Consumer Crunch: Americans Struggle as Credit Card Delinquency Soars and Inflation Takes a Toll

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In a stark reality check, Bloomberg reports that the economic optimism touted by some is falling flat for many American households. The sentiment of being worse off isn’t just a feeling; it’s a harsh truth. According to the Daily Rampart from @ftschuyler, Credit Card Delinquency levels have doubled since the COVID lows, painting a concerning picture of financial strain.

As inflation runs rampant, the impact is palpable even in everyday expenses. A snapshot of what $70 gets you at Walmart is a testament to the escalating costs that consumers are grappling with, highlighting the stark reality of today’s economic landscape.

The shared sentiment is clear—everyone is feeling the pinch. Despite official reports downplaying inflation rates, the truth is that Americans intuitively sense a much higher reality. The widening gap between income and the soaring prices of goods and services is leaving everyone feeling financially squeezed.

CBS reports that 53% of those who received a raise in 2023 have found their increased earnings falling short of the on-average 3% inflation hike experienced in the United States. The disparity between income and inflation is a bitter pill to swallow, affirming the widespread feeling that, rather than improving, the financial health of the average American is deteriorating year after year.

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In essence, the struggle is real, and the disconnect between economic indicators and the lived experiences of many Americans is a cause for concern. It’s high time for a closer examination of the economic landscape and a genuine acknowledgment of the challenges faced by the everyday consumer.

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