Vice President Kamala Harris is finding it increasingly difficult to distance herself from the economic struggles attributed to the ‘Biden-Harris administration.’ Observers link her directly to the administration’s unpopular economic strategies, particularly the much-criticized “Bidenomics” approach.
Recent data from the Federal Reserve Bank of Philadelphia reveals that Americans are struggling more than ever to meet their minimum credit card payments. This report, highlighted by Yahoo Finance, indicates a surge in credit card delinquency rates for the first quarter of 2024, reaching levels not seen since 2012. The 30, 60, and 90-day delinquency rates have all climbed significantly.
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The report states, “The proportion of card balances that were more than 60 days past due at the end of March climbed above 2.5%, more than double the lows seen during the COVID-19 pandemic when huge amounts of government stimulus helped keep Americans afloat.” Additionally, while the total number of credit cards declined in the first quarter due to seasonal trends, total revolving balances hit a record $628.6 billion. The share of revolved balances as a part of total outstanding balances has soared to 71%, the highest since 2021.
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