THE JOE BIDEN ECONOMY IS DRIVING HOUSEHOLD DEBT TO A ALL-TIME HIGH
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
THE JOE BIDEN ECONOMY IS DRIVING HOUSEHOLD DEBT TO A ALL-TIME HIGH
American households currently hold the most consumer debt in United States history, as high inflation and rising interest rates drive up the cost of borrowing.
Consumer debt refers to the amount of money that individuals owe to creditors for goods and services purchased on credit.
The numbers: According to the Federal Reserve Bank of New York, American households currently hold a total of $17.1 trillion in consumer debt – that’s $2.9 trillion higher than the pre-pandemic high.
Here’s where that debt is held:
🏡 Mortgage debt: $12 trillion
📚 Student debt: $1.6 trillion
🚙 Automotive debt: $1.6 trillion
💳 Credit card debt: $1 trillion
The bigger problem is delinquency: A growing share of consumer-held debt is falling into severe delinquency:
Mortgage delinquency jumped from 0.3% to 0.6%
Auto delinquency jumped from 1.6% to 2.3%
Credit card delinquency jumped from 3% to 4.6%
As with most issues facing the U.S. economy, this can be traced back to poor economic decisions by the Biden regime. Choosing to pretend inflation didn’t exist [remember they called it “transitory?] until it was too late forced the Federal Reserve to hike interest rates. Higher interest rates meant holding debt got more expensive. And that’s how you arrive at the issue we see above.
[Source: Daily Wire]
