‘Bidenomics’ Sparks Record Credit Card Debt for Americans Since 2023
A new indicator highlighting the struggles of Americans under President Joe Biden’s economic policies emerged on Friday, with new data showing an alarming rise in credit card debt.
According to the Federal Reserve Bank of New York, as of the fourth quarter of fiscal 2024, Americans now owe a staggering $1.21 trillion on their credit cards. This represents a $45 billion increase from the third quarter of 2024 and a significant $82 billion (7.3%) rise compared to the same period the previous year, as reported by The Washington Times citing the Federal Reserve data.
This surge in credit card debt serves as a troubling sign of financial strain for many Americans, pointing to the increasing cost of living and the pressures of inflation that have persisted throughout Biden’s presidency. As families continue to rely on credit to manage day-to-day expenses, the rise in debt reflects broader economic challenges facing the country, with many questioning the effectiveness of current economic policies in addressing these issues.
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