PEOPLE ARE DEAD BROKE! Credit Debt and Delinquencies EXPLODING!
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- Опубліковано 6 лют 2025
- Credit card debt in the US has hit a record high once again at $1.17 trillion. On top of that we have seen the average balance Americans are carrying jump 10% year over year to a whopping $6360. That's a whole lot of that to be paying 25% interest on each month. And they say this isn't a recession?
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I think you should’ve mentioned that most balance transfer cards have % fees attached to every dollar in balance you transfer and in most cases a transfer balance transaction fee on top of that for using the card. This will make your transferred debt higher right off the bat.
I would suggest looking into a small personal loan from your bank with a low interest rate and a fixed monthly payment and using it to pay off all the credit card debt.
@@TwitX2007 yes that’s correct there is a fee but it’s small compared to the amount of interest you’ll pay on that $6000 balance. Personal loan is another way to do it but I think you’ll end up paying more interest overtime because you’re still gonna be stuck with a seven or 8% interest rate rather than zero
ABSOLUTELY!!
@@MichaelBordenaro that’s true! However you’ll have more time to pay it off. Balance transfer 0% cards are maxing out around 18 months but usually only offered at a 12 month.
I can’t imagine that most people who are living off of their cards would be able to restrain themselves from using the freed up cards once they’ve made a balance transfer. It’s a vicious cycle, Michael .
Tell Lissi , I said hi !!!!
The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
Hearing from an experienced investor who has survived adversity and prevailed is always motivating. It may be frightening when your portfolio goes from green to red, but if you have invested in strong firms, you should maintain growing them and stick to your goal.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
In the era of the great recession, I lost my good paying job and went into serious cc debt of 54k. If ppl today are anywhere near where I was, adjusting for inflation, I just don't know what they are going to do. Everything about debt is negative: emotionally, spiritually, financially. Man, I feel their pain.
If they voted for the current president, blame it on him - he spent trillions to pay back his buddies & you and I are paying the price for it. YOU VOTED BIDEN? It is your fault!😡
Day one he shut down the AMERICAN Oil & gas industries - that effects EVERYTHING. (Then he hi-tailed it to Venezuela, begging to buy their gas - which really worsens the climate because their refining procedures are not nearly as eco friendly). So, Einsteins - quit complaining. YOU DID THIS.
1st time? lol I grew up poor and in been in debt since 16 years old. Till now, am doing okay.
Have to touch the bottom before comeback , good luck everybody , 🇺🇸🍀
Millennials entered the chat = 🍺Hold by beer, bankruptcy is like a rite of passage for most of us
My hunch is that many of these people have no intention of paying off their credit card debt. They're just going from card to card until the banks cut them off.
Then what, taxpayers bail them all out?
Bingo. Bidenomics!@@indigostaraz
Why not bail out our fellow Americans? You rather send our taxes to Ukraine and other foreign countries?
Just the big banks. We did it once and we'll do it again.
That was happening with Navy Fed Credit Union
How are we just ignoring that our government officials are pretty much ALL rich? It's not supposed to be like that. That's why we have so many issues with our government. They are blind with greed.
Yeah politicians are filth rich so how can they care about other Americans , scarie
Your wrong, they are rich because people do stupid shit like go to football games when they are broke and have rent due the next week. They all listened to the fed without using their brains. Took the stimulus checks, jabs, masks, blah blah blah with no critical thought as to where it would all lead. Inflation was always going to happen with all that stupidity. People got exactly what they deserved. Gov officials played a smarter game and people took the bait hook line and sinker.
Well they should be somewhat wealthy, that’s how you prevent corruption in theory. But they have become the elite.
This is also why they don’t acknowledge inflation bc they’ve transitioned away from having to worry about prices, as they’ve gotten rich. So they can no longer relate to the average struggling American…
You can get rich too
if you swing trade growth stocks, set your stop orders and you’ll never lose money
Im old enough to remember when a credit card was used for emergency situations only . Now people use them to buy alot of crap they dont really need .
Like food
@@eurekaelephant2714 you mean fast food ?
Yes, even the ads years ago were about emergencies or vacations.
Getting lots of traumatizing memories of 2008. 16 years later, at least I learned my lesson with credit cards. Stay safe out there y'all.
Same here. I am embarrassed to admit how much I used to owe on my credit card. I ended up having to work 3 jobs and it took me 5 years to pay it off.
I am now mortgage and debt free and no cc payments. I learned my lesson the hard way.
Credit card is a good tool but it’s dangerous for people who don’t know how to use it. Just payoff your entire balance every month and be financially sound.
@@minjikim2161 Yep, many people just don't get it, a credit card should not be used as a long term loan as they usually have horrific interest rates.
@@churchofpos2279
Same here only it was 1990-1994. I worked 3 jobs while going back to college and had 2 kids under age 5. My husband also took on a part time weekend job besides his full time job. We got out of debt never to return again !
@@minjikim2161
I do that with 1 card. The only card I have. But I would say the vast majority are not disciplined enough to do that
Prices only go down when consumers buy less. You have to boycott the high prices.
On food and rent and essentials? Sorry i like to eat and I need some wheels. Im not living like a king just surviving.
I agree, I was at the thrift store the manager called me cheap. I refuse to pay over 2.00 for a carton of eggs, and I won't pay almost 3.00 for a gallon of milk, that comes to around 6.00. I explained to her for that 6.00 you could buy a bag of rice and a roll of sausage and eat for 2 to 3 days, or you can have scrambled eggs for one day. She works with the poor and still hasn't got the concept of keeping your belly full for the cheap. I'm not paying that extra bumped up prices for stuff even food. They bout killed me already when they raised the cheapest margarine from 99 cents to 1.49. All it made me do was cut my usage in half. It's nuts we have a big screen t.v. and roku in the front room we can't afford to use it. A nice dryer hasn't been used in 4 years. I had a woman tell me that 10.00 a hour wasn't very much pay for a part time fill in job. I ask her to get three of those people together so they could pay my light bill. She about had a fit, "what you mean your electric bill is 30.00 that's cheap" Yep, we sit in the dark a lot, use solar or get battery packs filled at other places. Sneaky and planning ahead to know what you can and can't do without. Car wash or laundry matts open all night, free wi fit and power your electric and laptops while you are their, wash your clothes, leave come home with wet clothes and hang them out to dry. Your all powered up for awhile.
@@cathyeller5722 you need a better job, thats not normal. But if it works for you go for it
@@cathyeller5722 Good for your health too. 👍
Influx of people who have no business here don't help.
“My addiction isn’t the problem I just need more money” is credo of all addicts since the dawn of time. The Federal Government needs to be cut off from its unbridled spending spree.
This is true, but they wont do it. Thats why they intend to make the digital dollar, get rid of cash, your cash in the bank will convert to credit units. Congress is going along with this, deadline before elections 2024.
Yeah, anarchy seems like a great idea.
@@hahamasala it really does. The government is 25% of GDP. And the government produces nothing. Not even one paperclip, it only destroys things and uses violence.
@@hahamasala Are the two choices really anarchy or hyperinflation ? This seems like a false choice. How about the government just lives within its means, no deficits. That is hardly anarchy. This is actually WAY easier than it seems, since all we have to do is have a money that can't be printed, and the madness is forced to stop, I'm talking about Bitcoin, of course. Now that we have this miracle technology, all we have to do is refuse to use government paper, except to pay taxes, and things will change fast, when they can only inflate away their own revenue source !
@@sprinkle61 When I read cut off, I thought you meant don't give them any money to spend. I agree that there are degrees between. But that being said, the government can't really cut because nobody wants to sacrifice anything. And if things are cut, politicians lose votes. So basically we're screwed until there's a catastrophe.
My analogy is that nobody wants to sacrifice anything to help reduce man-made global climate change for the benefit of all. There were war rations during WW2. People then were selling you sacrifice for the greater good. Today, people refuse to give up any meat consumption or their damn gas guzzling pickup trucks that they don't really need.
What did people really expect when you have a system built on debt, greed , and corruption??
sorry you did not get the memo. our system is built on investing in large corporations, and cashing in on the American Way.
Thanks!
Welcome!
You're right I've never seen prices ever come down once they go up
Duh!
Just gas which has fluctuated over the past few years...but it's definitely an outlier.
Happens frequently in real estate and stock market and luxury items
My electric bill has doubled in the last year
Yes that's called greed and greedy people
Paid off all of our credit cards in April 2020, all of the rest of our debt cleared in Dec 2022. Now saving and investing the monies we used to spend on stupid stuff.
The problem is the unholy alliance of government and corporations. When you have 3 or 4 companies that control 90% of a market share, you have no competition. Big business gets billions is tax breaks while small businesses are crushed with high interest rates.
Failed society
EVERY Corporation have lobbyists that get VERY wealthy YOU NEVER HEAR ABOUT.
They will just go to Monaco and pay 0% where most already are residents. 0%
I remember my parents back in the 70's, telling me and my siblings never to "allow your eyes get bigger than your pocketbook". Fast forward to now, I have not once had a outstanding balance on my credit card (have only one card that I have had for almost fifty years) paying it off monthly. Always lived within my means and if I couldn't afford it I didn't get it. Still do it to this very day. Its a lot harder now than before, but still living within my means and getting along just fine.
you will win the game of life if you remember to save for retirement.
@@DrSchor Yup
Concerts sold out, cruises sailing at full capacity, was out last night, wait for table at packed restaurant, people are still spending.
And many are putting these things on their credit card$.
@taffyalusa4642' You stated your reply well. Folks will never stop spending what they don't have. New buildings are still going up, Cars and trucks are still being sold, Delivery services are making millions, delivering pizza and chicken nuggets, Millions are spent on makeup, clothes, shoes, botox and tushy enhancements. Reservations are needed three weeks in advance for a table. The amount of money spent on taylor, super bowl, lotto, and casinos across this country, and folks complaint about being in debt?
When Titanic was already sinking the music was still playing
LOLOLOLOL!!!!!!!!😂😂
H3|| yeah they still was!!!!
Because they're believing the "no landing/soft landing" propaganda.
Been debt free for 10 years. that includes, house and cars. And never want to go back into debt. Its been a working your butt off and living within your means type of life, while constantly saving for the future. Debt is instant gratification, the world tell us hey you can buy it now, pay it later. Need to change perspectives in life, save now on everything, look for the deals, don't buy new, drive your paid off car until it dies, live cheap, build up a buffer savings for hard times and then if you have debt sink the extra into whatever debt you have ..... theeeen enjoy life in the future.
100% correct
All the hard work for nothing, they will ban money and you will own nothing and be happy. 😂
All about choices.
Some of you are your own financial worst enemy.
I retired debt free in my 40s.
Agreed. At 50, I've never been in debt. When I was a kid, my dad told me to pay cash for everything. He said: If you can't buy it with cash, then you don't need it.
@@jamesmichaeljean7840When do you expect this to happen? You know 30 years ago people felt the same way and they only left their kids with bills and now those kids are struggling.
A good friend of mine went bottom up a few years ago, like $50k+ in debt, defaulted on everything. Says he doesn't regret it, in some way he says he's freer than ever. He calls it "Baptism By Fire" because he doesn't worry about credit anymore. He won't finance anything for the next number of years, maybe never, but it's not something he carries on his back. He said he'll never open another credit card again, buys everything in cash and keeps a high-yield savings account.
What an upstanding friend to have. "You are your friends".
I kind of done the same, so I feel his sentiment. I didn’t go bankrupt but I was able to negotiate a lot of my past due debts at whopping discounts. This all started from a bad car loan I co signed on with a family member, who stopped paying and my credit ruined. Haven’t used any credit since.
I'm glad he learned his lesson and is being smart now. But on the other hand the debt he defaulted on will be passed on in one way or another to everyone else who has to then carry that additional load as well. If enough people default the whole system will collapse and we all will be "freer than ever" probably free of food, power, water, ect. We depend on each other, so when one drops their load the rest just get more of a load on their back to keep the world so many enjoy and survive in going.
@@scottperry7311 All that will happen is that credit will be even harder to come by and reserved for those with unblemished credit scores. If you are considered even a possible risk, you won't be lent any credit.
That's exactly what I see. Ppl aren't paying bk anything
I'm a single senior and I'm spending roughly 250 or more a month on groceries and I have never ever in my life spend that much! I can't imagine a family of 3 or 4 what it costs. If the government kept out of the way and quit screwing things up, we wouldn't be here in this big mess! Number one we should never ever be giving money to foreign countries!
Im a married senior & Im with you…can’t step into the grocery store for less than $150 a week! I’ll never get used to this. I totally agree with you on keeping our money here in the states! This world is nuts.
Having enough money to buy groceries is a major blessing these days!
@MilePost106- It is worse than that. The government is borrowing the money and then giving to other countries.
@@lindylou3519Same here!! Fortunately we are debt including mortgage free and have a decent retirement income to cover our needs. And we learned a long time ago from our Depression era parents to be very frugal with our wants because it is not a matter of if but when those rainy days come where you need to have a buffer of $$ set aside to avoid going into deep debt.
Family of 6 $300-$400 a week on groceries
I literally saw a guy a few weeks ago at the grocery store rocking back and forth , arms hanging on the meat display. He was really thinking hard about what to buy, and the prices. He looked so stressed. Felt bad for him.
Over the summer, I remember being in the meat section, and two fighter fighters were discussing the steak prices, and a third came over and they were going to split a pack and the cost. I thought prices were crazy back then …
Both of these moments have stuck with me .
Have seen a lot of boats up for sale recently ( FL here ) , and more trucks up for sale.
@user-jl8yy5ir7sAlready did that in 2008. Nothing left to do now but eat bugs
Yep, that happened in the last Great Recession, lots of people selling boats and cars for lower prices.
The last 2 times I went to Walmart, the people in front of me in the check-out line didn't have the money to pay. One guy was putting Dr Pepper and a big handful of candy bars back. The other couple did not speak English and their card declined.
Eat a whole foods plant based diet. Better for your health, better for the environment, does not support the cruelty of the factory farms....win, win, win......and better for your pocketbook!
And theres people on EBT (food stamps) getting free food on our tax dollars and driving BMWs.
So many have no memory of the great recession. This is very tragic. Learned brutal lessons from this. History repeats itself.
Even less remember the Great Depression
Our government needs to stop making regulations that force small businesses to close and are beneficial to large corporations. With small businesses out of the way, corporations can charge whatever they want for stuff because small businesses aren't around to keep prices honest.
I live in Maryland. It's very anti small business. I feel like they want everyone to work for large corporations or the government.
They will never stop! You and everyone else needs to stop believing in authority and realize what government truly is. A bunch of parasites making rules to benefit their overlords.
Govern = control, rule
Ment (root mentes) = mind, heard
Anyway you arrange the words, you should get it.
That's the plan....they know what they are doing...these crooks are not stupid.
Exactly, get rid of all small business, small landlords, anybody independent... then we all become dependent on the government, especially if we get rid of cash. Then we are really screwed...
Thats exactly where they want you. Dependent on the Corporations or the government.
Once they buy up all the farmland, then say bye, bye to the ol' time farmer that feeds America. And say hello to the PRIVATE, Mega-Corporations surrounded you.
Oh my gosh!!! I am connected to a mortgage lender on Facebook here where I live. She just did a short video on how people can use their credit card points toward their downpayment...not the card itself, but the points. She literally said, "So, rack them up!" This is some of THE most reckless advice I've ever heard. Sure, go into more debt just to get points to use toward a downpayment for a house that you're going into debt for. She's not new to the industry. She's a long-time mortgage lender.
Wow!😂
People are getting ruthless
Rent can be put on cc’s now. Can’t wait for all these revenues 😆.
@@ashtonarmstrong3082 if I can pay rent with my credit card but still afford to pay it outright, I would put it on a credit card so I could get points. Otherwise, I would never put anything on credit that couldn't be paid off or just purchase things for the sake of getting points.
spend it all, even the points.
Everytime I drive past the row of resteraunts in my city, the parking lots are PACKED.
Imagine if all restaurants went bankruptcy because no one went out to eat? It would be a lot worse,more people unemployed.
Therein is a big part of our problems in the western world. Can’t cook from scratch (or can’t cook) and people do t want to wait. Wait to buy in cash, wait to reward ourselves, wait to something comes on sale. Instant gratification is evil.
@amyhudson1016 health is wealth. Butter, salt, sugar and oil will shorten our lives and money can't save us once we have disease.
i drove by BJs and olive
garden everyday on my way to the gym....they are always packed even during the week
@@ericprieto4348Today I went to the gym then to Olive Garden. 😅😅😅 No lie!
This is why people have gotten more stressed and anxiety has skyrocketed since Covid.
I love getting a reality check of the country we live in from this man. People are living in delusion and acting like nothing is wrong!
Heard this all before , the spending will continue and nothing will change until these people lose their jobs . When the massive layoffs starts that's when the change and suffering will start .
Seems like we’re starting to see the beginning of it. There’s been countless numbers of companies that have already announced layoffs in the first month of this year.
And then after all the hardship the government, banks, businesses, and most people will go right back to their reckless and/or greedy behavior all over again. I have seen this patter several times in my life and each time it gets worse and worse.
I don't think it will be as big of a change as you think it is. Most people vote on a single issue, such as abortion, or the environment. As long as something is done on those fronts, they will vote against their own pocketbooks. Even if your single issue is the economy, you're beaten into voting democrat if you're a minority, think Trump is mean, or are in a union. The labeling of people into smaller and smaller groups makes them easier to coerce. Until, it finally comes down to even silencing individuals on social media if your views are not in line with main stream media.
It's crazy that people vote based on abortion. Abortion is preventable by being responsible. Birth control, chastity, etc.
Every mall in America is pushing credit cards like crack.
Colleges are also very aggresive.
That’s nothing new.
Started in the 70s.
So are corporate dental chains who sell you dental work you don't really need. i.e. Aspen Dental, All Smiles Dental. Can't afford the $3k worth of work on the dental estimate? No problem, they will finance it for you. Google Drilling Teeth for Profit it will explain. Many baby boomer private dental practices are selling to corporations nowadays. Buyer beware!
@Eric-ii9ce
One of the reasons I’ve owned many shares of Visa and Mastercard in my taxable and Roth accounts for over 15 years.
Great growth and dividends l
I can use a credit card like a debit card for years without ever having debt,fees, or penalties on them but most can’t.
Been like this since credit cards began. I know. I worked retail from the early 80’s thru 2012. Always pushed the store credit cards on folks.
Just paid off all my card debt and only have 5k worth of debt to my name!
Keep it up! I remember how good it felt to see that debt balance come down and reach ZERO!
@@lovethemflowers I remember when I paid off all my debt, it truly felt like I was given a raise
Good for you keep it up GOD BLESS
5K is still a lot.
Nice. We are a several hundred thousand of dollars in debt. That mortgage sucks.
Remember that our monetary value is more likely going to be a token issue for items.
Having lived through 2008, the difference this time is that regular people are falling behind just by buying normal things like groceries - they aren't even making extravagant purchases. The age of the $18 Big Mac is here and a carton of eggs costs $3.12 at Walmart.
And the age of the 10 dollar coffee and 3k a month for a shitty one bed rental in a bad area.
But some people just can't be reliable with their money. They buy everything they need and don't need and end Up in massive debt which they can't Pay off!
Im pretty careful. I like the ability to borrow if I need to, like if something comes up, but over a year I live within my income and pay my bills
Price caps on goods is a really bad idea. It just leads to shortages. If there are "excessive" profits in any industry that really indicates too much monopolization and a lack of competition. Preventing market monopolies IS a legitimate function of the federal government, but it's something they hardly ever enforce.
Yeah, but if we had a real leaders in the White House and in Congress, they could pressure those companies to stop cheating the common man so much.
100% - it creates a longer standing issue. Venezuela, Lebanon and Many other examples...
This is absolutely true.
The big preventer of competition is monopoly, specifically the monopoly of heavy government regulation. All real monopolies come from government, because without the threat of violence, competitors can be created and rush in to take away the 'excessive' profits. Also, if the money supply doubles, its not 'excessive' for the dollar amount of profits to 'double', because the change is not real, if the real inflation adjusted profits are still where they used to be.
we had many price caps in hungary last 2-3 years and it really shake the foundation and had the worst inflation in the EU mostly bc of them
Paying the interest rate they charge is pure insanity. Don't carry a balance!!!
The best thing about credit card debt is you don't have to pay it if you don't mind bad credit.
If Super Bowl tickets can be more than 6,000 and it still sells out, that means there are still lots of rich people who continue to not give a thought about those who can't afford a ticket.
why should they give a thought about those who can't? And if they do give a thought, what are you expecting them to do? Instead of paying $6,000 for a ticket are you suggesting they just give that $6,000 to the government instead?
Mostly the rich but it's crazy how many relatively average joes will spend 2-3 months of they're income on a 4 hour game in uncomfortable seats.
They could literally fly first class and take a 2 week vacation for what they spent on super bowl tickets.
@@SeattlePioneer "Nothing to complain about when you can watch it on television" You missed the point of my comment. It wasn't about watching the game at all. It was about the economy and human nature.
When your government prints money out of thin air there will always be al lot of money floating around. Remember money does not trickle down money trickles up to the ultra rich. Who ended up with all that covid spending 7 trillion dollars? The ultra rich people. 95 new billionaires were created during covid in the US alone.
My card balance is zero, credit score is 840. Life off the grid.
I have 850 credit score. 👍 I always pay 80-90% of my credit card balance before the closing date every month. It’s faster to build excellent credit this way than paying off everything.
I live in the condo I paid $21,000 for, no condo fee, living like a king on $600 a month in Brasil , saving $2,000 a month ready to buy my 2nd condo
Right there with you, home paid off ,credit cards, and 2 car payments left
If you're paying credit cards off every month your score won't be 840 for long.
@@pbaker7160 The problem is he's paying it off everything. He would have 850 credit score if he's leaving a little bit of debt left every month. The 3 credit bureaus incentivize consumers who are using their credit cards regularly. They also want to see a little debt. The key is paying regularly and leaving a little debt. The credit bureaus check your performance every closing date. Closing date is very important.
Amount of debt people have is scary, especially at these interest rates. I don't trust the government either. Happy Friday Michael, Thank You!
It is scary. Happy Friday Juliet!
I stopped paying my cc and stuck the bank with 22k. Yes it dinged my credit but I live without stress now. Cheers all
Smart
This is great info. I am pulling the numbers out to use elsewhere. The beach walk is pleasant, but some graphics and charts would be helpful. Yes, I know I can get it elsewhere, but I think inserting graphics, charts, and tables in post editing would get your message across better. In any case, thanks for this. It's an election year, so the Fed, Foggy Joe, and Gov agencies are painting a rosy picture. But we see the news clips about overpriced cars not sellinh, banks in trouble, low office building occupancy rates, and high tech layoffs. Keep preaching, Bro.
Appreciate the super thanks! yes, sometimes I do put charts and graphs in the videos if I have them trying to make these points. Whenever available I’ll use them. Appreciate you being a fan of the channel!
The game is rigged. Why play their game? A great credit score does nothing more than qualify you to play on their terms. Who needs it. Keep your money under your own control.
This era is going to belong to people who play similar to my parents generation in the depression. They didn't cry. They didn't want. They just put their shoulder into it and stop spending and started working their way out of it and they just took a haircut and got through it and we're just fine.
Just when CC debt & delinquencies are climbing, out comes another scam: Buy now pay later. Spending never ends, but it will. Vehicles repos all time high. 17.1% have $1,000.00 a month car payment. Consumers are going to take in the neck. I hope people don't expect prices to come down. News alert: Prices are NOT coming down. Ouch.
Fast food gas rent all sky high..
Car insurance ...Eat at home now 😢😢😢😢😢
My food is still under $125 a week...gas is down to $2.85 here and I will have my home paid off this year..all on under 50k a year
That’s where you live and your situation.
Gas is $2.46 where I live.
My car insurance is $900/yr.
I cook at home and spend $0-$200 a month for groceries with a well stocked pantry and deep freezer.
My home is paid off but rent is around $600/mo. for a nice apartment and $1400/mo. for a luxury 2bed/2bath apartment with washer/dryer,island kitchen,and one car garage.
Car insurance increased mainly because of Kia theft and people not knowing how to drive.
@starwolf0018 here in Florida car insurance is sky high due to so many uninsured drivers
We are a poor country with a few very rich people and many, mostly poor & struggling.
Good video and I see your point. I think the word Recession often gets misused. I would say the average American is "cash poor". But unfortunately look around still lines of people at Starbucks, Mcdonalds and everybody seems too still be driving a fairly new SUV or car. Once you see a half dead Starbucks then you will know the real Recession has started. We are definitely headed that way.
A lot of people are living 'Champagne" lifestyles on the "beer" budget..that is the Problem. 😂😂😂
They just need to start buing Miller high life " the champagne of beers" 😂
Thank you to our host for taking us along on tour along the beach on a beautiful day. Tragic numbers of consumer spending and debt.
Good advice. I transferred debt to lower interest cards. 20 yrs ago. OVER and over. My credit score today is excellent. I live below my means. The two go hand & hand.
I love your videos!! I work for Denver Dept of Finance (DMV Section) Our government is the pulse, and yesterday our Mayor spoke with us before his press release, his plans to cut the budget, to help balance out the costs our influx of migrants. He is starting with the DMV, and Parks and Rec. We are already (and have been for years) operating without being fully staffed. We were just grateful that furlough days have not been implemented. I sent you a link to his press release in these comments. It's evident that this is just the beginning....We must all be kind to one another as this storm is brewing, and we have no idea what challenges each of us are facing. Be human, and be kind. Keep doing what you are doing. It is so informative. Easy to understand and digest. And your wife is beautiful ❤
That's Why I didn't move back to CO , Denver is especially Expensive and Now with the Sanctuary City aspect ...Things will get much worse this Year ...
We are lied to left right and centre. Keep telling it like it really is. Thanks 👍
The economy has been artificially propped up for decades to prevent a complete economic collapse. The ever growing wealth and income gap in the U.S. will lead to even more crime and social unrest. The current situation in this economy is unsustainable and will not end well.
That's by design, and it's going exactly as planned.
@@BrandonGrievei was going to say the same thing
@@BrandonGrievethe “little round hatters”.....are in total control.
By the time you are 50 years old, you should have your Home, Student loans , Car Loans paid Off !!!!
This way, by the time you Retired , all you have to pay on your monthly bills .
The less bills you have, the better off you are !!
Ideally, but housing is so expensive that it could be one of those things that do not get paid off.
I did, just before the covid lockdowns happened. I was unemployed/underemployed those years an all my credit debt shot up again.
No one is taking about the lockdown panic causing much of this.
government will penalize you for being responsible and take money from your SS. Its already going on, my mom deals with it.
Mortgage loans are usually for 30 years. Most people are in college when they are 20 and can't afford to buy a house until 30's and have nothing saved due to student loans
100% correct,it worked for me.
They tried a luxury tax once before. Yahts, large boats, fancy cars. All it did was slow boat building business down to a trickle until the extra tax was removed. Didn't solve a thing.
I love your videos!! You’re a really bright dude. 🤘I love listening to you speak. You don’t stutter, you don’t cuss, you are obviously a well-educated soul and I hope you keep on making videos educating the rest of us about what’s REALLY going on in the world, because, honestly, I’m really tired of being lied to. Amen, brother.
It’s the Great Depression all over again and I see by the end of the decade it will occur again
The interest on credit cards is ridiculous. You have to pay more than the limit, or you will keep falling into the abyss. You have to at the minimum pay double the limit for that month. Instead of getting in credit card debt, save money up, example $5,000 and when you need money, you use this money not your credit card. Keep adding to that saved money for when you need money. I know so many people in credit card debt, terrible.
Our car broke down at the first of the year, we haven't been able to afford to fix it. Fortunately, I can walk to the grocery stores around here, they're only 1-4 miles away but it takes a lot out of me. Unfortunately the money we 'saved' by not paying car insurance and gas has now gone to groceries and I'm still needing to use credit this month to make it to the next payday.
My wife is a cashier in a grocery store and finds people are paying on credit more then ever before.
I use cc to pay for groceries. It gives me points that I use to pay bills and I pay off my entire balance every month. So it depends how disciplined you are with your finances. Sadly, many people just max their cc and don’t think bout the bill they get next month. 😢
Credit card debt for one reason is exploding because credit card companies are charging over 30% . Also the mail is slow allowing companies to charge a late fee of 40.00 or more. 😢
Michael... People are charging up on their cards and pulling cash out of their houses knowing they will never pay in the end. People are mad at inflation, and ultimately they want the lenders to take the fall. They're just forgetting about the IRS coming after them in the end. Unless people can extend long enough through certain statutes of limitations, they're going to have trouble this round in bankruptcy.
No credit card debt in Europe. People use cash or debit cards. I got away from the USA years ago. Paid off all debt. Now I have my house paid off, my car paid and lots of savings. I live easily on $1,000 a month, all frills included. How? I'm in Spain where my taxes and insurance are 1/10 what I paid in the USA. I can't live in the USA and be solvent. It's a hamster wheel.
Europe is not the US. Different culture. Most would not leave the country to live in Spain.
yes,americans rather will live on streets and sleep in tents or shitty trailers then in nice house in Spain @@DIVISIONINCISION
Is the LEGAL immigration policy difficult?
@@michelleshoffner7976plenty of Americans are moving to Spain legally so it's not that difficult.
@@michelleshoffner7976 not for americans and depend on incomes
It makes no sence for many to keep paying on their cards...walk away.
Yes it is absolutely ridiculous! I never thought it would get this bad! I’m so happy I cut all my credit cards and they are all paid off!
1.13 trillion credit card debt and growing
With interest rates at 24 % thru 28 % and include when you miss payments their is penalties added monthly
Absolutely sickening , i couldnt even open the billing letter along with the c.c company love letters and phone calls
Was over 10,000 in cc debt but have knocked it down to about $6,800.... Making larger pay helps. Once it is payed off I'll be debt free.
Time for eliminating the 16th Amendment (Income Tax) and implement the Fair Tax (A sales tax). The rich spend more, will be taxed more.
Tax is theft and it’s completely unnecessary.
Going to have to tax at a higher rate to make up for the loss in revenue. Which affects the poor more.
What's your thought on a federal rate? I wish my state would eliminate our 4% income tax and raise our 6% sales tax to 10%. I'd love that. I don't buy much besides food, which is exempt.
More and more people are catching on to how easy it is to run a a scam bankruptcy and then just start charging all over again, And yes, you will get new cards with poor credit as you then have no credit card bills
Crappy way to live.
I’m retired debt free in my 40s.
Going to my 66th country this year.
The HELOCs getting maxed out and defaulted on is what will be the match to start the recession fire. Many are sitting on tens of thousand in home equity they are just starting to use. Spend baby spend! The home as an ATM is making a comeback! 🤨
😢Why doesn't anyone blame media for it's onslaught of the American people. Advertising slams people everyday in every way possible.
Thing is people are fed up with the gov't spending and outrageous debt. Now people are thinking " debt is debt, if the gov't can rack it up w/o consequence why should i play by the rules?"
Michael you hit it. Discipline!!
It's called greed greed greed greed and taking advantage of people That's what it's called greedy people
Nope, has nothing to do with greed
I dont disagree but it also has to do with materialism. People have been living a lifestyle they cant afford for a decade...... and all on borrowed money.
Yes, the greed of ordinary people above all else.
Debt obligations drive inflation!
If you give everybody 0% interest rates; they all go out and buy new stuff. This drives up the cost of living and all prices follow.
@@vladimirofsvalbard9477 Only PUBLIC DEBT AND THE Federal RESERVE PRINTING MONEY drives inflation
Greed is Good !!
Use cash only . This never , never , never goes wrong .
A flat tax with no loopholes. But they won't do it because they've gotten rich from their corporate friends by doing favors for each other
NO to flat tax. It's regressive and the wealthy pay less.
There's no loophole that rich people use that regular people can't use either. Why should I sell my stock and pay the maximum tax rate when I can keep that stock and collect quarterly distributions. That makes neither financial sense nor investment sense.
Flat tax affects the poor more.
A flat tax is regressive and makes the wealthy pay less.
Prices will go down when demand drops. If people are maxed out then companies will have to cut prices or go out of business.
That's only true if supply is greater than demand. If supply goes down at a faster rate than demand, prices will remain high. We've seen this happen in the not-so-distant past.
They will
13:08 they don’t collect anything from the really rich, they take their orders. The super rich don’t pay taxes, they create foundations and put all their assets there. The foundation doesn’t pay any takes either. The mega rich actually don’t have anything on their name. They just take whatever they need to live from the foundation, tax free.
When people are maxed out the govt will screw up the economy even further with "quantitative easing". Its like the govt refuses to allow economic hardship for sustainability. The old are the beneficiaries that will not be around when the bill comes. The young are being pillaged.
True, but remember when these BIG BANK CORPORATIONS got bailed out on our dime in 2008. And the federal government will bail them out yet again.
Taxing the rich wont fix the problem, but fixing the tax system will definitely help stop the problem getting worse. Part of that is fixing government over spending.
Taxing poor will help🤪👻🙊
I live in a place that has a store that literally has prices out of the 80s! It's surreal.
Where where where?? Come on dawg, spill the beans.
So amazing you should say this.....I just went to the P.O at noon...along the way I pass several restaurants i.e. Apple B's , Olive Garden, IHOP , the Brew House and Jack in the Box, McDonalds.. and a few small Mom and Pop eateries .......ALL of them are packed and two of them have people waiting outside for seating... I can't figure it out
The credit card companies need to be reined-in and stopped from extending this crazy amount of credit.
I use cards a lot, for living expenses and capital purchases, but I pay off the cards, in full, every month. Those who don't are on the road to ruin.
>
Go right ahead.
Stand between those with a yen to spend and those that will lend them money.
Watch out that you don't get trampled, though.
Greed is the fuel for all of this
No it is not. It's globalist /Marxists in power DELIBERATELY trying to destroy the USA by bankruptcy and insane printing of dollars. ALL BY DESIGN
Government deficits don't come from greed, they come from a bad system, that incentivizes more spending then we can afford. Switch to an unprintable money, like Bitcoin, and the debt snake is forced to unwind, or be defaulted on, but that is actually a GOOD thing, because the issue is fully resolved, one way or another.
You got that right! Exactly!
@@Jeff-lu7rs greed has NOTHING to do with it. Economic crash BY DESIGN.
NO, it's stupidity
Dead broke, that's a lot worse than just regular broke. It won't be long before there are soup kitchens and lines to get inside them.
My family in America. Use to send us good. But now we send them money. For my wife parents.
My bro in America sends me tobacco. I send back luxury food items
Inflation is a global problem not just the 🇺🇸
It's ridiculous to think about taxes in absolute versus proportional numbers. Prices are the same no matter what your income. A car doesn't cost less just because you're a housekeeper, but it impacts your wallet exponentially more than it would Elon Musk's. The rich literally have too much money to spend on what they WANT, while others have too little money to buy what they NEED. This isn't about hating on their success, socialism, or whatever else. It's about taxation that's best for our nation as a whole, which is built on the middle class.
Love your message. I agree with a lot of what you are saying. I think what you miss on is we all have a responsibility for our finances and it is a shame so many do not understand how money works and how to behave with it. We live paycheck for paycheck and do not understand how to build wealth to sustain our lives. I was taught this life lesson very early with crippling debt, it took a while to pay it off and I am lucky I learned from these mistakes. By changing how I behave with money, living well below my means, saving, and paying with cash have elevated me to a safe place in these economic times. I agree that these companies with incredible profits are evil but we prop them up and help them become this way.
I see the channel has been growing. Congratulations you deserve it.🎉🎉❤
You're right, getting out of debt takes time. It's like losing weight or getting into great shape, it takes time and discipline. It's not easy but it is rewarding. I've decreased my balance by at least 90 percent and should be debt free by the summer. I do feel better and freer. The zero balance transfer game is a great idea. It also helps to turn it into a game.
Good points😮!
I interpret soft landing as a long painful unofficial recession where the most vulnerable suffer whilst providing opportunities to those with excess wealth.
I’m glad I took my Dads advice when I was a teenager. “Once you start working, always pay yourself first “.
Crime is going up at the same time and the criminals have gotten bolder.
Which ones do you mean?
Family dollar wont hire me with no criminal record
no it's not. crime is falling hard in the US, dude.
What do you expect when the cops are told to pat them on the head and give them milk and cookies and send them on their merry way. Cops cannot be tough anymore, the crooks now think the cops are soft and more scared of them than the other way around. Weak laws and weak judges are ruining this country.
I'm afraid to put more on my card other than my monthly household expenses. Those are automatically paid in full.
and you get rewards points, to boot...at least I do.
Don't put anything on a credit card that you can't pay back within a month.
Just watched a family of five that traveled to Los Vegas for the superbowl. They could not get consecutive days in one hotel so they booked three!
Finally they do not have tickets for the game( tickets have dropped to $5500) .
Stupidly runs rampant!
The ticket prices are why I stopped going to games. Don’t even watch much on TV anymore because it’s just not as fun as being there live.
I'm in Vegas for the game with no tickets...but why go to the game when the energy and fun is at the watch parties 🥳🎉... Live games are disappointing from a price point basis
Good grief! THREE hotels! Looks like they're going to be watching the game from the hotel room. $5500 a ticket? No seat in that stadium is better than my couch.
@@captng Watch party does sound like more fun.
The only thing more disastrous than wasting money like that for the Super Bowl is wasting your time watching it!
6400 is nothing for credit card debt each american is in debt like over a 100k from their government
The difference is, that includes every man, woman, child and baby. Most don’t work or have a paycheck. Multiply the number by 3-4, then your about correct
Keep your costs & lifestyle low, reduce expenses to the absolute minimum. It’s tough and it will get worse before it improves. Society won’t recover before the general mindset that debt is to be avoided, becomes mainstream. Dave Ramsey preached this for last 30 years.
Some beaches in Hawaii are like that 10' then Stones😝. Waikiki pumps it in often because Man made Beach I think in 1920's. 🤗🤗🤩
Lived half of my life in a third world country and this country have govt. price controls published in the newspapers every now and then. When buyers complain about prices higher than published govt. prices, sellers will just say to buyers to buy what they want from the newspaper.
I'm old enough to remember when the Federal Government tried gasoline price controls in the 1970's. I also remember the long lines of people waiting in their cars for their turn at the gas pump. When the price controls went away, the lines went away.
Transfer of wealth also occurs through decreased salary, decreased benefts, decreased accumilation of vacation/sick pay by requiring cash out maximum on 50-75 cents on the dollar.
Nope, people are still spending like there's no tomorrow
There is no tomorrow, there is only NOW.
He never said they're not "spending". They are spending on CC and not paying the CC bill. You are right, they are still spending like mad. But eventually they will max out the CC and at that point things will come to a screeching halt.
They get paid is stock so there is no salary / income to tax. They hold the stock for a year then sell and only pay 15% of that minus property taxes cause they don't take the standard deduction
If you're even more in debt, you were in debt to begin with, and you don't have very good spending habits.