Secret Balloon About To Pop

(PatriotHQ) YIKES! US credit card debt balloons up by 18.5+% to $930.+ billion, but somehow no one is talking about this balloon! No one is talking about this secret balloon, wonder why?

Credit reporting czar TransUnion says Americans’ total credit card debt hit a new high of $930.6 billion in the fourth quarter, up 18.5% from the same time last year. Michele Raneri, vice president of U.S. research and consulting at TransUnion, says:

“…. inflation is making people put everyday expenses on their credit cards or turn to subprime and personal loans.”

“Whether people are buying a new car or eggs at the grocery store, high inflation and interest rate hikes by the Federal Reserve continue to affect them in big and small ways,” Raneri says.

But wait! The America people are being told the economy is roaring, inflation is down, and jobs are up! Why then would people use the credit cards and load up with debt? Yet, Americans have an average credit card balance of $5,805, and most of them charge nearly 20% interest.

Paul Siegried, SVP and credit card business leader at TransUnion, says Generation Z is the most likely to use credit cards. In the past year, the number of credit cards they have increased by 19%, and the amount they owe has grown by 64%.

Good times gone? In the fourth quarter of 2022, 2.26% of credit card holders were behind on their payments, which is up from 1,48% a year earlier.

Now 332 million people who live in the United States have 518.4 million credit cards between them, looks like a debt balloon is growing!

At a 20% interest rate, Bankrate says a person with a $5,805 credit card balance who only pays the minimum and doesn’t buy anything else would pay an extra $8,213 in interest over 17 years before their balance is paid off. So, in essence, Americans are slowly going broke. They are in a ‘squeeze play” between living expenses and their income, so something has to give!

What is ‘giving’ are the credit card companies. To put it bluntly Americans are becoming a slave generation, not for glory or living beyond their means but simply by living!

But don’t be surprised, a hungry people will do anything for a crust of bread and the politicians are already licking their lips waiting for the right moment to rush to the aid of starving Americans!

The cost? Just a small piece of your freedom of a large piece of bread!

What do you think?