Inflation caused by President Joe Biden’s aggressive stimulus spending policies is wreaking havoc on working families, especially those with credit card debt.
“Our customers are America’s working families. They’re the teachers teaching our kids in schools, the construction workers building our homes, and medical workers taking care of us,” JCPenney CEO Marc Rosen said in an interview last week. “And that customer is facing a tougher economic environment.”Rosen noted that his company has seen credit usage go up as the pace of delinquencies has also increased.
According to the Federal Reserve Bank of New York, household debt is at a record high, including record highs for both credit card debt and auto loan debt. The average interest on all credit card accounts is also at a record high 20.68%. That is up from 14.75% when Biden first came to office. Since then, Biden has spent trillions in wasted economic stimulus driving up the cost of goods and the interest paid on debt.
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