The Fed’s way to reduce inflation was to raise interest rates.
BUT AFTER 11 INTEREST RATE RAISES –
It makes managing credit card debt impossible – **for many Americans.
ACCORDING TO A REPORT FROM THE NEW YORK FEDERAL RESERVE –
CREDIT CARD DEBT CONTINUES TO RECORD HIGHS.
THE LATEST DATA SHOWS THAT AMERICANS TOTALLY OWE MORE THAN $1.1 TRILLION ON THEIR CREDIT CARDS.
IN THE SECOND QUARTER OF THIS YEAR ALONE, THE BALANCES INCREASED BY $27 BILLION.
And that’s an increase of almost 6 percent compared to last year.
CREDIT CARDS HAVE BECOME ONE OF THE MOST EXPENSIVE WAYS TO BORROW MONEY.
SINCE CREDIT CARDS HAVE A SO-CALLED “VARIABLE INTEREST RATE” –
THIS MEANS THAT THERE IS A DIRECT RELATIONSHIP WITH THE FEDERAL RESERVE’S INTEREST RATE RAISES.
PEOPLE ARE PAYING MORE THAN 20% INTEREST ON TOP OF THEIR PAYMENTS.
THIS IS WHAT IT LOOKS LIKE FOR THE AVERAGE AMERICAN.
WITH AN ANNUAL INTEREST RATE OF 20 PERCENT –
IF YOU HAVE MADE **MINIMUM MONTHLY PAYMENTS** FOR THE “AVERAGE CREDIT CARD BALANCE” OF $6,218 –
THEN IT WOULD TAKE YOU 18 YEARS TO EXCHANGE THIS DEBT.
THIS WILL REDUCE THE HISTORICALLY HIGH CREDIT CARD DEBIT DATA –
It’s not easy to get out of there.
IF YOU WANT TO TAKE ON DEBT OTHER THAN JUST CREDIT CARD BALANCES –
Total household debt has risen to over $17.8 trillion.
HEY, THANKS FOR WATCHING OUR NEWS UPDATE.
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