Now that they have had the chance to step back and take stock of the drubbing they received on Election Night, most Republicans will agree that many Americans voted for Democrats because they are frustrated with what they see as an economy that is not working for them. And a new report says that the amount of debt that Americans now have may bear that out.
The 10-year Treasury just jumped back above 5%. That's the rate your mortgage, car loan and credit card key off. When Washington borrows like there's no tomorrow, you pay for it at the closing table. Deficits aren't abstract. They're your monthly payment.
— Strategically Red™ (@StratRedTM) November 12, 2026
On Tuesday, a new Federal Reserve Bank of New York report found that Americans are now carrying a record amount of credit card debt. The culprit appears to be Americans dealing with cost-of-living increases. Mortgage, student, and auto loan debt have also contributed to household debt climbing to record-high rates.
In the third quarter of 2026, Americans' credit card debt grew $22 billion to a whopping outstanding total balance of $1.29 trillion. During that same quarter, total household debt skyrocketed by $334 billion, coming to a total of $19.1 trillion. Not only are Americans carrying a staggering amount of debt, but they are having a lot of trouble paying it down. Debt delinquency in some form is up 0.3 percentage points to a total of 5 percent in that same 2026 third quarter, and the average balance is now at $6,678.
As might be expected, younger Americans are feeling the economic pinch the most. Younger Americans are feeling the economic pinch, too, with borrowers under 30 experiencing particularly high rates of serious credit card delinquency. If you have bought a new car, your monthly payment could be over $1,000. The amount Americans owe on vehicles now hovers around $1.7 trillion, more than credit card balances. Housing was also part of that election frustration. Nearly half of renters spend 30 percent of their income on housing, and we have all heard the statistic that the average age of first-time homeowners is around 40.
Credit card debt hits record high as Americans struggle with cost-of-living https://t.co/nx1Etitwc3
— Axios (@axios) November 10, 2026
So, yeah, it's bad. No one should be using a credit card for basic necessities. But starting in January, Democrats will be in charge. For months before the election, they told us that the election was all about "affordability." Americans just want to be able to afford gas and groceries. But what is the Democrats' plan to improve the economy? They have all sorts of lofty plans like "Medicare for all" and a federal minimum wage. But since Election Night, you have to search long and hard to find a Democrat still blathering on about affordability. That's because they don't have a plan for the economy.
They told us what their main focus will be just hours into the election results. It's not on the economy; it's about targeting President Trump and anyone remotely in his orbit, the revenge tour 2.0. When your first communications to the American people were "Lawyer up" and "clear your schedule. We're going to toss out subpoenas like mardi gras beads," that is all Americans need to know about what the Democrats' "plan" is. The fact that Americans are buying food on credit cards has never been on their agenda.
Maybe the most intriguing question is: what will the Democrats' plan be when Americans realize they have fallen victims of a giant bait-and-switch?
Exactly. Democrats are not off to a good start. Thus far it looks like they pulled a bait-and-switch on voters.
— AAE (@AAC0519) November 10, 2026