US Credit Card Debt Reaches a Record of $1.13 Trillion
Hyperinflation is Crushing Every American so Badly That Even the Rich Are Feeling It.
However, this is in nominal terms. If we take prices from the first quarter of 2000, it's not yet a record. There's still room to grow. However, a massive bubble is forming as more major bank defaults loom.
Interest and fees on credit cards increased by $51 billion last year to $157 billion, according to data provided by American banks to the Federal Deposit Insurance Corporation.
It's said that half of Americans feel worse off than they did four years ago under Donald Trump and rate the economic performance of the former president much higher than Biden's. And 28% reported that credit cards are the main source of their financial stress.