It's Over! Americans Are Going Broke
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- Опубликовано: 17 окт 2024
- Americans are tapping out on credit card debt as the total amount of debt hits an all time high, and delinquencies rise.
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The presenter has taken great care in preparing
this video, however makes no representations or warranties with
respect to the accuracy or completeness of its content. The contents
of this video should not be considered a substitute for
professional financial advice. Please consult a financial professional
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People are paying 30% interest on maxed out cards. They will never get out of debt. Lowe’s and Home Depot are fixing to raise to 40% yikes
Yep, just declare bankruptcy at that point. Your health isn't worth destroying yourself to pay a banker.
But, 1000% anyone needs to get financial habits that will have them healthy when they exit bankruptcy.
No you made the debt you pay it
@@GoldenEagleXTNDdon't spend money you don't have! Problem solved! 😮
just stop paying that shit
Some of these same people will get their big tax return, and instead of paying off debt, they will go on a shopping spree, buy some car they don’t need, etc. I’ve seen it before.
Pay your card off with every paycheck, whether it's weekly or bi-weekly, it will give you a better perspective of frivolous purchase that you can avoid
Feel sorry for all those working folks that are going broke. I am mortgage and debt free. No car payments. I am now considered low income by both the State and Feds. However, I don't feel deprived of anything and definately, don't miss the stress of working full time or being in debt.
You just described my situation. 😊 ❤being debt free.
Welcome to renters for life society
Agree to disagree we live on credit system and you should take advantage of it.
People need to learn self control and financial responsibility.
Live below your means and enjoy life as you please that’s all to it.
Utilizing the credit system is the same as living above your means
The problem with using credit cards responsibly is psycology. A lot of people are not able to use a credit card responsibly for everyday use, not overspend and paying it off every month. It takes dedication and practice if you're not already diciplined economically :)
@caryphillips4885 I got a credit card when I was 18 and just use it in place of my debit card. I spend 2.5k a month on spending...why not just put it on a card to gain credit and rewards points 🤷♂️. Anyways I got 810 credit, 0 debt, and used my chase sapphire reserve rewards to go to Asia 6 times for free since 2019
Use your cc like a debit card. Make a purchase wait for it to clear pay it off immediately dont wait for the end of the month. If you cant do that then dont use a cc.
Agreed!
disagree at an extend. Pay off the statement balance for sure, but not above that.
The left over money that could pay off beyond the statement balance amount can be invested until the next cycle
Such great information. They need to play this video in high schools!!
Maybe college. Most high schoolers have no concept of money in general being that their parent are obligated to provide everything for them until they’re 18 (when most graduate)
So this information would go in one ear, and out the other.
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.
Some times last week I tried trading all alone but ended up loosing $3K 😢
Please how do I go about it
I'm still a newbie on investment trading and how can I make profits.
All thanks to Alex Robert
He is a licensed broker and a FINRA AGENT here in the States.
Yes!!! That's exactly his name (Alex Robert) so many people have recommended highly about him and am I just starting with him from Brisbane Australia 🇦🇺
When you tap too hard your credit , your credit tap you back harder
( I know... it is a easy one)
Yep! Love that!
stay away from credit cards
I consolidated my credit card. 4 years instead of 10 years to payoff. Paying the bare minimum amount making you futher in debt.
Great information. I am debt free. How about explaining the difference between currency and money? Silver and gold are the investments that banker use. They know. Also explain The Great Taking by David Rogers Webb. It is not consipriacy theory.
Thanks. Good idea.
People are still more responsible than the Federal government.
could not agree more!!!
People using American Express Gold are giving up?
Yep. I have AMEX Platinum and I'm about to give up. I doubled my salary the last two years and I still live in the same place. I have much less free cash flow now than I did when my salary was half. No one wants to provide me a chance to restructure my debts with a loan or line of credit to reduce the interest rates that I'm hit with.
@@GoldenEagleXTNDsound like a you problem
@@DeadIyChickentv never said it wasn't lmao. That doesn't mean I'm going to not use every tool at my disposal to get myself out of it. Life happens and deaths in the family coupled with the current world affairs has left me dry. 🤷🏼. Last thing people should be doing is defaulting though. Go talk to an attorney and get a BK going.
@@GoldenEagleXTND you don’t feel like living within your means to save money and pay down your debt for a few years will solve it? Sounds like you just don’t want to be look down upon for sharing an apartment or working a part time job to make a dent in your debt.
@@DeadIyChickentv I live within my means, Im sorry that you don't view paying for medical and funeral expenses for my father to be "within my means" Or how about caring for my elderly grandparents now that my father has passed is a necessary expense of my time nor money. I guess that doesn't count as time we'll spent.
And no, taking a part time job after doing all that is NOT worth killing my mind and body and neglecting either my fulltime job nor my grandparents nor my family. I don't understand the hard on people have for making sure banks get their 400% return on someone vs just declaring bankruptcy
You gave the correct ingredient: INCREASE INCOME.
Why would you spend money you don't have?
Not sure. Way to many people do it though
People have emergencies with no savings like car health family etc.. its a cycle let is not judge and pray they all get out of debt
If they didn’t raise interest rates it would alleviate the issue quite a bit and people would pay them off.
Are you sure about that? If they don't raise rates, inflation stays high and people just borrow more.
@@Wesley-rn7oc You will always have outliers but majority of people want to pay cards off without $300 dollars in just interest. How can you pay it off if they keep increasing it?
@TheOfficial_CommanderShepherd,
Don't use credit cards
@@debbieframpton3857 I get that but people go through things in life it’s not like everyone uses it to just buy useless stuff. One of the things people use it for is medical expenses. Even if you have medical insurance you still have to pay a co-pay and depending on their situation it can be a huge bill. We have glaring issues in this country that need to be addressed such as healthcare, laws in place to protect people from high interest rates, and the rising of taxes. We are in this mess due to our government being irresponsible spending money.
I would think credit not growing and starting to go down is great imo
Or the consumer mentality is driving the individuals with maxed cards to more expensive loan products.
i have credit card debt cause it needed to be fixed my house but I have like no debt compared to other people plus I can afford to pay it back that seems to be a lot of peoples problem, stop borrowing more than you can pay back that is also a problem.
American society with any financial decisions: 👁👄👁
🤣
If you don't need to borrow to buy a car why would you use a credit card?
You’d be surprised
How about do without.
100%
Nice! Thanks!
Great video!!
Thank you 🙏
student loans...debts..c cards.....inflation.
Honestly I think advising young people not to get credit cards is not ultimately helpful. The better advise is to have a credit card that gives good cashback for gas. Use it only for gas ever and pay it off every paycheck you get before you buy anything else.
Just make sure that credit cards are a tool and not a noose.
Preventable? Not my fault prices on everyhing are up huge. Screw it iim done.
I had several tenants move out of units that needed a lot of work and my wife is on maternity leave and so my contingency fund got drained and then some. Sad to say Im carrying a load on my line of credit. Only upside is I can claim it on my taxes lol. No consumer debt though!
That’s often the hard part about owning rentals.
@@NolanMatthias Improving the value of the property by a lot and the extra expense is covered by the new rent increases but it's still more risk than I would like.
Yeah dealing with turnover and maintenance/updates is definitely the part I do not like about owning rentals, but its part of the formula. I try not to use any debt for that though (outside of mortgages), typically only do upgrades based on cash supply.
Businesses treat people like numbers. Try telling someone that your credit was stolen. If you don't have money for an attorney, they treat your credit information as fact. Meaning if you don't have the ability to hire someone to legally help you, they treat you r information as100% true. After all ,a computer could never hold lies right??? 💰💸💵🏧
I was 60k in debt with credit and medical. I am only 5k in debt. My minium is 280 and I am putting 1.8k a month. I have been working high hrs since 2020. When people were at home collecting checks I was working 70hrs a week. On cleaning empty buildings. 😂 Great Video. Any1 else reading swallow your pride go clean toilets. Trade your time for money. If you can get a job thats 1099 not W2 because the tax breaks are better.
Why did you not declare bankruptcy? You've spent 4 years breaking your body and losing time for yourself and (possibly) your family. 4 years after bankruptcy you can qualify for a traditional mortgage and even sooner if you don't already own a home, you qualify after 2 years for a FHA mortgage. Credit card lenders start throwing you offers typically 6-18 months after your discharge.
so you wasted your time and money to pay off a bank that makes money anyway whether you pay it off or not, they make money regardless
This is a good video on responsibility for young borrowers. I do think you should make a flip side for for the yoyng about bankruptcy. The older generations and financial institutions have really propagandized that bankruptcy is terrible for YOU the consumer, but its actually the best for the consumer and worst for the lenders. If tbe people based on your ecamples are that far behind on CCs, you should really just file bankruptcy.
Lenders will typically stary throwing you offers 6-18 mknths after discharge.
FHA mortgage can be attained agyer 2 years.
Traditional mortgage after 4 years.
Now, most people with enough debt to now be in default will most likely have no decent way to get out of debt in 2-4 years. So whivh option is truly worth it? I know Im not ever going to side witb a multinational banking conglomerate lmao
RUclips vested in the collapse narrative 🤣
Yep - kinda sucks doesn’t it
dont get a credit card!!!!! They are very dangerous, end of story. If you cannot afford something dont buy it.
Are there actually any Americans here?
Yep. About 70% of the audience on this channel is American, 17% Canadian.
@@NolanMatthias Bots can be setup with VPNs too bro.
Lifestyle expenses are experiences. A debt with interest on your credit card is just a number on a paper once a month, something abstract, distant. The ordinary consumer starts with a disadvantage here. You're right, paying expenses with cash partly bypasses this trap (and it will be more efficient if you create at least 3 different banking acounts, one for monthly expenses+grocery, one for emergencies and one for the discretionary expenses, and then fund the two first in full before putting money in the third one).
Professional loan sharks 😮😅
You will own nothing and be happy YOLO😂😂😂
Welcome to the toilet paper cash society
Pretty much
AS IF any of those people will be buying a house. Just default and let the banks deal w it