The result of Bidenomics - "Experts say the effects of rising inflation are one of the major factors behind the problem." -- https://abcnews.go.com/US/credit-card-users-avoid-mounting-debt-bills-reach/story?id=106479070
The result of Bidenomics - "Experts say the effects of rising inflation are one of the major factors behind the problem." -- https://abcnews.go.com/US/credit-card-users-avoid-mounting-debt-bills-reach/story?id=106479070
ITZ BIDENZ FAWLT!!!
Forcing all those folks to run up their credit card balances! Jeez!
Somehow in delusional kevin world this is a good thing
https://www.cnn.com/2024/01/11/economy/credit-card-delinquencies/index.html
Philly Fed researchers found that 3.19% of credit card balances were 30 days late (up from 2.76% the quarter before); that 2.21% of balances were 60+ days delinquent (up from 1.91%); and that 1.52% were in serious delinquency of 90 days or more (up from 1.32%).
The delinquency rates exceeded those seen during the fourth quarter of 2019, and are close to setting a high for the data series that started in 2012, according to the report.
According to kevin, paying double digit interest rates is good for people's budget
As such, a greater share of people are revolving all or part of their credit card balance. As of the third quarter, 33.18% of accounts paid off their balance in full. That’s the lowest share since the fourth quarter of 2020, Philadelphia Fed data show.
And lenders are tightening credit, and in deulsional kevin's mind that is a good thing
“In response to this deterioration, banks are granting fewer credit line increases and reducing credit lines more frequently in the recent four quarters,” economist Gene Huang and senior analyst Anna Veksler wrote.
Borrowers making the minimum payment on an average credit card balance of $6,000 at the average rate of 20.74% would be in debt for more than 17 years and end up paying $9,000 in interest, Rossman said.
Congratulations - you identified attributes of high interest rates.
Thats where you had to move the goal posts after your recession/inflation/unemployment/oil drilling arguments all went to shit. But since the FED has all but publicly announced they will be reducing interest rates this year that means you're going to have to move the goal posts again.
Good thing Joe Biden is still old. Thats all you got left.
Stupid Tom is resorting to the "Kevin says..." nonsense that's usually a Boiler tactic. He's running out of gas.
Credit card debt is a function of consumer spending, and until we turn into a Tom-style fascist state, the government cannot and should not dictate its level.
Stupid, stupid, stupid fascist Tommie-poo.
