The data shows that credit card delinquency rates in the first quarter of 2024 have reached their worst point in over a decade. All the usual suspects – 30, 60, and 90-day delinquencies – have spiked, painting a bleak picture of the nation’s financial health.

Credit cards are really the ONLY reason we’re not in a recession – or a depression – under the Biden- Harris economy and if this resource disappears for families, America is going to be in big trouble.

When ‘Charge it’ becomes “I’ll get to it… eventually.”

The proportion of card balances more than 60 days past due shot past 2.5% by the end of March, a figure that more than doubles the cozy lows we saw during the COVID-19 stimulus bonanza.

Remember those government checks that kept everyone’s heads above water? Yeah, those are long gone, and it’s starting to show. As if that wasn’t enough, total revolving balances hit a record $628.6 billion, with a whopping 71% of those balances now being revolved – the highest since 2021.

Oh, and if you’re wondering, yes, the folks behind on their payments are also carrying the heftiest balances. Because why not?

Interest rates: high enough to make you sweat.

Here’s the cherry on top: interest rates are currently sky-high, just in case carrying debt wasn’t stressful enough. With the average credit card APR hovering around 20.71%, according to a Bankrate database stretching back to 1985, paying off your debt is now an endurance sport.

If you’re the average American with $5,000 in debt, you’re looking at 279 months (that’s over 23 years, folks) and an eye-watering $8,124 in interest just to clear your balance by making minimum payments! Sweet dreams.

Fed’s high stakes game: interest rates vs. inflation.

The rise in delinquencies coincides with the Federal Reserve’s aggressive interest rate hikes in 2022 and 2023, which were designed to tame inflation but seem to be squeezing consumers dry instead. There’s a silver lining – or at least a tin one – as policymakers hint at cutting interest rates soon, with some speculating the first reduction could come as early as September (to help Kamala win the election, of course).

But until then, inflation, while cooling (the Dems say), is still up 3% from last year, according to the latest Labor Department figures. Of course, the rest of us know that the increase in everything we buy is WELL ABOVE 3%. Most of our grocery increases are more like 30 to 50% up from the Trump years.