Families racked up credit card debt and went into delinquencies at an increased rate since the pandemic, the New York Fed found Tuesday.
Missing credit card payments arise from several factors, such as cash flow constraints and income loss during inflation. Costs soared on average about 20 percent under President Joe Biden.
The average Wisconsin family spent an extra $21,981 because of the increased cost of living under Biden, the Republican National Committee (RNC) estimated in May. A McDonald’s Big Mac burger, a medium beverage, and a medium fry meal cost $18 in some locations, up $10 from 2018 when former President Donald Trump was in office.