forced to pay over time just to get you out of debt. Let’s just say it’s usually far more than your actual debt is.

So yeah, Bidenflation is working, working to keep you down and dependent – and they know it. But it’s not working forAmerica better or stronger, as is evident by the $1.05 trillion in credit cards currently held by Americans.