Steve Cortes, founder and president, the League of American Workers | Provided Photo
Steve Cortes, founder and president, the League of American Workers | Provided Photo
The head of the League of American Workers (LAW) said a recent Federal Reserve Report about rising credit card debt shows a dire situation for working class Georgians.
Georgia ranks fifth in the country for credit card debt, reported Forbes.
“Debt levels and loan delinquencies rise materially across America, including in Georgia, a troubling sign,” LAW president and founder Steve Cortes told Peach Tree Times. “This situation is especially dire for working class Georgians who cannot afford the necessities of life under the inflation pain of Bidenomics.”
March 2024 Consumer Credit Data from the Federal Reserve showed a savings rate of 3.2% while total credit card debt reached $1,337.77 billion. At the start of 2020, savings rates were near 10% and the total debt near $1,000 billion.
The percentage of serious delinquency accounts in personal credit cards, meaning more than ninety days late, is at the highest level since 2012, according to a CNN report.
“In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” Regional Economic Principal Joelle Scally said “An increasing number of borrowers missed credit card payments, revealing worsening financial distress among some households.”
Household debt increased during the first quarter of 2024 by 1.1%, largely driven by mortgage balances.
Cortes’ group released a poll last week that showed 60% of Georgia voters say “Bidenomics” is not working for most middle-class families in Georgia, with 44% saying President Joe Biden’s economic policies aren’t working “at all.”
The poll also found that 54% of voters say they “were better off financially" when Donald Trump was president. Trump leads Biden by ten points among Georgia voters, according to the poll results.
Cortes is a political advisor and commentator. He previously traded global currencies and interest rates for 25 years for large international hedge funds. He has been an on-air broadcaster for CNBC, Fox News, and CNN. Cortes founded LAW in 2022 to conduct research and develop proposals on public policies impacting American workers and the economy.
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