Yeah, because other people's money is in that bank and so its the people who made deposits in the bank who are getting their money back. If people deposited their money in a bank and the bank lost that money on bad loans or whatever and the bank wasn't bailed out, the depositors would never see their money again their savings completely wiped out. So if your local bank where you put your money was about to go bankrupt, trust me you'd want that bank to be bailed out too if you wanted to see your money again.
@@Law19157 Lol and I’d want to be bailed out too if I was about to go bankrupt but that doesn’t happen. I think you missed my point which was that while the banks will get bailed out for taking on excessive risk and debt, individuals will not. Obviously a bank failing would hurt depositors so they get bailed out, everyone knows that, but why aren’t individuals given that same courtesy?
@@s1wjlm483 They banks don't get their profits back only what they owe depositors. Individuals don't get bailed out because they lose their own money not someone else's which is what the banks do.
@@s1wjlm483 The difference is that you lose your own money while the bank is losing other people's money. The bank isn't getting back its profits rather the depositors are getting their money back so really its the depositors who are being saved from the bank bail outs otherwise they would lose their savings. Its you losing 20 dollars vs the bank losing your 20 dollars.
@@s1wjlm483 Also, if the government kept bailing you and everyone else who keeps losing their 20 dollars we would have hyper inflation which would make your 20 dollars worthless. Bail out money is either going to come from increased taxes which isn't sustainable or simply printing new money which also isn't sustainable.
Keep up the great work. It’s a tough discipline to sustain, but that feeling you have knowing your car is paid off is 100x when it’s your house. Godspeed
💯! American people needs to stop spending and start investing/ saving. We got out of debt in 2016 and swear to God I will never purchase dumb shit. No more expensive cars, restaurants and clothing. Love Goodwill now. 😅.
@@mr702s You don’t see the irony in what they’re doing? Some people run up debt on necessities, but most run it up on stuff they don’t need. It’s basically like a channel making a video about how bad drugs are… then running a commercial for OxyContin in the middle of it. “Hey we have a channel to support “
Accountility is a term that in a legal sense usually implies liability involving a fault or wrongdoing of some kind, so what precisely are they to be held accountable for? (Asking genuinely.) Banks have clients, investors, and customers; only one of these makes banks what they are --- banks. A bank deposit is not a service by a bank to its depositor, but a service by the latter to the former, as it is the deposit itself thay provides the bank with necessary finances to maximize rebounds off the initial injection, and, of course, if you're a mere customer, keep 100% of the profit made off your deposit for themselves, while charging you unnecessary service fees and somewhat more justified penalties. Of course, for clients (or partners) of banks, however, the arrangement is different: the bank looks out for you and actually invests or available options for you to allow it to invest on your deposit, so that any earnings gained on your injection are shared, incentivizing you to deposit more and more, possibly exponentially growing your investment. Bottom line is, whether customer or client, it is you --- the free individual giving them your business, willingly --- who are to be "held accountable", because banks subsist quite literally off of the confidence of their deposit-makers. Even though corporate banks make it easy, fun, and attractive to place your savings and checks inside their accounts, there are other ways of storing, safeguarding, growing, and dispensing ones earned wealth, including land, private trusts, private commercial trusts, stocks, bonds, and organizational shares (equity), depending which of the four outcomes is/are your objective. You cannot reclaim the liberty or empowerment you seek without also reclaiming responsibility, so accept it. Millions of us are to blame for causing this to happen. Exact same thing we're dealing with today was happening in Ancient Rome, just as it did in Athens, France, Italy, and most recently, England...and now, in America. Thousands of years of the same mistakes and you'd think someone somewhere would teach the next generation a little better. The worst part is, people are shortening their lives and working themselves to the bone not even for money, but for currency; the money (gold, silver, etc.) was taken by a handful of families and institutions, while the Reserve notes we mistake for money, and on which our federal legal tender is now backed, are worthless yet responsible for so much progress, innovation, luxury comfort, development, and destruction and misery. Needless to say, like these "worthless" currency units, which can be used for good or harm, banks are not inherently bad, per se, but they enable those with bad intentions to do great harm. Instead, we civilians should be learning to *use* banks --- properly --- because I guarantee that the top collars of Wll Street and all your global executives and fund managers are not out here on UA-cam and social media calling for antagonization of banks.
Wow!! I went to all cash, meaning Debit Card and cash, many years ago. It's tight sometimes, but. I've learned to be disciplined. Thank you Dave Ramsey!!
Not me I’m back to credit cards. I was a lil too spendy in my late teens with a credit card n switched to only debit for discipline, and learned my lesson. Now I use credit card like a debit since it’s so easy to pay back on the app, while I don’t spend beyond what I can afford, leaving no debt, while building credit. The cash rewards are great too, which is getting back 2% on almost all purchases. That adds up! So now I use multiple credit cards to build credit n savings, but always paying back right away. I always pay the credit card back a day after I purchase anything. Also using a credit card is much safer than debit. It’s important to stay debt free though! So I definitely don’t recommend a credit card for irresponsible people, since some people get out of control with it. I have friends that owe hundreds of thousands on credit cards. So crazy lol
I haven't gone on a vacation since 2020. We had kids in 21 and 23. We stayed home saved for a house and got out of debt. I work part time my husband full time. We are feeling safe and sound. Just cause we are smart with our money.
Credit card delinquencies ain't got nothing on corporate debt delinquencies, then you got home and auto auto loan delinquencies that's going to take the whole house of cards down, you're about to see a bank crisis that you've never seen before in your life
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As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
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Me and my wife are actually in the process of paying off our debt. The biggest relief you can have is financial peace. Not having debt makes it so much easier paying your mortgage.
Agreed. Been debt free for two years after paying off $240k in student loans…. We will never own a house because of that mistake, but we live with peace of mind today.
@ ya your right but it’s much easier only making that payment compared to car payments and credit card payments. Not everyone can have a mortgage free home. Troll somewhere else.
As soon as Adam starts talking I've had enough The "problem" is nobody makes enough money to live here for 30+ years it's been -export as many high paying jobs as possible -import as many H-1b Visa holders as possible -import as many illegals as possible All in an effort to low wages. My very first Jr position job 30 years ago would pay $123,000 in 2024 dollars using bogus government inflation metrics. I look at SR positions now that pay less than that. The USSA has been destroyed from within and I don't think Trump or anyone else can fix......Trump even want MORE H-1B job stealers What a shit show.
Exactly.. I had 7k in credit card debt when I lost my job, I used to be able to make the payments just fine and then I couldn't and needed it.. once I stabilized I tried to pay it down and it took me 4 years because interests alone was anywhere from 200 to 300 per month.. so although I had 7k in debt with that card it took me 4 years and around $5000 in interest to pay it off.
If Prices on things were 50% cheaper you could pay 10% more in interest, I don't hear anybody complaining about how much prices of things have gone up they just worried about the interest
I had a credit card at 11%. Perfect payment history for 8 years, no over limits. When Powell raised rates, my card bumped up to 29% due to "increased borrowing costs" Uh huh
I've seen something similar with one of my credit cards. I'm at around 810 credit score. There's no justification for trying to slap a 22% interest rate. It was around 10% before. The good news for me is I never keep a balance on any of my cards.
If you paid off the amount borrowed less the interest plus you been paying interest probably best to file bankruptcy. At what point is this criminal. None. So f em.
I grew up in a single parent home. Never went on welfare and didn't lived simply. It's simple, just say no to the things you know you can't pay for. I learned this as a child and never stopped. Our society can't say no: Too busy buying stuff they don't need, with money they don't have to impress people that don't care.
I don’t even really think most people are out to impress strangers anymore. I think it’s more about lack of vision, discipline and financial literacy nowadays.
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When I was in my 20's, I used some credit cards, and had maybe $3,000-$4,000 in credit card debt. That was enough that when I finally paid that off, I never got another credit card again. I either have the money for what I need, or I don't.
Thatz how i function as well. Now I'm in college debt but I know I'll pay it off once I'm done. Sure it's alot of money, but I want to travel and work in healthcare.
I use my credit card for everything cuz it earns 1-5% cash back, but I also pay off the balance every month, I've always been like this but my brother has a similar story of credit card debt from his 20s
That’s how it should be. Start saving up little by little. Then you can start getting HYSA, Roth IRA, max your 401k, HSA. The list goes on for your future
It honestly doesn't matter which president was in power. My credit card never went above 1000$. Once my father passed away and I maxxed it out that's it. The idea that who is president will determine your credit card bill is laughable. It's called personal responsability.
Housing costs are killing people. Even homeowners are suffering higher property taxes and insurance costs. Nobody can live within their means anymore since they can no longer afford the same house that they could easily afford 5 years ago.
@eshoo8000 I was specifically stating that these are homes that they could easily afford before property values exploded in FL. When a $100,000. Home is suddenly supposedly worth $500, 000. And your taxes and insurance now rose exponentially as well. Oops, there goes the budget.
@@eshoo8000 you sir got that wrong! We were renting for years landlord up the rent on us from $700 to $1800 a month. We bought a house our mortgage is $1600. The payment for renting is near the same but if I'm paying for a outrageous payment I would rather be owning the house. I only bought my house for 200k so no it's wasn't an overpriced house. The normal house in my area is 300k I was fortunate a family member sold me this house. So yeah there forcing people to either pay high rent or high house prices.
Well...if you're a bank executive, you are probably getting rich from all the credit card interest rates. They aren't worried about taxes and the cost of living.
Good for you😊. Now the question is did you sneak into your special corner and give thanks to that being?????? Or should I inquire are you familiar with that being??🤔🤔🤔🫣🙏🏼.
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
The truth is that people are finally waking up to the fact that our systems are breaking down in thousands of different ways all around us. Personally, the financial market seems like the only way to go with a long-term horizon . But if you don't have that time, it's a tough market out and thus you should consider financial advisory.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky” for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for this tip. it was easy to find your coach. and I conducted thorough research on her credentials before scheduling a call with her. Based on her résumé, she appears to possess a high level of proficiency, and I am grateful for the opportunity to speak with her.
Agreed! As a senior on a fixed income, I saw an increase in energy prices, insurance, gas and food. I then had to start using a credit card to cover. Let's talk about that. I wasn't having any fun.
what is weird, I go to Costco, the mall etc. during the week even befoe Christmas and they are full in middle of the day. Does anyone work anymore. Restaurants are full even though you pay $70 for a basic hamburger meal. Ate breakfast the other day and an omelet was $19.00 how can all these underwater consumers continue to go to restaurants. shopping etc.? crazy world we live in
No one is cutting costs 😂 no one instead there has been plenty of businesses that have closed in 2024. Foot Locker announced last year that it plans to close 400 locations by 2026. 2023, Bath & Body Works announced it was closing around 50 locations. Drugstore Rite Aid filed for bankruptcy in October and announced the closure of many locations as part of the downsizing process. Discount retailer Tuesday Morning filed for bankruptcy early in 2023, leading to the closure of all its locations. The retailer had almost 200 locations, with a large number of them in the company’s home state of Texas. Bed bath and beyond closed all 360 of its remaining locations. Gap announced that it would close 350 Gap and Banana Republic stores through 2023. Retail giant Walmart closed more than 20 stores across the country in 2023. Still closing them in 2024 in bad locations of poor neighborhoods. Cause poor people don’t respect property. Party City closed dozens of stores after filing for bankruptcy. CVS is in the process of closing up to 900 locations as part of a process that started in 2021 and is expected to continue through 2024. Target closed several stores across the country Big Lots announced the closure of stores in California and Colorado. Fast-food restaurant Burger King shut down more than 400 stores in 2023 as part of downsizing measures. The list very big they don’t care they won’t cut prices they don’t care. They will continue to close stores.
@godzeus9702 I know. Corporations if they can't keep there elevated greed amount, instead of lowering prices where you could still make a profit they won't and would rather close. Making 10 million but then lowering prices now making 5 million they still won't. They have to always have the elevated greed amount or they shut down. It's pathetic
After reading book titled The Elite Society's Money Manifestation, I finally understood why so many people struggle with money. It reveals stuff that most people don’t even know about how money really works. Has anyone else read it?
@@huizylove That I am. My ID includes my year of birth. But that is not all. I have 1974 and 1979 born daughters. They are the same as me. Use them as convenience ONLY. But then if you don't care for your reputation or don't mind defaulting then ok.
Max out your credit card, move to a non garnishable state, there are 4 of them. The banks can’t touch you. If someone wants to charge you 29.99% interest, they deserve to lose their money.
Yeah but you knowingly and willingly agreed to pay it before you accepted the loan so what does that make you? No one ever got approved for a credit and was FORCED to spend amounts that they couldn’t actually afford to pay back. Childish, irresponsible and immature logic
@@chrislong8559 North Carolina, Pennsylvania, South Carolina, and Texas. You aren’t protected from garnishment if it’s student loans, child support or back taxes. But if it’s credit card debt, consumer loans, or personal loans, they can’t touch you. They don’t want you to know this.
Sounds good To me . I’ve been playing this game of life 4 53 years always pay my bills no credit card debt . I listen to all these comments on people acting like if you don’t pay you are not responsible . Well my thoughts have changed meaning if I ever had tough times I would care less how much credit card debt I fell into rather owe a million when I die and be happy then struggle. Your federal govt owes 36 trillion dollars and it’s no big deal to them it just affects us . Most states have are broke and in debt . And someone is going to judge me if for some unfortunate reason I was to go into credit card debt. Who cares it’s all a game. As long as I survive I’ll deal with it if it was to happen.
The bottom 1/3 of Americans spent the stimulus checks on Louis Vuitton and now they are in debt? It seems strange that when the bottom 1/3 got stimulus checks the first thing they did was payoff debt. Inflation is what put people back into debt. The major debt expense now is buying food, not Louis Vuitton
But we’re not feeling good…. Our grocery bill went from $400 a month to $800 a month and we’re buying quite a bit less!!! We’re using credit cards just to live!!!!🤦🏻♂️
@@cherylrobinson7876 When all these people start getting evicted and homeless Trump will throw them in jail to replace the labor lost from deporting the immigrants
I remember when black people where complaining about things being too high, you all were saying why do you need a 1200 cellphone, does that apply today?
If the dollar collapses don’t be fooled your debts doesn’t disappear, they add it back to the new currency or mode of barter. best advice get out of debt. make regular investments be debt free and financially stable
Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $285k to around $720k.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing.. I will write her an e-mail shortly.
We defaulted, quit paying completely, they raised interest to 35%, g f y,. Then a job change with a move. 100k a year. Low mortgage, one truck payment . We go nowhere but to parks. Toll, insurances, TAXES. Had too buy food.
2024 was the first year I didn't pay credit card interest in at least 2 decades. My highest rate while I was paying them off in '22 and '23 was 18%. Can't imagine having debt at rates 1.5-2x that. Honestly feel sorry for people getting trapped in the same cycle I suffered through for 20+ years
So tired of people who think they are entitled and think everyone else should pick up their debts. Rob stores and the cost of everything goes up. Don't pay their hospital and medical bills go up. Don't pay their credit cards, and interest rates go sky high, so those who do pay have to cover the losers.
I’m only 4K in credit card debt was at 15k a year ago … and as soon i collect my bonus I’m paying them off and not touching them unless I can flip my money or if I’m dying.
I am barely above paycheck to paycheck. I am blessed that my son and I are roommates due to a divorce after 37 1/2 years. But the upside is that neither my Son nor myself have any outstanding debts whatsoever. We have no credit cards, and we don’t own any credit cards. Our vehicles are paid off. And we live in a budget. I cannot stress enough how important a budget is. People seem to think that a budget restrict you know it does not. Budget gives you the freedom to do with your money as you see fit .
40 years ago, I was attending Mississippi State University, no job, no credit, first University student in my family and they were sending me credit card offers every month or two. CRAY CRAY
Given the current economic difficulties that the country is experiencing, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I've experimented with a few over the past years, but I've stuck with the popularly ‘’Zareen Grace Church” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Zareen after inputting her full name on the web, she seems highly professional with over a decades of experience.
All that credit card debt was inflating spending and causing the appearance of economic growth when, in fact, it’s guaranteed to completely stall as the economy tanks and reveals the false spending growth.
I believe creidt card debt went down to 730 ish billion during covid, actually. Imagine that. It took a Worldwide shutdown of epic proportions....and STILL couldn't erase credit card debt better than that. This goes to show nothing can ever bring it under control.
If food prices haven’t come down yet they never will. We have one of the biggest agricultural oversupply gluts in history paired with oil prices down 30%. Only place to go from here is up
With credit card rates often 30% or more it’s no wonder. Delinquencies over 90 days are a higher percentage than during the Great Recession. Defaults start with credit cards, then auto, then mortgage debt.
Credit card debt is not going up because "people are feeling good." Inflation skyrocketed. Interest skyrocketed. An illness, divorce, job change, and suddenly your world falls apart.
@@aaronkelley3865 Credit card interest is 25%. Actual inflation is 50%. Certain items will be impossible to get soon, if not already. Sometimes things are just more complicated.
2:10 "time to go back out and play" what an ignorant and classical thing to say. On my credit card: - medical expenses - dental emergency - bills that needed paid when my spouse could not work Not all of us are headed back out to play, you goofballs.
@@jackiegreen3444 Yeah I’m sure you really NEEDED that corvette in your profile pic. You keep making excuses for yourself and we’ll see how that works out for ya.
This is what happens when you get uneducated about how to save money and financial smartness and living to other peoples standard. Thanks Dave Ramsey for teaching me how to get out of debt and save money. I have a credit card but don't buy what I can't pay for and uses it for emergencies only.
My health insurance for a family plan just went up $200 for a total of $1400 a month . My pension contributions towards my pension is $1200 a month . My rent is going up 7% to $3,300 a month and that’s without a single tax or any other bills or car payments and groceries etc . I make six figures but with all these deductions and costs now do they expect me to survive . And the people making $50 and below ..how the hell are they surviving ???? Rent and home prices are absolutely ridiculous and unsustainable and you wonder why credit card debt is up ????
Well, inflation is here to stay, Trump will not see companies want to reduce prices. This crap also goes to the H1 Visa debate where it’s being exploited and needs mad reform as people need to survive and those visas as crashing wages and companies do not care because they just want those juicy exec bonuses
The thing about 2010 is, the interest rates on those cards were sitting at 7-12%. Banks are swimming in interest payments alone these days at 28%. It’s called a Poor Man’s Tax
We got a care credit card to fix my kids 2 teeth (dentist recommended that one ) they said it was 0 interest for 36 months . Well they LIED !! They tried charging us $1900 on a $5000 charge !! They keep adding more ! He said the interests on the first transaction is diffrent than the other two. We had 3 transactions because the dentist sent us to other clinics after they took the xray! Since when do they have different interest on diffrent transactions !!! Its bad enough they charged me $10,000 for 2 TEETH!! 2017 i paid $1800 per tooth for the exact same thing she had done ! DENTIST ARE SCAMMING TOO! The dentist has to be getting kickbacks from that. We all need dental work done and literally cant pay $50k for teeth its nuts .
Keep in mind that guys like Patrick are against single-payer healthcare, which is cheaper than dealing with insurance middle-men taking their undeserving cut!!!
@ right ! How can they charge me $1800 interest on a $5000 bill when it was suppose to be 0 interest for 36months ! We would have put in on amex instead ! They totally screwed us . Last month they added another $800 so i called him and told him to just send to collections and ill settle with them for less than half 🤣
Treat credit like cash and don’t spend what you cannot pay off 10x over. I only use credit for points. It’s scary that some people get to the point where they use it as a lifeline. You can contribute it to carelessness or need. Either way, it’s not a good sign.
Go to the food bank and/or get on food stamps. This is America. There are plenty of things you can do to not starve without destroying your financial future
The Macy's credit 💳 interest has risen from an already high 25% two years ago to a current day rate of 33.49%! High prices, high borrowing costs will bring about a hard landing soon...
Nothing that Macy’s sells can be considered necessities so that’s literally the last place anybody should be owing a balance too. I understand that things happen, but c’mon, it’s a departure store
I've paid off my credit cards by the end of 2024. I'm finally done with the $8,000 monthly expenses. I also closed my Amex Platinum card. I aim to be wealthier in the coming years.🎉
If Trump capped the interest rate at 15-20% - even more people would love him. This alone would give SO many people a helping hand and maybe allow some of these people to breathe.
I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
@adam dude most Americans got that stimulus check and used it to pay bills! Remember the gas prices soared during those times. My home runs on propane for heat which has always been cheaper than electric, but propane and natural gas prices soared and doubled winter heating cost. That’s like $2400 per winter to $5000. Heater went out during that time and used to cost $6k but now $10k due to inflation. On top of that everything else essential to living went up 30%. Taxes on everything go up every year. Insurance up every year. This is what everyone I know is spending their hard earned money, not luxuries.
There are definitely a lot of people going into credit card debt to make essential purchases. There are probably an equal number whose credit card debt is for selfish purchases and is entirely self inflicted.
Just anecdotally I’ve been a lower/middle class working man/small business owner. For about 50 years. When I hear “The Stock Market is Doing Great” my finances and the people I know are probably not good. Wall Street has nothing to do Main Street unless a hedge fund is doing a leveraged buyout of a factory in a small town and closes it and lays everybody off. I think the country would be better off without Wall Street.
When I was 21, I was in debt by 5,000. Never again did I allow myself to do that again. I have a credit card that has a limit of 1,000 lol. Best decision of my life. It helpes me stay out of debt. I feel free 😊.
@@lizwirtz5968we actually have the same rules in Christian countries. My credit card gives me 55 days to repay in full to avoid interest. It's the not paying, is the justification for the interest. You broke your promise.
My credit cards got maxed out right when Covid hit. Sorry, not my fault. They haven’t been paid since then as well. How could I? They’ve been in default for years and there’s nothing I can do to pay them. Eventually I’ll be filing bankruptcy
One of my cards I’ve had for 15 years cancelled my account while I was going through postpartum hell. No, I’m not going to pay it. I paid them more than enough from interest.
Credit Card Defaults HAVE NOT hit the highest level since 2010. $45 Billion Today adjusted for inflation since 2010 Is NOT $45 Billion in 2010 Dollars - It is Much, Much, Much Less. Everyone is Fine.
Remember one thing once yhe price goes up like it has for everything UT never goes back down I was fine with the 5 credit cards I had until price of living went through the roof .... choose feed your family or pay your credit card??
It’s an unfair statement to say credit card debt is high because “it was time to go back out and play” (2:06). It’s more like charging groceries, gas, utility bills, etc.
Going out doing things. Not being smart with your money, this isn’t a Biden or Trump issue, but lack of common sense issue for the people using them to go on trips and buy things they don’t need.
It’s going to get worst. The dominos are just starting to fall. A major shift in the economy. Nobody but the top has money and they ain’t letting anything slip..
Credit card companies are driving their own defaults with insane interest rates. The interest they're charging looks like Pawn Shop or Payday Loan rates. Talk about abusing the consumer. Those kinds of rates shouldn't be legal.
I’ve been enrolled in credit recovery for a year now. It sucks, the only other option was bankruptcy. I didn’t want to take that road. It sucks, but I’ll survive!
The majority of human beings are not really all that good at managing their lives believe it or not. Not everyone has the ability to pace themselves and stick to the plan the same way you do
Credit card debt shows how bad people are with money, even if they came into money they would blow it. This is why the majority of lottery winners and athletes end up broke. And yet these people have the gal to complain about the rich. I make money using my credit card with cash back rewards, I never spend more than I make and I always pay off my credit card on time. This helps me build good credit which means getting loans is never going to be a problem for me.
I love how credit cards write off your debt, selling it for pennies on the dollar and the harassing for double the original amount charged! And 10 times these scumbags paid for it! When you offer them the original amount they turn you down!
When the consumer can’t pay their debt, they are punished. When banks can’t pay their debts, they are bailed out.
Yeah, because other people's money is in that bank and so its the people who made deposits in the bank who are getting their money back. If people deposited their money in a bank and the bank lost that money on bad loans or whatever and the bank wasn't bailed out, the depositors would never see their money again their savings completely wiped out. So if your local bank where you put your money was about to go bankrupt, trust me you'd want that bank to be bailed out too if you wanted to see your money again.
@@Law19157 Lol and I’d want to be bailed out too if I was about to go bankrupt but that doesn’t happen.
I think you missed my point which was that while the banks will get bailed out for taking on excessive risk and debt, individuals will not.
Obviously a bank failing would hurt depositors so they get bailed out, everyone knows that, but why aren’t individuals given that same courtesy?
@@s1wjlm483 They banks don't get their profits back only what they owe depositors. Individuals don't get bailed out because they lose their own money not someone else's which is what the banks do.
@@s1wjlm483 The difference is that you lose your own money while the bank is losing other people's money. The bank isn't getting back its profits rather the depositors are getting their money back so really its the depositors who are being saved from the bank bail outs otherwise they would lose their savings. Its you losing 20 dollars vs the bank losing your 20 dollars.
@@s1wjlm483 Also, if the government kept bailing you and everyone else who keeps losing their 20 dollars we would have hyper inflation which would make your 20 dollars worthless. Bail out money is either going to come from increased taxes which isn't sustainable or simply printing new money which also isn't sustainable.
I just finished paying off my last card. No more credit card debt, no car payments, only have a house payment now.
Keep up the great work. It’s a tough discipline to sustain, but that feeling you have knowing your car is paid off is 100x when it’s your house. Godspeed
No house 🏠 payment
But car 🚗 payment 😢sucks
Sell the house and move to a more affordable country
Not just house payment theirs upkeep, just bought $2500 water tank and$35000. roof, need much more but will have to wait
Congrats good job
Naturally, a video about skyrocketing credit card debt ends with “Here, buy a bunch of cheap shit you don’t need!” 😂
That’s because they don’t care about America. I like pbd, but it’s been exposed the past week or so
💯! American people needs to stop spending and start investing/ saving. We got out of debt in 2016 and swear to God I will never purchase dumb shit. No more expensive cars, restaurants and clothing. Love Goodwill now. 😅.
... They have the podcast to support.... Your viewership ad revenue is not enough. Just ignore if don't want to buy anything.
@@mr702she was joking for the most part
@@mr702s You don’t see the irony in what they’re doing? Some people run up debt on necessities, but most run it up on stuff they don’t need. It’s basically like a channel making a video about how bad drugs are… then running a commercial for OxyContin in the middle of it. “Hey we have a channel to support “
You haven’t mentioned these astronomical rates! Credit card rates of 29.9% are shameful. You need to hold banks accountable.
Many credit card companies have 32-33% rates now. Bernie Sanders is going to push for credit cards to be capped at 10% like what Trump is promoting.
Nobody is forced to use them
Not the banks fault. It’s the consumer who are spending like mad.
Well the Govt should regulate this instrest rates. They should bring it down. These banks are reaping pple off.
Accountility is a term that in a legal sense usually implies liability involving a fault or wrongdoing of some kind, so what precisely are they to be held accountable for? (Asking genuinely.)
Banks have clients, investors, and customers; only one of these makes banks what they are --- banks.
A bank deposit is not a service by a bank to its depositor, but a service by the latter to the former, as it is the deposit itself thay provides the bank with necessary finances to maximize rebounds off the initial injection, and, of course, if you're a mere customer, keep 100% of the profit made off your deposit for themselves, while charging you unnecessary service fees and somewhat more justified penalties.
Of course, for clients (or partners) of banks, however, the arrangement is different: the bank looks out for you and actually invests or available options for you to allow it to invest on your deposit, so that any earnings gained on your injection are shared, incentivizing you to deposit more and more, possibly exponentially growing your investment.
Bottom line is, whether customer or client, it is you --- the free individual giving them your business, willingly --- who are to be "held accountable", because banks subsist quite literally off of the confidence of their deposit-makers.
Even though corporate banks make it easy, fun, and attractive to place your savings and checks inside their accounts, there are other ways of storing, safeguarding, growing, and dispensing ones earned wealth, including land, private trusts, private commercial trusts, stocks, bonds, and organizational shares (equity), depending which of the four outcomes is/are your objective.
You cannot reclaim the liberty or empowerment you seek without also reclaiming responsibility, so accept it. Millions of us are to blame for causing this to happen. Exact same thing we're dealing with today was happening in Ancient Rome, just as it did in Athens, France, Italy, and most recently, England...and now, in America. Thousands of years of the same mistakes and you'd think someone somewhere would teach the next generation a little better.
The worst part is, people are shortening their lives and working themselves to the bone not even for money, but for currency; the money (gold, silver, etc.) was taken by a handful of families and institutions, while the Reserve notes we mistake for money, and on which our federal legal tender is now backed, are worthless yet responsible for so much progress, innovation, luxury comfort, development, and destruction and misery.
Needless to say, like these "worthless" currency units, which can be used for good or harm, banks are not inherently bad, per se, but they enable those with bad intentions to do great harm. Instead, we civilians should be learning to *use* banks --- properly --- because I guarantee that the top collars of Wll Street and all your global executives and fund managers are not out here on UA-cam and social media calling for antagonization of banks.
Wow!! I went to all cash, meaning Debit Card and cash, many years ago. It's tight sometimes, but. I've learned to be disciplined. Thank you Dave Ramsey!!
Dave Ramsey is saving people left and right!! 🙌
Hahaha yeah I did that too but only because of my 500 credit score.
Good for you, I can tell you from my own experience that when bad times come it prevents them from being terrible times.
Me too
Not me I’m back to credit cards. I was a lil too spendy in my late teens with a credit card n switched to only debit for discipline, and learned my lesson. Now I use credit card like a debit since it’s so easy to pay back on the app, while I don’t spend beyond what I can afford, leaving no debt, while building credit. The cash rewards are great too, which is getting back 2% on almost all purchases. That adds up! So now I use multiple credit cards to build credit n savings, but always paying back right away. I always pay the credit card back a day after I purchase anything. Also using a credit card is much safer than debit. It’s important to stay debt free though! So I definitely don’t recommend a credit card for irresponsible people, since some people get out of control with it. I have friends that owe hundreds of thousands on credit cards. So crazy lol
They're saying people are going broke but they're trying to sell you fucking flip-flops!!! 😂😂
Tacky Future looks bleak merchandise
These guys would sell their mothers blood for a nickel
Do they take credit? 😂😂😂
PBD will sale you anything lol I drop by every now and then .. stopped following after I realized he created MLM PHP
@@davidmoore4169 lmao
I haven't gone on a vacation since 2020. We had kids in 21 and 23. We stayed home saved for a house and got out of debt. I work part time my husband full time. We are feeling safe and sound. Just cause we are smart with our money.
You own a house you’re not debt-free unless you buy cash. 😂😂😂
I haven’t been on a vacation since 1999
I've never been on vacation, been working for fifty yrs,it's waste of money
@@stephengeorge3507I’vent been on a vacation since WW1 ended
That’s anecdotal dipahttt
I have not carried over month -month credit card balance going on 15 years.
Talk about liberation.
It's not a bad thing to do that in small amounts to build credit.
it's bad to spend more than you make.
suicidal even.
I try to, but car repairs put me back.
@@fredhall6525change your own oil and don’t let people touch or use your vehicle ever.
Me too. Not paying interest is a game changer.
Same. It is an insult to pay a bank interest when they are holding my money.
Credit card delinquencies ain't got nothing on corporate debt delinquencies, then you got home and auto auto loan delinquencies that's going to take the whole house of cards down, you're about to see a bank crisis that you've never seen before in your life
Bail em out!!
Nope. They’ll print more money.
@@chrisfree2000they’re going to bail in this time
And commercial real estate
Not worse than 08
Debt free no credit cards...Cash is king
Cash is losing value. Invest it 😉
Cash is obsolete. If used correctly, credit can leaverage your money.
@peggysmart439 cash is obsolete. If used correctly, credit can leaverage your money. Cash has no leaverage.
no credit cards? whats your credit score?
you are correct cash is king when you have cash you are smart because you also investing like me....plenty of cash on hand
Hit 240k today Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in September 2024.,
I would really love to know how much work you did put in to get to this stage
I will be forever thankful to you, you changed my life I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver
As a beginner in this, it’s essential for you to have a mentor to keep you accountable.
Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
His guidance allowed me to restructure my retirement plan, resulting in an estimated $700,000 more by the time I retire.
Me and my wife are actually in the process of paying off our debt. The biggest relief you can have is financial peace. Not having debt makes it so much easier paying your mortgage.
Agreed. Been debt free for two years after paying off $240k in student loans…. We will never own a house because of that mistake, but we live with peace of mind today.
@@YourRaincloud hows your gender studies degree working out for you?
@@slotlady688really? Was there any need in that?
lol, a mortgage IS debt…
@ ya your right but it’s much easier only making that payment compared to car payments and credit card payments. Not everyone can have a mortgage free home. Troll somewhere else.
As soon as Adam starts talking I've had enough
The "problem" is nobody makes enough money to live here
for 30+ years it's been
-export as many high paying jobs as possible
-import as many H-1b Visa holders as possible
-import as many illegals as possible
All in an effort to low wages.
My very first Jr position job 30 years ago would pay $123,000 in 2024 dollars using bogus government inflation metrics.
I look at SR positions now that pay less than that.
The USSA has been destroyed from within and I don't think Trump or anyone else can fix......Trump even want MORE H-1B job stealers
What a shit show.
Adam sucks.
That’s capitalism
Yeah it’s an act of war against the working citizens that make this nation run…. It can’t go on anymore it’s impossible
@himoverthere5197 yeah he does. So out if touch with reality
@@WeAreIttnope. This is CORRUPT Capitalism.
"Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants - but debt is the money of slaves."
The interest is what kills us
Exactly.. I had 7k in credit card debt when I lost my job, I used to be able to make the payments just fine and then I couldn't and needed it.. once I stabilized I tried to pay it down and it took me 4 years because interests alone was anywhere from 200 to 300 per month.. so although I had 7k in debt with that card it took me 4 years and around $5000 in interest to pay it off.
@Bullistixx my wife and I have gotten it down to nearly nothing like 5 times and somehow a few months later it's right back
@@paulscattergood1651math
If Prices on things were 50% cheaper you could pay 10% more in interest, I don't hear anybody complaining about how much prices of things have gone up they just worried about the interest
One hundred twenty BILLION dollars interest cost!
After write-offs the banks are still liquid and profitable.
I had a credit card at 11%. Perfect payment history for 8 years, no over limits. When Powell raised rates, my card bumped up to 29% due to "increased borrowing costs" Uh huh
Same here…just heard for citi that my card is now 30.89%. I pay on time.
I've seen something similar with one of my credit cards. I'm at around 810 credit score. There's no justification for trying to slap a 22% interest rate. It was around 10% before. The good news for me is I never keep a balance on any of my cards.
If you paid off the amount borrowed less the interest plus you been paying interest probably best to file bankruptcy. At what point is this criminal. None. So f em.
@@Ziegfried82 facts I buy everything with my credit card but I keep it paid off and never have any issues.
@@nathanstjohn2920 Mine was Citi as well. Again, no issues and they acted I was a deadbeat
I grew up in a single parent home. Never went on welfare and didn't lived simply. It's simple, just say no to the things you know you can't pay for. I learned this as a child and never stopped.
Our society can't say no: Too busy buying stuff they don't need, with money they don't have to impress people that don't care.
I don’t even really think most people are out to impress strangers anymore. I think it’s more about lack of vision, discipline and financial literacy nowadays.
Hey Lovelies! I have a side hustle I do just a couple of hours a day as a retiree And I absolutely love it because it's no selling, no inventory, no bugging family or friends, and no shipping! There's really nothing out there like it and I'm happy to send you more info if you are interested! 🥳💖😀
I'm interested
Very interested
I'm interested
Interested 💯
Very much interested
When I was in my 20's, I used some credit cards, and had maybe $3,000-$4,000 in credit card debt. That was enough that when I finally paid that off, I never got another credit card again. I either have the money for what I need, or I don't.
Thanks for letting us know you’re a broke person
Thatz how i function as well. Now I'm in college debt but I know I'll pay it off once I'm done. Sure it's alot of money, but I want to travel and work in healthcare.
I use my credit card for everything cuz it earns 1-5% cash back, but I also pay off the balance every month, I've always been like this but my brother has a similar story of credit card debt from his 20s
to bad to many people have no common sense and lack of responsibility
That’s how it should be. Start saving up little by little. Then you can start getting HYSA, Roth IRA, max your 401k, HSA. The list goes on for your future
It honestly doesn't matter which president was in power. My credit card never went above 1000$. Once my father passed away and I maxxed it out that's it. The idea that who is president will determine your credit card bill is laughable. It's called personal responsability.
Housing costs are killing people. Even homeowners are suffering higher property taxes and insurance costs. Nobody can live within their means anymore since they can no longer afford the same house that they could easily afford 5 years ago.
Honestly though, nobody forced nobody to buy an overpriced house.
@eshoo8000
I was specifically stating that these are homes that they could easily afford before property values exploded in FL. When a $100,000. Home is suddenly supposedly worth $500, 000. And your taxes and insurance now rose exponentially as well.
Oops, there goes the budget.
@@eshoo8000 you sir got that wrong! We were renting for years landlord up the rent on us from $700 to $1800 a month. We bought a house our mortgage is $1600. The payment for renting is near the same but if I'm paying for a outrageous payment I would rather be owning the house. I only bought my house for 200k so no it's wasn't an overpriced house. The normal house in my area is 300k I was fortunate a family member sold me this house. So yeah there forcing people to either pay high rent or high house prices.
Well...if you're a bank executive, you are probably getting rich from all the credit card interest rates. They aren't worried about taxes and the cost of living.
@@eshoo8000you either buy it or rent it. So what’s better?
Paid mine off! Also paid off student loan debt. Paying off everything!!!
Good for you😊. Now the question is did you sneak into your special corner and give thanks to that being??????
Or should I inquire are you familiar with that being??🤔🤔🤔🫣🙏🏼.
God job 👏
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
The truth is that people are finally waking up to the fact that our systems are breaking down in thousands of different ways all around us. Personally, the financial market seems like the only way to go with a long-term horizon . But if you don't have that time, it's a tough market out and thus you should consider financial advisory.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky” for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for this tip. it was easy to find your coach. and I conducted thorough research on her credentials before scheduling a call with her. Based on her résumé, she appears to possess a high level of proficiency, and I am grateful for the opportunity to speak with her.
I want to know what all this fog is? People are using c.c. for food as prices are soaring, insurances going up, gas prices etc.
Agreed! As a senior on a fixed income, I saw an increase in energy prices, insurance, gas and food. I then had to start using a credit card to cover. Let's talk about that. I wasn't having any fun.
what is weird, I go to Costco, the mall etc. during the week even befoe Christmas and they are full in middle of the day. Does anyone work anymore. Restaurants are full even though you pay $70 for a basic hamburger meal. Ate breakfast the other day and an omelet was $19.00 how can all these underwater consumers continue to go to restaurants. shopping etc.? crazy world we live in
i got a simple answer you dont and when there business starts to fails they go running and cutting costs. simple
No one is cutting costs 😂 no one instead there has been plenty of businesses that have closed in 2024.
Foot Locker announced last year that it plans to close 400 locations by 2026.
2023, Bath & Body Works announced it was closing around 50 locations.
Drugstore Rite Aid filed for bankruptcy in October and announced the closure of many locations as part of the downsizing process.
Discount retailer Tuesday Morning filed for bankruptcy early in 2023, leading to the closure of all its locations.
The retailer had almost 200 locations, with a large number of them in the company’s home state of Texas.
Bed bath and beyond closed all 360 of its remaining locations.
Gap announced that it would close 350 Gap and Banana Republic stores through 2023.
Retail giant Walmart closed more than 20 stores across the country in 2023. Still closing them in 2024 in bad locations of poor neighborhoods. Cause poor people don’t respect property.
Party City closed dozens of stores after filing for bankruptcy.
CVS is in the process of closing up to 900 locations as part of a process that started in 2021 and is expected to continue through 2024.
Target closed several stores across the country
Big Lots announced the closure of stores in California and Colorado.
Fast-food restaurant Burger King shut down more than 400 stores in 2023 as part of downsizing measures.
The list very big they don’t care they won’t cut prices they don’t care. They will continue to close stores.
Those people at Costco and the mall during the middle of the day are "working from home."
I don't understand this either. The laptop crowd still working from home or something.
@godzeus9702 I know. Corporations if they can't keep there elevated greed amount, instead of lowering prices where you could still make a profit they won't and would rather close. Making 10 million but then lowering prices now making 5 million they still won't. They have to always have the elevated greed amount or they shut down. It's pathetic
Sending Love and Light to all.......
Happy New Year 😊
After reading book titled The Elite Society's Money Manifestation, I finally understood why so many people struggle with money. It reveals stuff that most people don’t even know about how money really works. Has anyone else read it?
I haven’t read it but I think I’m going to read it now.
It's a 2024 ebook.
I just paid off my credit cards. Man, it sucked being in debt.
Congrats. How much did you pay off?
Just paid off an 8k debt in 2.5 months
@@ghoponit hell yeah, good job. I have about 4k left myself that I’m planning on knocking out over the next 3 months
@ you got this brother. I technically would have been debt free a while ago. At that time I spent 8k on XRP.
@ you got this bro
I have been using credit cards for 52 years. Have used them only as convenient substitute for cash. Not once have I been late.
🎉 Congratulations hope the big bankers fucking everyone buy you a cookie
Because they've helped DESTROY peoples lives
👏🏻 you must be a boomer
@@huizylove That I am. My ID includes my year of birth. But that is not all. I have 1974 and 1979 born daughters. They are the same as me. Use them as convenience ONLY. But then if you don't care for your reputation or don't mind defaulting then ok.
No one gives a shit.
Good little sheep.
Max out your credit card, move to a non garnishable state, there are 4 of them. The banks can’t touch you. If someone wants to charge you 29.99% interest, they deserve to lose their money.
What are these states? Curious
Yeah but you knowingly and willingly agreed to pay it before you accepted the loan so what does that make you? No one ever got approved for a credit and was FORCED to spend amounts that they couldn’t actually afford to pay back. Childish, irresponsible and immature logic
@@chrislong8559 North Carolina, Pennsylvania, South Carolina, and Texas. You aren’t protected from garnishment if it’s student loans, child support or back taxes. But if it’s credit card debt, consumer loans, or personal loans, they can’t touch you. They don’t want you to know this.
@@MrMan-fx3owbingo,a deadbeat.
Sounds good To me . I’ve been playing this game of life 4 53 years always pay my bills no credit card debt . I listen to all these comments on people acting like if you don’t pay you are not responsible . Well my thoughts have changed meaning if I ever had tough times I would care less how much credit card debt I fell into rather owe a million when I die and be happy then struggle. Your federal govt owes 36 trillion dollars and it’s no big deal to them it just affects us . Most states have are broke and in debt . And someone is going to judge me if for some unfortunate reason I was to go into credit card debt. Who cares it’s all a game. As long as I survive I’ll deal with it if it was to happen.
The bottom 1/3 of Americans spent the stimulus checks on Louis Vuitton and now they are in debt? It seems strange that when the bottom 1/3 got stimulus checks the first thing they did was payoff debt. Inflation is what put people back into debt. The major debt expense now is buying food, not Louis Vuitton
But we’re not feeling good…. Our grocery bill went from $400 a month to $800 a month and we’re buying quite a bit less!!! We’re using credit cards just to live!!!!🤦🏻♂️
Many people are experiencing that. Unbelievable that half voted Dem.
@@cherylrobinson7876 When all these people start getting evicted and homeless Trump will throw them in jail to replace the labor lost from deporting the immigrants
Using credit cards to live is not sustainable so you better just stop doing that now before you make things even worse for yourself.
Our? 100 a week must be for one person
I remember when black people where complaining about things being too high, you all were saying why do you need a 1200 cellphone, does that apply today?
I'm glad we paid off our credit cards and cut them up years ago. Working on paying off the little debt that we have left.
If the dollar collapses don’t be fooled your debts doesn’t disappear, they add it back to the new currency or mode of barter. best advice get out of debt. make regular investments be debt free and financially stable
Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $285k to around $720k.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing.. I will write her an e-mail shortly.
They raised interest rates from 13% to 27%
We defaulted, quit paying completely, they raised interest to 35%, g f y,. Then a job change with a move. 100k a year. Low mortgage, one truck payment . We go nowhere but to parks. Toll, insurances, TAXES.
Had too buy food.
FYI
I don't care, I have a house, paid everything on time for 30 years.
Never got covid cash either
I don't care about my credit score either.
We don't online order ever
2024 was the first year I didn't pay credit card interest in at least 2 decades. My highest rate while I was paying them off in '22 and '23 was 18%. Can't imagine having debt at rates 1.5-2x that. Honestly feel sorry for people getting trapped in the same cycle I suffered through for 20+ years
So tired of people who think they are entitled and think everyone else should pick up their debts. Rob stores and the cost of everything goes up. Don't pay their hospital and medical bills go up. Don't pay their credit cards, and interest rates go sky high, so those who do pay have to cover the losers.
Yep, this has always been a people problem. Nothing else.
I’m only 4K in credit card debt was at 15k a year ago … and as soon i collect my bonus I’m paying them off and not touching them unless I can flip my money or if I’m dying.
Just don’t use them at all. There’s no need and you’ll thank yourself down the road.
I am barely above paycheck to paycheck. I am blessed that my son and I are roommates due to a divorce after 37 1/2 years. But the upside is that neither my Son nor myself have any outstanding debts whatsoever. We have no credit cards, and we don’t own any credit cards. Our vehicles are paid off. And we live in a budget. I cannot stress enough how important a budget is. People seem to think that a budget restrict you know it does not. Budget gives you the freedom to do with your money as you see fit .
I managed to pay off the car and credit card debit it feels amazing. The only debit I have now is our mortgage.
Credit cards are a tool and like any tool if you use it improperly you can get hurt badly.
Good for you
Exactly. People simply have no self control honestly.
The only tools in the credit card world are the people who use them.
40 years ago, I was attending Mississippi State University, no job, no credit, first University student in my family and they were sending me credit card offers every month or two. CRAY CRAY
Given the current economic difficulties that the country is experiencing, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
I've experimented with a few over the past years, but I've stuck with the popularly ‘’Zareen Grace Church” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Zareen after inputting her full name on the web, she seems highly professional with over a decades of experience.
All that credit card debt was inflating spending and causing the appearance of economic growth when, in fact, it’s guaranteed to completely stall as the economy tanks and reveals the false spending growth.
Bingo
I believe creidt card debt went down to 730 ish billion during covid, actually. Imagine that. It took a Worldwide shutdown of epic proportions....and STILL couldn't erase credit card debt better than that. This goes to show nothing can ever bring it under control.
Can we all agree this financial system is broken
Nope.
1913 and 1971 . 2025 will be the beginning of of the end.
The job market is what's broken.
The country is broken
it works as intended
If food prices haven’t come down yet they never will. We have one of the biggest agricultural oversupply gluts in history paired with oil prices down 30%. Only place to go from here is up
With credit card rates often 30% or more it’s no wonder. Delinquencies over 90 days are a higher percentage than during the Great Recession. Defaults start with credit cards, then auto, then mortgage debt.
If you put yourself into debt with those kinds of interests rates, you deserve to be floundering in financial crisis. Wake up people!
Stop using credit cards. Americans are cash poor…but they have a big house. With 4 TVs
Credit card debt is not going up because "people are feeling good." Inflation skyrocketed. Interest skyrocketed. An illness, divorce, job change, and suddenly your world falls apart.
So your world falls apart and your solution is to go into more debt? Genius.
@@aaronkelley3865 Credit card interest is 25%. Actual inflation is 50%. Certain items will be impossible to get soon, if not already. Sometimes things are just more complicated.
@@theresaowen2708 You keep telling yourself that. 👍🏻
2:10 "time to go back out and play" what an ignorant and classical thing to say.
On my credit card:
- medical expenses
- dental emergency
- bills that needed paid when my spouse could not work
Not all of us are headed back out to play, you goofballs.
Live below, your means live below your means live below your means
If I lived below my means right now, I would be in the grave. The means are below living.
Been doing that my entire life. Now happily retired and debt free. Able to live on social security alone. It works!
No yeah I couldn't agree more guy doesn't take health care or mental health well being into account @jackiegreen3444
@@jackiegreen3444 Yeah I’m sure you really NEEDED that corvette in your profile pic. You keep making excuses for yourself and we’ll see how that works out for ya.
Most people are in debt for things they didnt need. Want vs Need its a hard lesson but well worth it!
This is what happens when you get uneducated about how to save money and financial smartness and living to other peoples standard. Thanks Dave Ramsey for teaching me how to get out of debt and save money. I have a credit card but don't buy what I can't pay for and uses it for emergencies only.
My health insurance for a family plan just went up $200 for a total of $1400 a month . My pension contributions towards my pension is $1200 a month . My rent is going up 7% to $3,300 a month and that’s without a single tax or any other bills or car payments and groceries etc . I make six figures but with all these deductions and costs now do they expect me to survive . And the people making $50 and below ..how the hell are they surviving ???? Rent and home prices are absolutely ridiculous and unsustainable and you wonder why credit card debt is up ????
Well, inflation is here to stay, Trump will not see companies want to reduce prices. This crap also goes to the H1 Visa debate where it’s being exploited and needs mad reform as people need to survive and those visas as crashing wages and companies do not care because they just want those juicy exec bonuses
The thing about 2010 is, the interest rates on those cards were sitting at 7-12%. Banks are swimming in interest payments alone these days at 28%. It’s called a Poor Man’s Tax
I would call it an idiot tax because if you use credit cards you’re an idiot.
As of the third quarter of 2024, consumer debt in the United States was a record high of $17.943 trillion: ==== HALF OF WHAT OUR COUNTRY OWES !
We got a care credit card to fix my kids 2 teeth (dentist recommended that one ) they said it was 0 interest for 36 months . Well they LIED !! They tried charging us $1900 on a $5000 charge !! They keep adding more ! He said the interests on the first transaction is diffrent than the other two. We had 3 transactions because the dentist sent us to other clinics after they took the xray! Since when do they have different interest on diffrent transactions !!! Its bad enough they charged me $10,000 for 2 TEETH!! 2017 i paid $1800 per tooth for the exact same thing she had done ! DENTIST ARE SCAMMING TOO! The dentist has to be getting kickbacks from that. We all need dental work done and literally cant pay $50k for teeth its nuts .
Keep in mind that guys like Patrick are against single-payer healthcare, which is cheaper than dealing with insurance middle-men taking their undeserving cut!!!
@ right ! How can they charge me $1800 interest on a $5000 bill when it was suppose to be 0 interest for 36months ! We would have put in on amex instead ! They totally screwed us . Last month they added another $800 so i called him and told him to just send to collections and ill settle with them for less than half 🤣
Treat credit like cash and don’t spend what you cannot pay off 10x over. I only use credit for points. It’s scary that some people get to the point where they use it as a lifeline. You can contribute it to carelessness or need. Either way, it’s not a good sign.
Young borrowers, it's easy to let it get away. Cautious people only let that happen once.
People have to eat . Is the new credit card debt for handbags or Cheerios. People have to eat!
Go to the food bank and/or get on food stamps. This is America. There are plenty of things you can do to not starve without destroying your financial future
95% is useless bs not necessities
Handbags. For sure.
The Macy's credit 💳 interest has risen from an already high 25% two years ago to a current day rate of 33.49%! High prices, high borrowing costs will bring about a hard landing soon...
Nothing that Macy’s sells can be considered necessities so that’s literally the last place anybody should be owing a balance too. I understand that things happen, but c’mon, it’s a departure store
"Half is getting poorer and half is getting richer..." Are you nuts!? 96% is getting poorer and 4% is getting richer! 4% is not 50% by any means
I've paid off my credit cards by the end of 2024. I'm finally done with the $8,000 monthly expenses. I also closed my Amex Platinum card. I aim to be wealthier in the coming years.🎉
Thanks for your info/ video! 🙌 HAPPY NEW YEARS!!!!!
If Trump capped the interest rate at 15-20% - even more people would love him. This alone would give SO many people a helping hand and maybe allow some of these people to breathe.
They’d just buy more junk.
This is not an interest rate problem. This is a people problem. Stop using credit cards.
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I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
Celebrating a $30k stock portfolio today from a $6k start. Investing wisely has given me time for family and future plans.
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
I’ve been in 15000+ of credit card debt and 0 debt and once you get that deep in it you learn a valuable lesson.
@adam dude most Americans got that stimulus check and used it to pay bills! Remember the gas prices soared during those times. My home runs on propane for heat which has always been cheaper than electric, but propane and natural gas prices soared and doubled winter heating cost. That’s like $2400 per winter to $5000. Heater went out during that time and used to cost $6k but now $10k due to inflation. On top of that everything else essential to living went up 30%. Taxes on everything go up every year. Insurance up every year. This is what everyone I know is spending their hard earned money, not luxuries.
There are definitely a lot of people going into credit card debt to make essential purchases. There are probably an equal number whose credit card debt is for selfish purchases and is entirely self inflicted.
GREAT INSIGHTS MEN THANK YOU
Right. Everyone at the top is fine. Bottom third are struggling. Bunch of geniuses you got here.🚦green means go.
Just anecdotally I’ve been a lower/middle class working man/small business owner. For about 50 years. When I hear “The Stock Market is Doing Great” my finances and the people I know are probably not good. Wall Street has nothing to do Main Street unless a hedge fund is doing a leveraged buyout of a factory in a small town and closes it and lays everybody off. I think the country would be better off without Wall Street.
When I was 21, I was in debt by 5,000. Never again did I allow myself to do that again. I have a credit card that has a limit of 1,000 lol. Best decision of my life. It helpes me stay out of debt. I feel free 😊.
Credit cards should be illegal
Agreed. Usury was frowned upon for good reason. Taking advantage of desperate financially illiterate people is not only immoral it damages society.
In Muslim countries it 'is' illegal to lend for interest.
@@lizwirtz5968we actually have the same rules in Christian countries.
My credit card gives me 55 days to repay in full to avoid interest.
It's the not paying, is the justification for the interest.
You broke your promise.
My credit cards got maxed out right when Covid hit. Sorry, not my fault. They haven’t been paid since then as well. How could I? They’ve been in default for years and there’s nothing I can do to pay them. Eventually I’ll be filing bankruptcy
Not your fault? Did someone else max out your credit card?
Brought to you by the great state of Delaware
One of my cards I’ve had for 15 years cancelled my account while I was going through postpartum hell.
No, I’m not going to pay it. I paid them more than enough from interest.
You chose to borrow the money and agreed to the terms. You owe them the money. Don’t like it? Quit borrowing money. Problem solved.
Happy New Year 😂
Credit Card Defaults HAVE NOT hit the highest level since 2010.
$45 Billion Today adjusted for inflation since 2010 Is NOT $45 Billion in 2010 Dollars - It is Much, Much, Much Less.
Everyone is Fine.
Remember one thing once yhe price goes up like it has for everything UT never goes back down I was fine with the 5 credit cards I had until price of living went through the roof .... choose feed your family or pay your credit card??
It’s an unfair statement to say credit card debt is high because “it was time to go back out and play” (2:06). It’s more like charging groceries, gas, utility bills, etc.
No, it’s totally fair.
Going out doing things. Not being smart with your money, this isn’t a Biden or Trump issue, but lack of common sense issue for the people using them to go on trips and buy things they don’t need.
People using credit cards as their second job..to help pay their bills!!!
Those who understand compound interest will earn it. Those who don’t will pay it.
It’s going to get worst. The dominos are just starting to fall. A major shift in the economy. Nobody but the top has money and they ain’t letting anything slip..
I’ve been drowning in credit card debt for like 3 years now. Smh 😮💨
I did debt reduction plan 4 months ago. I’m already 10% towards my total goal. Recommend Beyond Finance.
Sounds like you’re not very smart with money.
Credit card companies are driving their own defaults with insane interest rates. The interest they're charging looks like Pawn Shop or Payday Loan rates. Talk about abusing the consumer. Those kinds of rates shouldn't be legal.
We should be doing everything to cap credit cards at 10% interest, and help all farmers! Thats our main source , FOOD !
An obese nation has enough food. Just terrible self control.
Credit right offs up 50%, Homeless up 18% FJB Spent 40% of time as president on vacation
Sounds right to meeee😂 cant even survive....America is killing Americans!!!!!!!!!!
I’ve been enrolled in credit recovery for a year now. It sucks, the only other option was bankruptcy. I didn’t want to take that road. It sucks, but I’ll survive!
Consequences of voting Democrat.
No the world at the end. Give your life to Christ
No political party has the ability or reach to make someone run up a credit card they can’t afford to pay for.
Unfortunately, I know 😢to many under the credit card debts
Lotta folks walking around waiting for the cavalry to save them. You're it. It's up to you.
That's what I being saying. The people still got time to get them a plan. So as of January 1st they might have 19 more days.😂😂😂😂😂😂😂😂😂😂😂😊.
It's really easy to just payoff your cards every month.
I get 3% on all purchases. 5% on gas. 5% on Amazon.
Shit's awesome.
The majority of human beings are not really all that good at managing their lives believe it or not. Not everyone has the ability to pace themselves and stick to the plan the same way you do
@@MrMan-fx3ow You put that way too nicely. I would have just said people are fucking idiots because they are.
Credit card debt shows how bad people are with money, even if they came into money they would blow it. This is why the majority of lottery winners and athletes end up broke. And yet these people have the gal to complain about the rich. I make money using my credit card with cash back rewards, I never spend more than I make and I always pay off my credit card on time. This helps me build good credit which means getting loans is never going to be a problem for me.
Yes!
We need to get rid of the existing dead wood.
Immediately!
Happy NEW Year 🎊 🎉
went from high income to low income. my shits cooked.
Yep it sucks! Covid killed our house
I love how credit cards write off your debt, selling it for pennies on the dollar and the harassing for double the original amount charged! And 10 times these scumbags paid for it!
When you offer them the original amount they turn you down!
If you don’t like their terms, why did you agree to it?