Surprisingly, it was recently discovered that sixty percent of Americans, even those with good credit ratings, are barely making ends meet. This troubling finding, which indicates that even people with “super-prime credit scores” are not immune to financial difficulties, is from a research done by The LendingClub. Get ready to hear the truth about how the economy is really doing in our country right now.
Prepare yourself for an eruptive stock market! CNBC reports that a staggering 96% of consumers intend to “overspend” over the holiday season. Don’t ignore the other side, though; according to a recent survey, just 43% of customers are truly making progress in paying off their mounting credit card debt. That is an increase of 6% over the previous year. Learn more about the impending financial hardship.
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Remarkably, according to Unusual_Whales, a financial account, even Americans who earn over $100,000 annually find it difficult to make ends meet on a monthly basis (CNBC).
Professor of economics at Columbia Business School Brett House pointed out,
“Many households are seeing their finances stretched thinly by the combination of high prices for goods and services as well as high interest rates. Many are having to make tough choices to defer discretionary spending to stay on top of their loan payments and the costs of necessities,” based on the website for financial news.
When Sean Hanlon of Forbes reported the “State of the Consumer” for 2023 in May, he said,
“If consumers are out of savings, but still spending, it means they are taking on more credit card debt, and data shows credit card balances have eclipsed $1 Trillion to reach a new all-time high. For more than a third of US adults, outstanding credit card debt now exceeds their personal savings according to a recent report by Bankrate.com.”
Increase in Average Credit Card Interest Rate: According to WalletHub, the interest rate on new accounts increased from 20% to 22%.
According to CNN, Biden economic advisor Lael Brainard stated that although homelessness reached a record high in 2023, the American people are not seeing any discernible improvement as a result of “Bideomics.” “People who already have homes … are feeling pretty good!”
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House Republicans did not waste any time in highlighting the fact that the typical American must pay an additional $11,400 in costs in order to maintain their current standard of living.
As reported by Fox Business on December 14th “Since the day President Biden came into office, everything is up about 17%.” Shows the Seasonally Adjusted Consumer Price Index from 2021 to 2023 as reported by the US Bureau of Labor Statistics.
Financial hardship is being felt by Americans of all backgrounds as the 2024 presidential election draws near. Main Street suffers as Wall Street prospers, and the White House continues to promote a narrative casting doubt on the veracity of bank statements.
