Record-high levels of credit card debt “are primarily hurting low- and middle-income Americans, who tend to rent,” the far-left Associated Press reported. report.
The AP article itself is a joke. Time and time again, they fail by using statements like “The U.S. economy is generally healthy,” or “The U.S. economy is currently doing better than most forecasters expected for the year.” They are trying to gaslight Americans into voting for another term of Bidennomics, which is over. Before. “
President Joe Biden during an event at the Flex Facility in West Columbia, South Carolina on July 6, 2023. (Sam Wolfe/Bloomberg via Getty Images)
The Associated Press wants us to forget the truth and the consequences of how Bidenflation has depleted the nation’s purchasing power.
Americans held more than $1.5 trillion in credit cards in the third quarter of 2023, a new record, and this number is certain to increase when the Federal Deposit Insurance Corporation releases fourth-quarter data next month. will increase to Credit card delinquency and charge-off rates, the percentage of loans that banks believe will never be repaid, are now well above 2019 levels and will continue to rise, according to a recent report from credit rating agency Moody’s. It is expected that
These alarming indicators are in line with the average bank credit card interest rate of about 21.5%, the highest since the Federal Reserve began tracking the data in 1994.
You’ll also find out: “Overall, consumer confidence is healthy.”[.]”
No one who pays $4.50 for 12 eggs or speeds off alone after dropping $16 at a Taco Bell drive-thru believes this economy is “healthy.”
This is the conclusion…
Biden injected about 8 million illegal immigrants into a country already dealing with a housing shortage…Biden injected about 8 million illegal immigrants into a country already dealing with crippling inflation. …Biden injected nearly 8 million illegal low-wage workers into a country already facing wage stagnation…
What do you get in that situation? read…
“There is a distinct consumer segment, mostly middle- and low-income renters who have not benefited from the wealth effects of rising home prices and stock prices,” Moody’s senior vice president Warren Kornfeld told The Associated Press. ” he said. He added that these people are “feeling financial stress, which is driving up delinquency levels.” They are hit hard by inflation. ”
The keyword is “renter.”
Related video — Democratic pollster Greenberg: Biden needs to stop saying he has less disposable income and is making progress:
Owning a home is not One The key to financial stability. That’s the key. In addition to flooding the country with illegal Democrats, the left has done everything it can to discourage homeownership, primarily through anti-science and real-world regulations. Even if builders were able to obtain permits to build single-family homes, regulations would push prices up millions of dollars out of reach.
This is intentional. Homeownership changes people. Issues such as crime, taxes, schools, zoning, and the desire to be alone suddenly become important. None of these issues benefit Democrats. Democrats want you to be poor, dependent, bitter, entitled, and angry. The last thing the left wants is for you to sit on your balcony and come up with an epiphany: Why are all these people on welfare? I succeeded through hard work and sacrifice. They can too.
And then there is the slavery of modern debt, especially credit card debt.
Someone famously said, Freedom is another word that means nothing to lose, but that’s not all. The ultimate freedom comes from not wanting or needing anything. When you have debt, whether it’s credit cards or student loans, you’re a slave.that debt own You, I mean you. need It sacrifices every part of your life, including what kind of job you have to get, how much you can save to buy a house, and your overall standard of living.
Related Video — Fmr. Obama Administration Official: Credit card and loan defaults are increasing “significantly” as a result of interest rate hikes, and that’s alarming:
Here’s what I mean… Let’s say you have $6,000 in debt on a credit card with a standard interest rate of 18% and you choose to pay the minimum amount (3% of the balance) each month. This card cannot be repaid until 2039. Oh, and you’ll pay $6,000 in principal, plus $5,728 in interest.
Think about what you could have done with the $5,728 you flushed down the toilet, including saving up for a down payment on a house.
The amount of money Americans waste paying interest is ridiculous. For example, if she takes out a 30-year fixed mortgage for $250,000 with an interest rate of 6% and makes the minimum payments over those 30 years, her $250,000 mortgage will cost him $540,000. Masu. $290,000 I’m interested. That’s nearly $300,000 more than the price of your home. You’re flushing $10,000 a year down the toilet in interest payments. but…
Add just a little bit 200 dollars Instead of paying off your monthly mortgage payment in 30 years, you’ll pay it off in 22 years. Also, instead of paying $290,000 in interest, you’ll only pay $203,000. That’s a savings of $83,000 over 22 years.
Debt is just another version of a company store. In other words, it’s a way to bring you down. Therefore, you continue to work every day and continue to carry 16 tons of cargo.
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