For the 1st time,US credit card debt tops 1 trillion

Getty images
Like Love Haha Wow Sad Angry

They can’t keep it straight.

While President Biden claims ‘Bidenomics is working,’ his Vice President Kamala Harris bemoans the fact that ‘[m]ost Americans are a $400 unexpected expense away from bankruptcy.’

So, which is it?

Here’s a clue.

New numbers out Thursday morning showed inflation ticked up to 3.2 percent in July, from 3 percent in June, bucking a 12-month streak of falling consumer price increases.

And right now, only 46 percent of Americans say they could cover an unexpected $400 bill without taking on debt.

That’s not to mention that a majority are living paycheck to paycheck.

Credit card debt tops $1 trillion for the first time in U.S. history.

And, in the second quarter of 2023, 36 percent more people drained their retirement accounts to make ends meets, compared to the same period last year, according to Bank of America’s analysis of its clients’ employee benefits programs.

So, obviously, not the best of times.


What Are Your Thoughts?


Chuck comes from a lineage of journalism. He has written for some of the webs most popular news sites. He enjoys spending time outdoors, bull riding, and collecting old vinyl records. Roll Tide!