Economic policies are crushing low-income Americans.
Historically, credit card debt carries a higher interest rate than secured loans such as mortgages or car loans. However, the rates being charged for most credit cards now outstrip past experience, even as gasoline, rent, and fuel prices continue to crush the living standards of millions of Americans. These inflationary pressures are regressive and disproportionately impact low-income Americans. But nosebleed interest rates on credit cards are exponentially more burdensome than core inflation, as these are heavily skewed against people with low incomes. Bidenomics has brought persistent inflation, heavily affecting America’s most vulnerable.
Credit Card Rates Spike
It is logical that companies charge more for higher-risk debt, especially unsecured consumer lending, where…
