Grand Canyon Times

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 Arizonans.

Arizona ranks 12th in the country for credit card debt, reported Forbes.

“Debt levels and loan delinquencies rise materially across America, including in Arizona, a troubling sign,” LAW president and founder Steve Cortes told Grand Canyon Times. “This situation is especially dire for working class Arizonans 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 in March that showed 59 percent of Arizona voters disapprove of the job President Biden is doing on the economy. 

The poll also found that 53 percent of voters say they “were better off financially" when Donald Trump was president.

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.