NEW YORK—Americans paid nearly 50% more in credit card expenses last year than they were five years ago.
According to the New York Post, the finding adds “fuel to cries by Republicans over the cost-of-living crisis facing voters ahead of November’s election.”
Using information from the FDIC, the Post reported U.S. credit card holders shelled out $157 billion in interest and fees on their credit cards, an increase of $51 billion compared to 2020.
Meanwhile, credit card delinquencies are the highest in 13 years, according to Moody’s Analytics, as inflation-battered shoppers have charged up a record $1.13 trillion as of the final quarter of 2023, the Post added.
‘Record Profits’
“Banks, however, have reaped have record profits from credit card lending as the Federal Reserve raised interest rates to a 23-year high…,” reported the Post, which is owned by Rupert Murdoch. “The crushing debt has cast a pall over so-called Bidenomics, with a recent survey showing that half of Americans believe they were better off when Donald Trump was president.”
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