How America Keeps You In Debt
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- Опубліковано 9 лют 2025
- #debt #studentloandebt #consumerism
Content note: depictions of a hospital/ medical emergency starts at 22:54, ends at 23:51.
Debt is an inescapable aspect of American life. Millennials and Gen Z have taken to social media platforms like TikTok, Instagram and X (formerly known as Twitter) to discuss their staggering 5 to 6-figure debt. From student loan debt to credit card debt to medical debt, a large segment of the American population is grappling with the debilitating anxiety that comes with being financially insecure. In this video, I dive into how America keeps its citizens in debt and what you can do to overcome this.
Sources:
Congress 2008 Recession Bailout
www.nytimes.co...
How the Paycheck Protection Program went from good intentions to a huge free-for-all
www.npr.org/20...
Welcome to America! Now learn to be in debt
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Dignity Not Debt
www.ucpress.ed...
The Making of the Indebted Man
mitpress.mit.e...
Debt: The First 5,000 Years
warwick.ac.uk/...
Author Discussion on Debt
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Average American Household Debt Statistics
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Household Debt and Credit
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Kanye West, Tom Brady, Jared Kushner, Reese Witherspoon, other celebs had millions in PPP loans forgiven
www.mercurynew...
Consumer patriotism is the American way
www.vox.com/th...
New America Bank Account Study
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How race impacts credit: the history and effect on lending practices
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PG&E Bailout
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Keywords for the algo:
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America is beyond hope for me. This nation’s billionaire class has made it expensive to simply exist and our political leaders let it happen.
the fires are there for a reason ;)
They are two sides of the same coin.
You can't expect the top 1% to regulate themselves. 🤓
I checked that 25 of the 38 richest people in the world are US citizens, only 3 people, position 24,28,33 are Chinese citizens
our political get sold off to the biggest bidder. sad
Why don't you buy equities in these publicly traded companies. Share in the wealth instead of complaining
I got a credit card cancelled because I wasn't using it. And yes, my credit went down for NOT using the card. Go figure!
Sounds like credit stuff smh lol
That happened to me before. They said I didn't spend enough.
@Elle_TF As a non-American: WTF???
In future put a little something on it and then pay it off right away.
Yup.
I live on a ""3rd world country"" and have never seen someone having to pay a year worth of salary for three days of hospital stay, and our public university is seen as the best one in the country, no one gives you an ugly look for graduating there, in fact, some companies prefer it... Our system is massively flawed but goddamn, I could never imagine myself having a lifetime debt just for STUDYING.
I live in Eastern Europe and the “American dream” honestly seems like a nightmare. Our healthcare and educational systems are very far from perfect and the corruption is rampant in the country, but at least I can study and be sick for free… a whole industry built on sick people is just disgusting
@emese_p Exactly, same thing happens here. Ppl go to america but they don't know better, a country that punish you with debt for getting sick or studying is a country I don't want to be part of... Perhaps just to make some savings and use them in my country, not to live there for the rest of my days.
That's because the US subsidizes many things in partner nations like healthcare and education (NGOs especially) Now that Trump and Elon are in the picture we (USA) want you and your government to deal with this yourself. *Look into the hospital you last visited and see if USA Aid isn't involved.*
Imma be real with you, America is a 3rd world country with a Gucci bag
@@starrysuu As time goes by, I am more aware of that... 💀
Many of us stay in jobs that is soul sucking and overall toxic because it's tied to our health care, dental, and vision. So, if we quit or get fired, we lose all of those benefits. And those benefits are generally mediocre at best.
That's why I've maintained America is not as free as they claim they are.
Yup.
That is why i started working contract and don’t have healthcare. I have no kids and if im ever going to get ahead it’s going to be right now. I’d rather spend $15k a year building my wealth than on healthcare premiums.
Patrice :Welcome to American Debt Slavery for 30-50 years baby. Americans can willingly have car note debt ,student loan debt,credit card debt ,mortgage loan debt ,payday loan debt . All of this debt slavery is welcomed to every poor US Citizen after they turn age 18 to go into the real world after mommy and daddy kick you out off the house to began the adulting journey.
Doctor: "Sorry, you've been diagnosed with terminal cancer...insert cash or select payment type"
Or 'Sorry, you've been diagnosed with terminal cancer...your insurence doesn't cover treatment and you need to leave this room within 15 minutes.'
@ smh sad but true. It’s a shame that an illness like cancer would pretty much bankrupt the average American.
Thats very true my cousin was diagnosed in june of stage 2 breast cancer in oct she underwent.a masectomy followed by breast reconstruction surgery .She has to go to the doctors often and is now awaiting if she has to undergo treatment and if the insurance will cover it smh ..its ridiculous when facing mortality we are waiting for approval to get life saving care smh
serious question: what should you have to pay for? all these online tankies demanding free school, free healthcare, free rent, free everything..it doesnt worlk that way, you cant force someone to preform a service
@ not everyone in the US can afford to take on an unexpected life threatening diagnosis the way the US healthcare system is currently set up. Many Americans live paycheck to paycheck, I speak for myself when I say that yes services do cost money but it should not be to the point where your livelihood is in jeopardy. If an average American was diagnosed with cancer right now it would probably bankrupt them, that is what people online are “demanding” to change. I don’t want no smoke lmao I’m just here making light of the reality.
I got into a car accident and had to go to the nearest hospital (not even my choice because I was unconscious). The bill for staying there for 11 hours was 130,000 USD. They were trying to convince me to stay a bit longer for “observation”, but I refused because I knew I’d be billed a crazy amount 💀💀. It’s sad that people have to choose between their own health or never ending debt it’s ridiculous.
OMG THIS IS CRAZY! I live in the Netherlands, we dont have to pay these amounts for health care or operations.
My brother moved from nyc to houston texas recently and within the first week he got sick hes also a diabetic and amptuee . His insurance didnt take effect yet and his current insurance wasnt accepted out there so his four day hospital stay cost him $52,000 smh . I also think the insurance carriers ppl have play a big role in it as well bcuz alot of services arent covered for some
Identify as a migrant and your stay is waived.
What’s worse is getting charged a hospital and a physicians fee. Bc somehow the physicians never work for the hospital and we have to pay for their contract work.
@@bambib4801 it’s a US thing unfortunately. I’m not the only victim, even for things like giving birth you’ll be given a $100,000 bill :(
as an Australian, you cannot imagine how my eyes BOGGLED at that woman reading the charges she received from her leg surgery. We have Medicare over here, so even though it's flawed, I am so so so grateful for it. Last year I had to have surgery myself, and I did not pay a cent out of pocket because it was through a public hospital.
In America they basically tell you nothing is medically necessary until you fade away into Oblivion
I have Medicaid here in the US. I can get shots, go to the doctor and dentist all for free because I have low income. I gave birth for free and recently got my wisdom teeth removed for free. I’m a college student working towards a lucrative career. Once I start making big girl money things are going to look very different for me in terms of health care. It’s a little scary. I’m trying to educate myself on all the tax advantaged savings accounts, investment accounts, budgeting, etc. But ultimately I plan to leave this country.
The US government does offer free healthcare for low income. My mom was a single parent to me and we were not that well off but we didn’t even quality so my mom had to get private insurance - she was a self employed hair stylist. It got to a point where the health insurance was gonna be 500 a month for a mother and child so I went without health insurance for a long time.
Now I would say I am doing better than ever and I don’t qualify for it. I had surgery, went to the ER twice, and had checkups/tests done over a span of 4ish months and it costed about 16k with insurance through employer. I also got unlucky bc this began in November and went through January. This sucks bc once you pay a certain amount they finally cover more but it resets in the new year 😭
Canadian households have similar debt problems, but our saving grace is universal healthcare.
Are you from Canada? I wanted to move there instead of living in America, would you suggest it? ❤
@@raccoon9496 I am and I would. If I was American with Trump as president, I'd be applying to leave asap, and Canada is a great country to live in. We also have many American expats. All the best 💛
@@thebowandbullet okay thank you!! 💛 I've been really looking into it and I think it would be a much safer experience and I'd still be close to family
@@raccoon9496 I have family and friends in the US and often worry about them. Stay safe!!
I'm in Canada and we pay out the toot for taxes. So it's just garnished instead of a lump sum. Everything is more expensive than US and we have one of the worse housing bubbles in the western world. Needle drugs are used in major cities openly. Tents are everywhere. People work multiple jobs to afford the basics. Enjoy!
Today was actually my last debt payment. I'm officially debt-free. While this is technically a success story and I'm happy to be rid of it, it's still absolute madness that I ever had it in the first place. Medical debt is the product of a society and a country that prioritizes profits over people. There are so many traps and pitfalls to keep us working and buying and paying till we're gone.
Congratulations on being debt free. I’m one more loan away from being debt free myself, most of them were for car repairs on a car I haven’t even owned in over 2 years and had to stop making payments because loan companies for the most part having unreasonable interest rates. As much as I dealt with so many problems on my last car, at least I owned it outright like the 3 I’ve owned before it.
By all costs I avoid getting into making monthly payments on a car because I want to fully own my stuff. If I could, I’d buy a house outright too so all I’d have to worry about is property taxes and no mortgage payments or rent for rent to own.
According to recent reports from the World Health Organization (WHO), a significant number of people across Europe are struggling to pay for healthcare costs, leading to substantial "healthcare debt" due to high out-of-pocket payments for medicines, dental care, and other medical products, even in wealthier European countries; this issue disproportionately affects low-income households, potentially pushing them into poverty when faced with large medical bills
Congrats on being debt free! 🥳
So my rural HS in Utah had a class called "applied mathematics" where those of us who were deemed too stupid to need algebra or anything above basic math were put to keep us out of the way. We were taught balancing a checkbook, figuring out how to tell a deal at the store, how to figure out our APR. I got a kick out of realizing I could do things my "smart" friends couldn't because the school knew we wouldn't be going to college.
How ironic is that!!
We're in Utah. I am a parent of two seventh graders. For CCA (college & career awareness) they had to choose a career, find out what that pays, figure out the major, and then pick three out of state universities that offer that major. Out of state. Wtf? They researched in-state schools later. The trade schools and community colleges were last.
They're 12, first of all. But really I cannot figure out why they focused on out of state schools first. Maybe to shock them when they saw the difference for in-state tuition? Idk.
The fact that our education system purposefully doesn’t teach financial literacy but yet takes advantage of the illiteracy tells us all we need to know about our government and systems….. smh
Yes but the cost of everything in this country is ridiculous
On that topic: The US consumer debt is NOT 17’940 trillion, it’s 17.94 trillion. (That is still a whooping 54k US$ per capita)
As a comparison: The complete global GDP amounts to about 110 trillion US$/year, the US GDP to about 28 trillion.
To be fair, ~70% of that debt is in mortgages, which means that there is an underlying asset, which is generally worth more than the mortgage.
The American education system is a scam and only teaches you the bare minimum with no real world survival skills so you will be like a sheep ready to be preyed on by the wolves(Financial Institutions(for financially illiterates) , Retail Shopping Corporations(for Shopping Addicts, Fast Food restaurants (for non-cookers),Car Dealerships(for new car buyers).
In Kenya you buy what you can pay in cash/cashless mobile banking. Debt comes in for stuff like education which is not that expensive especially university. Infact my uni fee is lower than my high school one ( its literally $155 dollars per semester so a total of $15,500 for my 5 year degree). I cannot simply grasp the concept of credit card debt, it's so foreign for us. I don't even know someone who owns a credit card. Your videos open my eyes to what is beyond my world. Truly feel bad for people in education and medical debt, it shouldn't be like that. It's such a terrible system.
I never realised this actually. I also don’t know anyone with a credit card in kenya, but where I live in the UK, almost every adult has one, even if they don’t always use it. Maybe the UK isn’t as bad as the US, but debt- especially university loans- is still a problem.
Yep. I live in the US and I’ve been telling my dad how fucked it is here and he just tells me “tHaTs cApiTaLisM” well then MAYBE capitalism isn’t the way?!??? And I literally study economics in school and he has the audacity to tell me capitalism is the best… 🤦♀️🤦♀️
Maybe i should have studied in Kenya😭
they are bringing that over soon. no one is safe anymore
As a German having lived in the US it is so foreign to me, that you can get credit cards at every corner. I was at a baseball game and a friend signed up for a credit card to surprise me with a Tshirt. Getting them in the mail is the weirdest concept. Oh hey, we want you to have debt. Consumerism is beyond control in the US.
I was paid during nursing college here because it's more like an apprenticeship. But even university is pretty much free. You can apply for government aid but the max you have to pay back is 10k after 5 years of earning your degree and if you pay it back in one payment you get 20% off.
I actually have never heard of someone in Germany having medical debt. Maybe dentist bills but that's about it.
its funny how much Germans watch American Content :D
@@jukaye2179I mean America is an entertaining show.
@@troddenleper8915 das ist nicht nett 😂
Trust us...we don't want it this way.
As a german you also gotta know Germany's that whole system is on the verge of collapsing as well
I’m a 52 yr old American RN. I’m in a moderate amount of debt from a couple of medical issues and having to go back to college at an older age as my job was requiring of it for me to keep it. Was it worth it, absolutely NOT. I should have just said forget the stupid job as now I’m too old and tired and don’t care for the career anymore. I have a little bit of credit card debt, but about to have that paid off. I rent and have worked full time my whole life since I was 16. I live in an area where nurses are not paid well. I haven’t had a raise in at least 8 years. I just give up and don’t care anymore. I pay everybody a little something to make them leave me alone. I dropped health insurance because I paid, paid, and paid and they denied, denied, denied so that’s why the debt. Why pay half the cost of my rent monthly and then get sick and they pay NOTHING. All insurance is a scam. If I do get sick I’m denying all treatment. Rather be with Jesus than this place anyway. Sorry for the long post but just how an average hard working somewhat older American feels. 😢
Thank you for your service ❤
Thank you for telling us your story.
Yeah, you’re not hard working. Don’t kid yourself.
I feel for that lady who had no groceries 😔 I recently had to take a loan out myself, because we literally had 2 cans of beans and 3 chicken thighs, and it was gonna be days before we got paid.
There is no shame in seeking assistance from food pantries. Hopefully you have some in your area!
@pisceanbeauty2503 I appreciate that 😊 imma look into it, and hopefully go on days I don't have work.
Please see if community fridges are in your area! No need to apply or anything, free fresh food❤️
"There are two ways to conquer and enslave a country. One is by the sword. The other is by debt."
John adams
Powerful statement. We all therefore need to get out of debt. Too late. Is owning nothing and be happy is what’s ahead for Americans?🤔
In Poland I was taken to the ER without insurance and I paid 1000 PLN, so about 250 dollars. It was still a lot to me, I can't imagine getting a bill for 40k
Ashley you are so right! These billionaires find a way out of everything like paying taxes and so on, but they expect the working class people to pick themselves up and do everything.Love your channel! Your honesty and not acting stuck up and keeping it real we need more people like you!
I agree!
You mean they take deductions and tax credits like you do?
OK SO im younger and in high school, and everyone always asks me "what college do you want to go to?"
No, thanks!🔥
They're almsot always shocked when i say i dont want to go to college(most likely because i do varsity sports and have a 4.0gpa, so I'm expected to go try for an ivy league or something) and it really shows how much college is forced onto us as part of the "American Dream".
I remember seeing it all the way back in 6th grade, the posters saying "it's not too young to think about college!"
Hello, are we OK?!!!😭😭
Hiii.
Just wanted to ask if community colleges are also expensive?
@@tolachanelt3from what I know, yes(correct me if I'm wrong) but you're usually in community college for about 2 years, so it's cheaper depending on your degree! My school personally offers getting a 2 year degree starting in junior year of high school, and the school pays for it 💸
I was a straight A student, too, taking duel credit and AP classes. My family was in disbelief when I enrolled in a cheap, affordable local technical college instead of going into debt for a four year degree I might not have any use for or might not even get me a job. They think since I'm so smart I should be having the actual college experience(?). Which I am in my own way, and affordable colleges shouldn't be looked down upon or those not going to college.
I'm going into the medical field (kind of need college for that), currently have no debt, and I plan to stay debt free.
I wish you luck with your future goals with or without college!
I went to college right after high school, despite not really wanting to go. It was the biggest (and most expensive) mistake I ever made. So you are absolutely doing the right thing by choosing not to go. Take your time and really think about the path you want to take.
@@tolachanelt3 im in community college rn and it's significantly cheaper than a regular college. Also depending on ur state, community college could be free for in-state students. Tuition at a 4 year college in my state is over 20k a semester (not including things like supplies and dorm costs), my tuition for my first semester at community College was around 3,000 and my cc offers programs to get textbooks either for free or significantly cheaper (like 50 bucks a book cheap). However most community colleges only provide associate degrees which aren't on the same level as a bachelor's. I recommend community college if you are wanting to get into a trade or a coed program where you do 2 years at community College and 2 years at a regular uni/college to get a bachelor's.
Though this video is rather heavy and grim, I fully appreciate you for focusing on what the problem is. I consider myself one that straddles the line between being an optimist and a pessimist. In order for us, as human beings, to live full lives, we need to acknowledge how dark things are in the world that we live in, so that we can, collectively, know what we're doing wrong, correct it, and move towards a brighter tomorrow.
I realized a few years ago that the reason why I was shopping so much was to help with my anxiety. It was only a temporary fix anytime I bought something so I had to keep doing it. I've always paid my bills on time, but never really saved anything. Once I realized my issue I no longer buy anything that I don't need, because I have way too much stuff as it is and not enough time to use any of it. Excersing helps with the anxiety, but I know now it's just something I will always have but now having a good savings account is so much better than pointless spending.
This is a great video. I am 65 years old and I feel for young people. When I was in college, it was doable on a working class salary, it was possible to work your way through college because the ratio of salaries to what things cost made sense. For instance, my college tuition was about $2300 per year, if you went to a CUNY school, at one time tuition was free, but when they first started charging tuition it was like $200 per year. Today all colleges are FIVE figures, it's impossible to work your way through college now.
As an American myself, it’s shameful how so many of our leaders are self-serving, and care more about helping themselves and their cronies maintain profits than helping their own constituents. America ought to be run like a real country, not a corporation.
Also, what do all of you think of credit unions? I think they’re superior or more preferable to big banks.
This is scary... The world with its existing systems is scary... Thank you for this conversation
This is not the world, it’s an US American problem!
That hospital bill-my gawwd! My sister who lives in Okinawa, Japan had a ruptured aneurysm and had to have 4 brain surgeries, 4 or 5 months (I can’t remember exactly) hospital stay including 1 month dedicated to rehab. All food included and she paid less money. They doctors were so skilled that my sister recovered completely even though she was already 72 yo. That was two yrs ago. If my sister didn’t have the money to pay, the government would have put her in an installment assistance program.
As a 30-year old white guy from a middle-class background, you presented a very well-balanced and thought out breakdown. Keep up the EXCELLENT work!
With our uniquely diverse country that actually makes us stronger despite perception, let’s ALL band together and start having the country working for EVERYONE.
What does white have to do with it? Weirdo
I'm so happy I made productive decisions about my finances that changed forever. I'm a single mother living in Vancouver Canada, bought my first house in October and hoping to retire soon if things keep going smoothly for me, all thanks to Mrs Sanders.
Wow that's awesome investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
You are absolutely right everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
Cryptocurrency investment, but you will need a professional guide on that.
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Amelia C. Sanders
I'm from a developing country with excellent medical services at a very low price. Some say our healthcare system is one of the best in the world. Some Americans argue that the US system is much better because it has the best doctors and technology. I don't deny that isn't true, but what's the point of having the BEST when normal people can't afford it? I am always sad when seeing someone just going into debt or having to be homeless because of the medical bills. It was so sad to see people denied calling an ambulance and would rather die. 😢
I know exactly what these people are going through, back in 2023 I was out of food for a whole month. The government sucks! Totally uncalled for it makes me so mad, especially with groceries and medication, college debt, housing etc. disgusting!!!!
How did ypy survive
My debt is only $15k and i dont own any credit cards nor do i ever plan to!! To build my credit i use self! These ppl out here taking advantage of their credit just to live a lifestyle that does more harm than good is INSANE. Happily and comfortably living BELOW my means! And slowly paying off my small debt. 🤟🏾🥰
Great Video!!! We lost our house in the Paradise Fire and had to start all over. We moved out of California
😢
I hope you find a new home soon!
I pray for your safety
I’m so sorry that happened to y’all. 🥺😢🙏
(Just having Lunch and early, you spoiled me today)
Learning about the American Creditscore and how literally rewards being in debt in college still baffles me, and that People can live knowing they owe those amounts it's insane
German here: In Europe it is weird to have a credit card or debt. No one really has it. I know nobody who has it and my friends either.
University costs about 300€ every semester and my medical bills i do not pay cuz im a student.
It is really interesting.
Omg Ashely I just remembered this time when I was a freshmen in college and Capital One was offering free pizzas at Dominos if we signed up for a credit card and bc I was a stupid 18 year old I just did it. Never used it thank god but I just remembered that lol.
Nothing will radicalize you like living in another country and seeing just how little things are so easy. I had to go to the doctors in England and the whole thing at the end of day cost $8. A visit that would’ve cost me hundreds of dollars. Couple that with the outstanding access to public transit, you just cannot understand why we are forced to live like this in America.
Outstanding video. I need every single teenager to watch this video and for them to fully understand wealth disparity, inequality and debt. The points in inherited wealth are vital in a world where you have no idea that your peers are inheriting wealth whilst you are told 'just work hard.'
Such a good video!! I had no idea about the financial burden put on Haiti...that's so messed up
I'm scared for this happening in Canada. The conservative party would be happy to strip us of universal healthcare, educational, childcare, etc, and everything here is already too expensive
Oh please like the Liberals will save you… they have been making the decisions impacting you today over the past decade. Please educate yourself.
Maybe Europe too
Same in the UK. The NHS (National Health Service) is being defunded, while private firms are jumping in with ads like "tired of the long waits???" Even if I HAD the loot, I'd never go private healthcare, because private healthcare = for profit healthcare. Healthcare should be for HEALTH!!!
I'm German and my dept is 0,00 Euros.
I found it unfair and way too much what you have to pay as a citizen in the U.S. for things you need for your existance.
That's insane 😮 I think that's evil!
Thank you…many of us in America also think it’s evil. We wish our government actually made it livable here, but they don’t. They just served the interests of the uber-wealthy! We are trapped, and half the country doesn’t even recognize it!
The state of the world makes it so hard for me to motivate my teenage son into caring. He's become so apathetic towards his future. It breaks my heart that he doesn't see much hope going forward. I tell him he needs to work towards change then. With his generation. Stop these cycles and make it better. We'll see. I'm in a lot of debt. It's life debt. Moving, dental bills, etc. My husband is military b/c we realized almost 20 years ago we didn't have any other options. Our town was small and we didn't see anyway to get out otherwise. I wish it wasn't the only option in this country though.
At 0:51 my jaw DROPPED. I’m from Germany. I have an illness that requires regular check ups and last year I was hospitalized for 3 days. Man the amount of money I could be paying if I would live in the US is insane to me.
What the video fails to say is whether or not the person had health insurance. I'm guessing they did because, if not, they probably wouldn't have received all that care unless it was a public hopsital which means the care would be free anyways. If she had health insurance then the insurance company would have paid for most everything. I was recently talking to a person on UA-cam that lives in Germany and my jaw dropped when they told me citizens pay a 14.8% mandatory tax on their income for healthcare. That's way more than I pay here in the US.
First video I’ve seen of yours AND IM SOOO IMPRESSED!!! I’m so happy people are waking up to the corrupt system. WE DESERVE BETTER
It's so weird how I, as a 17 year old , not even American, I am terrified of this world state. I am randomly starting to think about things about events throughout history that exploided people of color and women. As a young lady myself, it makes me wish I was never born one knowing that im most likely going to experience misogyny and unfair treatment just because the industry can. no matter how loud we speak, history repeats itself, and people dont change. It's infuriating. And to those around the world seeing this, you stranger that's scrolling. I pray that all of you are well and safe.
First time viewer. I want to thank you for helping me realize that there are still some of us out there. I applaud the way you focused on being self critical as a society and denounced the atrocities of this society. For introducing the concept of not having to accept this hogwash we live under and that we should seriously consider making fundamental changes to our way of living. I hope many more people get to see this video.
As soon as I was done watching this video, an ad popped up for helping you get a credit card. God, does it ever STOP 😭😫
“The Waste Makers” by Vance Packard talks about this too. He covers the history and techniques companies and banks use to keep us spending and keep us in debt. It is infuriating. Love your channel and your perspective!
Awesome video. Thank you for refreshing, educational and honest content. We need more people like you to tell the harsh truth.
Yup.
it’s still really weird to me how a lot of stores went from rewards cards to credit cards. one time I almost signed up for a credit card because the way that the cashier described it is sounded like a rewards card. so I was like oh yeah sure I’ll do the rewards card, and he heard me say rewards card. but as soon as he asked me for my SSN I was like oh hell no never mind cancel that shit.
One of my favorite Kimya Dawson lyrics described their dream and happy life as "a backyard and a hammock and a paid off student loan" That's my dream. A place to be peaceful, and to escape the debt trap
I’ve been 4 months unemployed. I have a bachelors degree, as it is trying to get a job in my field where I live is hard enough but the few positions that are available have over 50 applicants and even though it says entry level position they expect 2-3 years minimum experience 🙃. Ive been applying to jobs that don’t require a degree and I still don’t get called back. It’s really getting to my head that I’m not good enough but I know that’s not true. I need a job asap because my credit card debt is slowly accumulating.
The French had a good solution to these problems in the 1800s.....
Late 1700
@@mariayo4284 Ah thanks, it's been a hot sec since I took European history
America is set up for failure 😢. It is not normal to start your life with student debt. Here in Belgium it only vost around 1500 - 2000 per year for higher education. We do not have student debt thankfully. I feel so sorry for all of you 😢😢😢
Right on time ) The current homeless emergency is painfully obvious
Financial Basics courses are being added to most high school curriculums. It will be helpful for late Gen Z & Gen Alpha! Check your state's education department website. I believe Texas added it 2022/2023. Hopefully more states add it as well 😊
Another amazing one Ashley, I always look forward to hearing what you have to say. ❤
I just got my only credit card cancelled because I used it responsibly. The company didnt think the 40.00 annual fee was enough profit from me because I pay off the balance every month. I just opened another card to replace this one closing.
I don’t understand this logic. In Estonia, getting a credit card can be quite difficult. When I was a freelancer for a long time, no bank was willing to give me a credit card, even though I didn’t have any debt-just a mortgage. Now that I have a credit card, I’ve set a small credit limit. If I need to pay a larger amount, I simply transfer money from my checking account to the credit card account, which automatically increases the available credit.
love your videos! talking about sh*t that matters
Sadly the people who need to hear this won't even be suggested this video
That ad came through with the realness. We don't have "free" healthcare here in Canada either. Healthcare can't be stressful
Keep educating the masses 💪🏽 Its too much capitalist propaganda out there acting like financial literacy is the answer.
So many young Americans believe that massive Student loans are OK because the highly paid job is just around the corner. However, that may not come true when Employers can pick and choose from the vast number of applicants. The losers stay in debt for life.
I lived in the U.S. for a couple of years and I found it so sad that everyone is constantly caught up in these absolutely soul destroying conversations about bills and loans (they use the euphemism’line of credit’ LOL) and insurance and co-payments and credit ratings and the IRS and car leases etc. Absolutely mind numbing. 😢😢😢
Fabulous commentary!!! Keep up the excellent work!!!!
Yes! Thank you! I’ve been saying for years they need to include some credit card knowledge in schools.. I worked at a bank and I was in charge of our credit cards. It was so sad how many people I would have to call and explain to them how their card worked and what their interest charge was about because they didn’t pay it on time. I’m not even blaming them. They were never taught. They were just referred to get a credit card to help pay for stuff and that’s it.
By the way wonderful video! 👏🏼 very informative!
Wow! 😅 You presented a lot of good points in this video. The main thing about the curriculum in grade school not teaching applicable skills still baffles me. I really appreciate that you called out the historical inequity. This is likely why things have grown out of control. The divide between the rich and poor is growing. Teach your children and other youth you love how to be on the rich side. It’s less stressful! 😅
I have medical debt that I am paying on but it will still take me years to pay off.
Freaking amazing video. Keep up the great work
That’s why money shouldn’t be a thing💯
You did a excellent job on this video !! 🙌🏽💯
Loving the decor Ashley 😍
Individuals keep themselves in debt but it’s always someone else’s fault that had zero responsibility in your decisions.
Give up the blaming and finger pointing… those people never become successful.
Accountability and humility with hard work and financial education will take you far in life
Hell yes to collective liberation!!! We need the power of community and to stick together now more than ever ♥️
I was meant to be a medieval peasant frolicking not whatever this is
lol
If I'm gonna be screwed by the ruling class I might as well be blissfully unaware of cryptocurrency
I'm from Budapest, Hungary and absolutely no one I know even has a credit card, we simply use our salary lol, what's the problem with that?
Hello from the U.S. funny story since I see you are from Hungary. I’m a nurse in the U.S. and one of the medical devices I use reset itself to the Hungarian language the other day. I had a horrible time trying to put it back to English. Your language is so different from English I had no clue what it was 😅. And you are spot on about the credit cards. They are bad news!
I think my favorite example of how expensive American healthcare is, is the cost of a urine pregnancy test. I have an IUD, so low chance of pregnancy (but I understand the need to still test me before the procedure I had!). If you buy in bulk, you can get a urine pregnancy test for like $0.20 per strip. I was charged $86 for the test. (And I had to pay $2,000+ for the actual surgery, of course).
A lot of your videos have really opened my eyes and make me want to become more educated. I just started watching your videos a few days ago and I’m already a big fan!
I’m a minimalist. I don’t have debt, but that’s cause I spent the better part of my 20s paying off tens of thousands of dollars in student loan debt. Even now, I don’t own things like a car or a house (can’t afford those things) and have lived for the better part of the last decade with either my parents or roommates. I also have health issues that are maintained at present, but keep me in abject fear every day of having one medical emergency. And if that medical emergency is serious enough, I could lose my job and as a result, my health insurance with it.
I did everything right according to those that like to lambaste millennials for making bad financial choices and yet still feel so far behind, still live with so much anxiety every single day. I shouldn’t have to live like this, no one should have to live like this.
Hi Ashley, as usual, love the references and the systemic take on this topic. Debt is predatory end of story thank you for making it clear. I am on a debt repayment journey, I am Canadian so my school debt is way less than an American. And like many I've only come face to face with my own financial illiteracy and consumer debt in the last 1.5 yr but I'm on my way out. I am part of a social class where my debt was mostly not survival debt. At this time with the housing crisis I might end up debt free YAY by way of not being able to afford a mortgage lol. At this point idk if that's a big problem. I would almost rather not be house poor because then I'd have less cash flow and a huge liability against me. I don't think I want that! Thanks for the great work as usual!
We spend too much in Avocado toast 😂😂😂 I love that!
Watching Caleb Hammer's channel, I can absolutely with certainty say that for a number of people debt is absolutely a moral failing. If someone is approaching their 30s and has no impulse control at all, that's not the failure of capitalism. Buying stuff you don't need with money you don't have to impress people who couldn't care less is not the fault of capitalism. Taking out debt to go on a vacation instead of saving up over a period of time is not the fault of capitalism.
I love your new background (and your videos!). Happy New Year !🎉
We need solutions and tangible actions
Révolution ? Maybe...
Oh my gosh. I live «in a third world's country» (Russia, he-he) but I can't even imagine how 3 days in a hospital or studying in university can bring you into debt! Thanks god we have a lot of free or lowcosted stuff but it won't last long, cause the world is turning to be the USA capitalism system where 99% of people live in the poverty bordering to the death because of hunger for 1% people to be able to literally burn their money.
You got me screaming by the end LFG CLASS WAR
In the top 1 percent my family takes advantage of this and says if you can’t afford it you didn’t work hard enough but they don’t love their son oh well 😢
so eloquent ashley!! amazing video as always
I felt so seen when you said that you wanna quit your job that’s exploiting you but you have student loan debt. Bro that was me in my mid 20’s 😢 I was doing 3 different jobs, and was being underpaid.
US school *do* (or at least did in my days) teach financial literacy. But those were always the classes where nothing would get done bc the students didn’t care and would talk the whole time. Schools can only do so much if parents don’t get the conversation started too
You always keep it 💯
You killed this. Definitely enjoyed the research and the message. Thank you
Preach it preach it!! I love your critique of the system. From a young age I boycotted credit cards, until I needed one at 21 and had to give in. I paid it off a year later and have never touched one of them things since. I then transitioned to Klarna in recent years, because I didn't see it as "debt", I've had a big wake up call from UA-cam lol I'm having to resist so hard to not buy anything off Klarna but I'm doing it, it allows these companies to have so much control over us.
Lol we learned how to balance check books in middle school but by the time we were in high school, check books were out of date. Honestly I learned more financial literacy from playing Animal Crossing compared to anything I learned in school.
Reminds me of Russia so much!
America and Russia honestly are like siblings who hate each other despite being the spitting image.
18:40, They do teach you the math behind finances. Loans and interest were commonly used as textbook examples of the exponential function. Linear functions are the "low hanging fruit" that you need to first learn to be ready to learn other functions that govern reality.
What schools won't teach, is what they can't teach, which is how to optimize your tax bill and how credit scores are calculated. Tax codes are a moving target that could be obsolete after you graduate, and credit scores are a proprietary formula that isn't public information.
As a company, why would I want Americans to not be in debt?
Something that upsets me endless is what you said about paying off debt lowering your credit score. In 2018, I paid off my first year of FAFSA subsidized and unsubsidized loans, they split them by year when you're paying them off. Instantly, I dropped almost 100 points for my total amount available dropping by $5k despite in lowering my % used. I was so upset. To this day, every time I pay something off besides a credit card's active balance, I hold my breath in worry.
I’m so glad someone is speaking up about this 👏🏾👏🏾👏🏾👏🏾👏🏾
The tree in you background is gorgeous. Love it.
I’ll keep my credit cards in rotation until I purchase a home. Then I’ll get rid of them.
People also do not have their priorities in order. They drive $80,000 pick up trucks and get their hair and nails done, or buy luxury brand purses, etc. But then they complain that they can’t afford groceries. Now they’ve elected a deranged billionaire into office, yet again… what do you all expect? Stop buying Stanley cups. Stop buying unnecessary things that are out of your budget. Stop buying your kids Ugg boots and $300 sneakers. Just stop. ✋
This video is incredible ❤