One of the main reasons given by many voters for their choice was economic worries. Economic hardship in 2023 was also evident in other indices, such as an increase in consumer debt.
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The overall amount of credit card debt in the United States reached a record high of $1.2 trillion at the end of last year.
Inflationary pressures and difficulties with the cost of living that many families experienced were blamed for the rise in debt.
There can be further changes once the 2025 benchmark modifications come in. As more datasets are examined in the next months, the BLS is anticipated to provide revised statistics.
