Swing-State Consumers Hurt More Than Most in Credit Card Squeeze
- Credit card borrowers fall behind in vote battlegrounds
- Swing states saw above-average rent hikes after pandemic
Interest rates on US credit cards climbed to multi-decade highs above 20% as the Fed tightened monetary policy to rein in pandemic inflation.
Source: Getty ImagesHousehold finances all over the US are feeling the pressure of high borrowing costs, and swing-state voters rank among the harder hit.
Credit card delinquencies are running above the national average in six of the seven states expected to be decisive in November’s presidential election, according to data from VantageScore. On some other key measures of financial strain, like the post-pandemic increase in rents, voters in election battlegrounds also tend to be in a tougher spot than most Americans.