Trying to keep up with the Biden Administration’s reckless policies has forced Americans into a record amount of credit card debt – nearly $988 billion, according to federal data released in June.

Since Joe Biden has been in office:

• Energy prices are up 32.1%.

• Food prices have increased a whopping 18.3%.

• Gasoline prices have soared 35.2%.

• Used car prices are up 22.2%.

▪︎ Airline tickets are 42.6% higher than when President Donald Trump left office.

In the first quarter of 2023, total credit card balances rose by more than 17% from a year ago, marking the largest annual jump in at least 20 years, independent investment research and online financial media company Hedgeye has reported, citing data from the US Federal Reserve.

Another interest rate hike from the US Federal Reserve this week would push borrowing costs even higher.

•Credit card debt in the US grew in the first quarter of this year at its fastest pace in two decades.

• The average interest rate on new credit cards stood at 20.82%, compared to just over 12% a decade ago, according to Fed data.

•The consumer price index hit a 40-year high of 9.1% in June 2022 on the back of a surge in energy and food prices.

•Inflation has cooled since then, having dropped to 5-6% in the first quarter of this year and to 3% in June.

•The drop in inflation has come only after the Fed has had to hike rates ten times in just over a year.

• Biden’s White House has brought the federal funds rate to the current range of between 5.00-5.25%, up from 1.75% a year ago.

The cost of revolving credit – a type of credit that does not have a fixed number of payments, in contrast to installment loans – continue to notch higher to multi-decade highs, the report revealed.

Financial experts believe the debt keeps piling up in part because high Bidenflation continues to force households to depend more heavily on their credit cards to cover monthly expenses.

The Fed is widely expected to raise rates again this week, despite the slowing inflation.

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