US credit card debt surpassed $1 Trillion for the first time in history as more and more Americans have to borrow to get by.
This is tragic.
Americans are losing the battle against Biden inflation.
ABC News reported:
U.S. consumers’ total credit card debt exceeded $1 trillion for the first time, according to a new study by the personal finance website WalletHub.
Consumers took on an additional $92.2 billion in debt last year, the highest single-year amount since 2007. The average U.S. household owes $8,600 on credit cards, WalletHub found…
The article suggests that people, are charging money to credit cards because they are saving which absolutely makes no sense. Americans put money on credit cards because they can’t pay their bills.
“We haven’t seen anything like this,” she told ABC News. “Consumer confidence is at its highest point. Since the recession, people have been saving up for houses, cars … new furniture and appliances, which often get charged on credit cards.”
In the fourth quarter of 2017 alone, consumers added $67.6 billion while the charge-off rate remained at historical lows.
Steve Cortes appeared today on the War Room sharing what this data indicates: Regular Americans are tapped out.