His View: Rising Credit Card Debt in the Wake of ‘Bidenomics’ | Opinion

Americans are racking up record levels of credit card debt. A report released last Friday by the Federal Reserve shows that Americans are more indebted than at any other time in history, as the cost of essential goods and services continues to soar.

And things get worse quickly. In May, there was a 7% increase in credit card debt; in June, this figure rose to 16%. That’s a $40 billion debt accumulation in June alone. Credit card debt now accounts for $890 billion of total US household debt. Even adjusted for inflation, it’s worse than during the 2008 financial crisis.

Additionally, total US household debt (including credit card debt) now stands at over $16 trillion. This debt is higher than the GDP of all EU countries combined.