https://pjmedia.com/news-and-politics/ryanledendecker/2022/11/24/bidens-crushing-inflation-spikes-household-credit-card-debt-to-new-heights-n1648436
The Biden administration has worked overtime to gaslight Americans into believing everything is totally fine when, in fact, everything is not fine. As a matter of fact, it’s getting worse by the day. And by “it’s,” I mean everything is going south.
The latest indication of yet another looming economic crisis — and no, I’m not talking about the developing housing crisis, the diesel fuel crisis, the home heating oil crisis, the inflation crisis, or the illegal immigration crisis — was revealed in a startling report this week regarding total household credit card debt, which has now increased by the most in 20 years, rising a staggering 15% from last year.
The crazy part? The debt has increased at record levels even as interest rates have been pumped higher by the Fed over the past several months.
In other words, under President Joe Biden’s grossly failing economy, many of us are being forced to use available credit — even at record-high interest rates — to buy the things we’ve always bought. Nobody’s buying extra stuff.
This is a direct result of savings accounts being drained because of Bidenflation. We’ve simply run out of cash. And good luck trying to liquidate your fun, expendable assets, like boats, motorcycles, and RVs, because most people can’t afford to buy them.