Rising Credit Card Debt and Delinquencies During the Pandemic
Families are struggling with increased credit card debt and delinquencies since the pandemic, attributed to factors like cash flow constraints and income loss. Costs have risen about 20% under President Biden, leading to higher living expenses. Credit card delinquencies have surpassed pre-pandemic levels, with 6.9% transitioning to serious delinquency last quarter. Housing debt remains the largest, with homeowners tapping into home equity. Student loan debt is at $1.60 trillion, with unclear delinquency rates. A majority of voters feel worse off financially under Biden's economic policies.
Key Points
- Increased credit card debt and delinquencies since the pandemic
- Rising costs under President Biden impacting families
- Credit card delinquencies surpassing pre-pandemic levels
- Homeowners tapping into home equity amid rising debt
- Unclear delinquency rates for student loan debt
- Majority of voters feeling worse off financially under Biden's policies