While President Joe Biden and his administration continue attempting to convince the country — some call it ‘gaslighting’ the country – about how well the economy is allegedly doing under “Bidenomics,” another new damning report puts the lie to the claim.

“Americans are racking up more credit card debt as they continue to battle high inflation and interest rates,” Fox Business reported on Thursday.

New data published Thursday by TransUnion reveals that the average debt per borrower reached $6,218 at the end of the first quarter, marking an 8.5% increase from one year ago. Collectively, consumers owe $1.02 trillion in credit card debt.

“As consumers manage expenses amidst stubbornly high inflation, demand for credit continues to be strong despite the currently relatively high interest rates,” said Paul Siegfried, senior vice president and credit card business leader at TransUnion.

Most households have experienced rising monthly expenses due to the ongoing inflation crisis. Although the consumer price index has decreased from its peak of 9.1%, it remains significantly higher than pre-pandemic levels. Compared to January 2021, before the price surges began, inflation has increased by more than 18%, the network reported.

The New York Federal Reserve recently released new data, indicating that an increasing number of Americans are falling behind on their monthly credit card payments.

The rate of credit card debt becoming delinquent reached 8.9% in the first quarter, surpassing pre-pandemic levels. Additionally, the percentage of credit card balances in serious delinquency—where payments are at least 90 days late—rose to its highest level since 2012.

“In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” Joelle Scally, regional economic principal within the Household and Public Policy Research Division at the New York Fed, told Fox Business. “An increasing number of borrowers missed credit card payments, revealing worsening financial distress among some households.”

The economy has become the top issue of concern for most Americans heading into the 2024 elections, according to a growing number of polls. Biden’s open border policies, which have led to record numbers of illegal entries, is another top concern.