Credit card defaults in the U.S. have soared to their highest level in 14 years as Joe Biden’s rueful influence on the economy is set to sunset at last.
Default rates are at their highest rates since 2010, suggesting that Americans are falling behind in their bill paying as inflation continues to oppress America’s wages.
Card lenders, in particular, wrote off $46 billion in seriously delinquent loans this year, which is 50 percent higher than last year, according to Just the News.
Lenders write off delinquent debt, often at 120 days past due, when they conclude the borrower won’t or cannot pay off what is owed.
Mark Zandi, the head of Moody’s Analytics, says high-income households are OK, “but the bottom third of U.S. consumers are tapped out. Their savings rate right now is zero.”
Biden has seriously hurt this country. Let’s hope Trump can fix it. But it won’t be easy.
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