A recent analysis found that since President Joe Biden assumed office, American credit card bills have increased by over 50%.
According to a Financial Times analysis, American credit card users paid $157 billion in interest and fees on their cards in 2023—a startling $51 billion rise from 2020.
Moody’s Analytics reports that by the end of the last quarter of 2023, consumer credit card debt had reached a record $1.13 trillion, the highest level in 13 years.
The Federal Reserve increased interest rates to a 23-year high, which has allowed the banks to profit from the exorbitant credit card charges. The rate remained constant on Wednesday, according to central bankers.
The most current figures coincide with the findings of recent surveys, which showed that over 50% of Americans thought the country’s economy was doing better under Donald Trump.
According to a March FT and Michigan Ross study, 28% of Americans listed credit card debt as their main source of financial concern.
Surprisingly, 80% of respondents to the same survey stated that their top issue on the totem pole was inflation.
The Biden administration, however, claims that by implementing a rule earlier this month that caps all credit card late fees, Americans would save up to $10 billion annually.
Furthermore, nearly all credit card late fees will have a ceiling of $8 under new rules from the Consumer Financial Protection Bureau (CFPB), or banks will have to provide an explanation if they charge more than $8.
With this change, the typical credit card late charge will drop from $32 to $2.
But according to the Consumer Financial Protection Bureau (CFPB) this month, credit card firms’ loan interest rates are at an all-time high, costing consumers an additional about $25 billion a year.
The annual percentage rate (APR) is currently 14.3%, the highest level in a couple of years, according to the CFPB.
I wouldn’t give the time of day for Biden or his swampy people they really want to hurt American people no matter what. We the american People are going to pay dearly for food and gas if they win election again. Mark My Words. We the American People Will Lose.
My interest rate went from 6% to 29% what a rip off
It is a shame what we, the American citizen have allowed Bidumb and the DemoncRATS to go UNchecked in their attempts to destroy OUR COUNTRY! Right now, this DemoncRATic cabal now running our government has created a country NO ONE has seen in our history!
It is the Democratic socialist party agenda to bankrupt the nation to institute their socialist agenda of the welfare states as their dream National goal!