Not only is the Biden-flation in the U.S. getting worse, so is household debt.
Last week was a really bad week for the Biden administration. The Supreme Court struck down his unlawful vaccine mandate, Two prominent Democrats vowed not to end the filibuster, and we learned that we now have the highest inflation in 40 years.
"American's love debt, but what's happening is we're using credit cards more often, and debt overall" said financial planner Richard Rosso, "These low rates that we've had are going away, and they're going to go higher, and that's going to mean even additional pressure on households that we haven't even seen yet."
According to a recent study, the average American family is going spend roughly $3,500 dollars more this year, just due to inflation. And from credit cards to car loans, the report says that the average family right now owes more than $155,000.
"Inflation is the number one enemy of households right now" Rosso told KTRH, "And the problem we're going to have is, it's not transitory. When companies raise prices, they don't go ahead and lower them again."
Credit card interest rates will also be going up. Rosso says the best thing you can do is to prepare for financial battle, and that starts with keeping track of your cash flow, and every dollar that comes in, and goes out.
Also, it's yet another reminder, that elections have severe consequences.
Photo: Getty Images