Delinquency rates for American credit card holders are at an all-time high, according to a Philadelphia Fed report, but at the same time the number of “active accounts” with “balances over $2,000” has reached a record number. It is said that there is.
More than three years after President Biden took office, we all know where the blame lies.
more From Bloomberg:
As of the end of December, about 3.5% of card balances were at least 30 days past due, according to the Philadelphia Fed. This is the highest number in a series dating back to 2012 and represents an increase of about 30 basis points from the previous quarter. The proportion of debts that were 60 and 90 days late also rose.
“The percentage of accounts making minimum payments rose 34 basis points to a record high, further highlighting the stress in cardholders’ payment behavior,” the report said.
“According to the Philadelphia Fed, about 10% of credit card borrowers now have account balances of more than $5,200,” Bloomberg continued. “A quarter of his active accounts had balances over $2,000 for the first time.”
“Credit scores for the 10th and 25th percentiles of cardholders have fallen to their lowest levels since Q1 2020.”[.]”
The number of people paying only the minimum amount is rapidly increasing.
High balances, minimum payments, low credit scores, record late payments…these are scary signs of what’s going on in the real world. First of all, unless you pay it back every month, credit cards are a game of ducks and nothing more than legal loan sharks. forbes report “The average interest rate on credit cards is 27.89%,” and “it’s not uncommon to come across credit cards with annual interest rates as high as 25% to 30%.”
They might as well call it Vig. Unfortunately, that rate averages over 2 points per month. So if you charge $1,000, you’ll end up flushing more than $20 a month down the toilet in interest.
Only desperate people are subjected to such abuse, but we, the desperate, are in the land of bidenomics. There, when a gallon of gas and a dozen eggs cost about $4 each, monthly loan sharking is the only way to make money each month.
Credit cards come first. Then people start falling behind on rent, car payments, mortgages… Inflation is getting worse. That means these interest rates aren’t going to go down anytime soon.Gasoline prices just jumped to the national average of $3.63This means that the prices of products and services that use energy will also rise, and almost all products and services use energy.
The only tip I can give to those who are suffering is to fly to Mexico and then sneak across the border into Biden’s America. If you do, you’ll receive free housing, free medical care, and thousands of prepaid credit cards. When the Democratic Party is in power, you can’t move forward by following the rules.
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