Why Americans Are Drowning In Debt

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  • Опубликовано: 26 авг 2022
  • On August 24, President Biden announced the cancellation of $10,000 in federal student loan debt for most borrowers. But student loan accounts for less than 10% of household debt in America, which reached $16.15 trillion during the second quarter of 2022. And debt is likely to grow even further due to soaring inflation. 43% of Americans are expected to add even more debt within the next six months. So why are so many Americans in debt today and what impact does it have on the U.S. economy?
    Policy plays a vital role in keeping household debt in check. Experts say outdated procedures such as wage garnishment, in which an individual's earnings are withheld for the payment of a debt, are in dire need of a policy update. A survey found that about 7% of workers in America had their wages garnished, according to the most recent study in 2016.
    The government can also play a potential role in reducing certain kinds of borrowings, such as medical debt that is currently held by roughly 23 million Americans.
    Watch the video to find out more about why household debt is rising in America.
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    Why Americans Are Drowning In Debt

Комментарии • 7 тыс.

  • @PatrickLloyd-
    @PatrickLloyd- Месяц назад +998

    The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.

    • @Nernst96
      @Nernst96 Месяц назад +1

      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.

    • @PhilipDunk
      @PhilipDunk Месяц назад +1

      I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.

    • @Mr-sweeny
      @Mr-sweeny Месяц назад +1

      How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

    • @PhilipDunk
      @PhilipDunk Месяц назад +1

      “Melissa Rose Francks’’ is the licensed fiduciary I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

    • @Mr-sweeny
      @Mr-sweeny Месяц назад

      I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.

  • @CatherineWilson8
    @CatherineWilson8 Месяц назад +1217

    Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.

    • @KevinClarke9
      @KevinClarke9 Месяц назад +4

      I think I could really use more guidance to navigate the market, it is completely overwhelming, I've liquidated most of my assets and I could really use some advice on what best to invest into.

    • @ritalorrigan
      @ritalorrigan Месяц назад +3

      Your best option if you are unfamiliar with the markets is to seek advice or help from a consultant or investing coach. I know it sounds simple or generic, but talking to a consultant helped me stay afloat in the market and increase my portfolio to roughly 65% since January. For me, it's the best method to enter the market right now.

    • @ScottArmstrong12
      @ScottArmstrong12 Месяц назад +3

      please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

    • @ritalorrigan
      @ritalorrigan Месяц назад +3

      The decision on when to pick an Adviser is a very personal one. I take guidance from ‘Carol Vivian Constable‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

    • @ScottArmstrong12
      @ScottArmstrong12 Месяц назад +2

      Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

  • @darnellcapriccioso
    @darnellcapriccioso Год назад +1872

    Last year, more than 140,000 jobs were slashed from public and private tech companies as they were forced to confront rising inflation and a tumultuous stock market.

    • @richardhudson1243
      @richardhudson1243 Год назад

      @@tatianastarcic that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.

    • @maiadazz
      @maiadazz Год назад

      @@richardhudson1243 Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start 2023 on a woodnote financially.

    • @juanroman9265
      @juanroman9265 Год назад

      Who has the census count about every business? Many numbers are wrong without a proper Census Count on businesses and Money.

    • @bobbyclinton3455
      @bobbyclinton3455 Год назад

      I did cash hack just some days back and I got paid $20,000 in just some hours

  • @oneiljerry9460
    @oneiljerry9460 Год назад +1265

    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..

    • @alexyoung3126
      @alexyoung3126 Год назад +8

      Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming.

    • @joesphcu8975
      @joesphcu8975 Год назад

      The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

    • @kimyoung8414
      @kimyoung8414 Год назад +2

      @@joesphcu8975 Hi Mate, please how can i reach this CFA of yours?

    • @joesphcu8975
      @joesphcu8975 Год назад +3

      I personally work with ''EILEEN RUTH SPARKS'' she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.

    • @kimyoung8414
      @kimyoung8414 Год назад +1

      She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing

  • @talented009
    @talented009 7 месяцев назад +929

    Nobody could have predicted the dollar's current state two years ago. The United States continues to make the same mistakes that have led to the dollar's current state. Thus, there is no assurance that the dollar's growth will not rise beyond initial projections.

    • @Matthewbrandon859
      @Matthewbrandon859 7 месяцев назад

      Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival

    • @DarleneMurphy774
      @DarleneMurphy774 7 месяцев назад

      These are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The bigger the red candles, the bigger the green ones

    • @ThomasHeintz
      @ThomasHeintz 7 месяцев назад

      It's a delicate season now, so you can do little or nothing on your own. Hence I will suggest you get yourself a professional that can provide you with entry and exit points on the securities you focus on.

    • @esther.74
      @esther.74 7 месяцев назад

      Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.

    • @JohnMoore1641
      @JohnMoore1641 7 месяцев назад

      @@esther.74 Please can you leave the info of your investment advisor here? I’m in dire need for one.

  • @aa33366
    @aa33366 Год назад +576

    If she has $240k debt, why buy a gas guzzling car and a condo in a affluent area? It means she needs financial education more than anything else

    • @jinyao7655
      @jinyao7655 Год назад +44

      the condo in an affluent area is an asset. and when purchasing houses, location is #1 in that house’s appreciation, so I don’t think that was a wrong move… she owes the bank a mortgage sure, but at the end of the day if she sells the condo she’ll get that money back

    • @TheBooban
      @TheBooban Год назад +28

      @@jinyao7655 thats true. She also cop habits she said, so her costs are shared. So what is she whining about? Is she just a friend of the producer and wanted to be on RUclips?

    • @charlesberkeley6429
      @charlesberkeley6429 Год назад +70

      I think you're confused. She didn't buy a car and a condo after accumulating $240k in debt. Her car loan($10k), mortgage ($182k), and student debt ($50k) make up that $240k of debt she has.
      She drives a Subaru Outback. Hardly a gas guzzler. I can't understand why you criticize her choice to live in an "affluent area" because her mortgage seems to indicate that it isn't a particularly affluent area.
      She chose to be a sociologist which almost guarantees financial struggle, and some of her thoughts about fiscal responsibility were downright childish. That said, your argument doesn't hold water one bit.

    • @Tential1
      @Tential1 Год назад +79

      She got a masters degree for social work, and is wondering why she has debt.....

    • @Tential1
      @Tential1 Год назад +18

      @@charlesberkeley6429 at the end of the day, she'll be perfectly fine as the asset appreciates. But, we are supposed to feel bad, and bail her out, because she has debt. They treat all debt as bad, and now, we are going to wipe the debt of people who are actually the most educated and affluent....

  • @erichkraetz2622
    @erichkraetz2622 Год назад +803

    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 is near.

    • @alexyoung3126
      @alexyoung3126 Год назад +9

      Collapse is generous
      1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them.
      Reckoning for participation trophies is incoming

    • @joesphcu8975
      @joesphcu8975 Год назад +14

      People don’t realize how bad the American economy is… it’s going to implode and collapse. Oil is looking like the previous major run up and probably peaking at 140-150

    • @lawerencemiller9720
      @lawerencemiller9720 Год назад +4

      Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy. The fin-Market;s have underperformed the U.S. economy as fear of inflation hammers the prices of stock;s and bonds. My portfoliio of $250k is down to $192k any recommendation;s to scale up my return;s during this crash will be highly appreciated.

    • @stephaniestella213
      @stephaniestella213 Год назад +1

      @@checkforme234 that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.

    • @checkforme234
      @checkforme234 Год назад +1

      @@stephaniestella213 You can easily look her up, she has years of financial market experience.

  • @bernadofelix
    @bernadofelix 6 месяцев назад +1288

    The most important thing that should be on everyone's mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the world. This is still a good time to invest in various stocks, Gold, silver and digital currencies. I never imagined that a few thousand dollars per month would add up. However, it is. I've made around $870,000 since 2020.

    • @nicolasbenson009
      @nicolasbenson009 6 месяцев назад +3

      Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.

    • @SandraDave.
      @SandraDave. 6 месяцев назад +3

      Please can you leave the info of your investment advisor here? I’m in dire need for one.

    • @nicolasbenson009
      @nicolasbenson009 6 месяцев назад +2

      I would like to commend Margaret Johnson Arndt, a distinguished portfolio manager highly regarded for her remarkable expertise. Her reputation holds significant recognition, and you can effortlessly delve deeper into her background by conducting online research.

    • @PatienceWilson-xp2yh
      @PatienceWilson-xp2yh 6 месяцев назад

      Hello dear friend

    • @PatienceWilson-xp2yh
      @PatienceWilson-xp2yh 6 месяцев назад

      Can I get your email

  • @razojacqueline
    @razojacqueline Год назад +1730

    I am an American without debt but I think this is also the reason why I am so behind everyone when it comes to owning a house. Everything I have right now is mine. I don’t owe anyone a penny but this means I need to work for years or months to get what I need.

    • @RyuuOujiXS
      @RyuuOujiXS Год назад +372

      "Everyone" doesn't own the house. Their bank does. They'll get evicted eventually.

    • @amandabhandhel1388
      @amandabhandhel1388 Год назад +124

      What do you do? My husband and I paid 60k in student loans and bought a house in cash in 4 years plus buying other stuff. I drive a truck. It's not for everyone, but you can live in the the truck and pay no bills and save a ton. By your 2nd year, you can make 100k. It's not the easiest life, but it pays well. Some states will even put you through training for free or you can learn through a trucking company, but you'll be in contract with them for about a year.

    • @bw7069
      @bw7069 Год назад +68

      I think you did it right. Same here. Adding more debt is just throwing $ away & adding stress. I paid down almost all b4 buying a house. Lower stress and less wasted $. Also I could afford more house w/o the extra debt.

    • @jeffreysetapak
      @jeffreysetapak Год назад +151

      Spending billions of dollar to protect Ukrainians and Taiwanese are more important than average Americans. Hee hee hee hee hee hee 😁😁😁😁

    • @chrisve1asquez
      @chrisve1asquez Год назад +6

      @@RyuuOujiXS Facts

  • @checkforme234
    @checkforme234 Год назад +1095

    Inflation is causing a lot of issue in the world ranging from food shortages, diesel fuel and heating fuel shortages, baby formula shortage, shortage of and price of available cars, the price of housing. It's all coming together and could lead to real disaster.

    • @kimyoung8414
      @kimyoung8414 Год назад +3

      Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income.

    • @alexyoung3126
      @alexyoung3126 Год назад +3

      Consider the Economy as One Huge Engine that Produces the Life Styles that Humans live & Prosper & create a Healthy Financially secure future for their Families . Corruption, Manipulation , creation of Unhealthy Political Policy & Diplomatic Environments is a recipe for Engine Failure. People are equally losing money in the financial market in the midst of all these.

    • @joesphcu8975
      @joesphcu8975 Год назад +1

      @@alexyoung3126 I wish people can see this from this perspective sooner than later. things are really going south and everybody is acting cool. How can i reach this advisor?

    • @alexyoung3126
      @alexyoung3126 Год назад +3

      @@joesphcu8975 My advisor is "Eileen Ruth Sparks" You can easily look her up, she has years of financial market experience.

    • @lawerencemiller9720
      @lawerencemiller9720 Год назад

      @@alexyoung3126 Thank you for this referral! i just looked her up and sent a message hoping she gets back to me

  • @keltenbleich
    @keltenbleich 3 месяца назад +18

    My parents told me never to make debts. They repeated this all over again and again. Today I´m a grown man and I have a car and a house, but no debts, thanks for their wise reminders: You should always save money, and then buy what you want.

    • @jan2000nl
      @jan2000nl 3 месяца назад +1

      Except of course debt is the key to how we have grown our economy and productivity. Without debt most people could not start a business. The key is figuring out the difference between good debt and bad debt. Good debt is a lever to generate more revenue.

    • @rossta3949
      @rossta3949 3 месяца назад +1

      Your parents taught you right my friend.

    • @rossta3949
      @rossta3949 3 месяца назад

      ​@@jan2000nlProducts and services will always be bought. They don't need to be financed, clown shoes.

    • @turtleanton6539
      @turtleanton6539 24 дня назад

      Yes indeed 😮

  • @micheallancelot
    @micheallancelot 9 месяцев назад +1370

    A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k

    • @lindholmlille
      @lindholmlille 9 месяцев назад +1

      The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.

    • @jetkastrokdova
      @jetkastrokdova 9 месяцев назад +1

      @@lindholmlille in my opinion, the impact of the rise or fall of the U.S. dollar on investments is multi-faceted but learning how to grow your money has never been easier than now that you can explore and experience a truly diverse marketplace passively by using a well-performing portfolio-advisor.

    • @margaritasbunny
      @margaritasbunny 9 месяцев назад +2

      @@jetkastrokdova I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having inveesting nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.

    • @leonarodwell
      @leonarodwell 9 месяцев назад +1

      @@margaritasbunny Inflation is over 8%. The stock market is down 20% this year. Keeping my money in bank could be no good but investing is riskier, I wish to find better value deals as asset prices keep decreasing but lack the skillset, mind if I look up your advisor? I admit this is the only way for amateurs like mys

    • @margaritasbunny
      @margaritasbunny 9 месяцев назад +5

      @@leonarodwell >My Financial Advisor is CHARLOTTE ANNE MCCONELL. I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can run a quick online research with her name if you care for supervision. I basically follow her market moves and haven’t regretted doing so.

  • @702Wolfi
    @702Wolfi Год назад +1230

    Our economy drifted slowly over to a debt based economy. No saving needed to buy nice things. Banks and politicians love it. Debt slaves are easier to use and herd. Independent people are not. Why is managing a budged and basic economics not taught in public schools? Because bankers and politicians want the tax and debt cattle as dumb as possible.

    • @jimmyrichards5595
      @jimmyrichards5595 Год назад +8

      Stack PM’s, in order to keep from being sheared like a sheeple! 😄

    • @shine-on-tv8082
      @shine-on-tv8082 Год назад +1

      The globalist sold out Americans now we're in decline it's been happening for many years.

    • @DeeDee-io6dy
      @DeeDee-io6dy Год назад +67

      Wages have not kept up with annual inflation, it's said minimum wage should actually be $22 up to $26 an hour

    • @user-sf9gs2pg1b
      @user-sf9gs2pg1b Год назад +21

      I hate the term debt slave. Unless a gun is to your head and you have no choice, you’re no slave.

    • @user-sf9gs2pg1b
      @user-sf9gs2pg1b Год назад +4

      @@DeeDee-io6dy
      True.

  • @dougcrawford6967
    @dougcrawford6967 Год назад +584

    "There's no reason to panic about the state of household debt in America." Translation = It's a friggin' crisis for everyone but the banking industry.

    • @eksbocks9438
      @eksbocks9438 Год назад +32

      Don't forget the Real Estate "investors" too.

    • @robertgworek2497
      @robertgworek2497 Год назад +7

      Thus is a smart move to buy banking stocks. Don't you think?

    • @ianandersen265
      @ianandersen265 Год назад +9

      The politicians in power likes high household debt. That's a reduction of the amount of debt the US government has to take on.

    • @thesavagewombat6867
      @thesavagewombat6867 Год назад +15

      The Fed is great at protecting bank profits at the expense of the middle class. It's good to have a money monopoly running the show.

    • @robertgworek2497
      @robertgworek2497 Год назад +5

      @@thesavagewombat6867 Smart middle class people have banks' stocks.

  • @Dannykay331
    @Dannykay331 7 месяцев назад +1027

    I personally cleared $230k of debt going aggressive in the other markets. Right now the markets are crazy but there are still hidden opportunities therein. Having monitored my portfolio performance return huge six figures from the last 2 quarters of last year, I have learned why the market will remain a money den for those who know where to look.

    • @NancyFranciss
      @NancyFranciss 7 месяцев назад +1

      The markets are been propped up by the FED printing money with NO limit. Every time the Market blips down the FED dumps cash into the dip. Tbh I'm in need of a good investment plan currently, I have a lump sum of $100k+ in a savings account yielding next to nothing

    • @Christine-ce4xo
      @Christine-ce4xo 7 месяцев назад +4

      Starting out with a with a professional that knows the ropes of the choppy but profitable market is the best way to achieve getting a well structured portfolio. That’s why I have been working with ‘' Deborah Jean Dykstra’ and that doesn’t make me daft because in financial dealings one have to be prudent. Most traders enter exit with a quick 10% profit which is not bad in a general opinion but why not aim higher, it doesn’t necessarily mean to be greedy.

    • @NancyFranciss
      @NancyFranciss 7 месяцев назад

      @@Christine-ce4xo this is good, how do i find your F/A?

    • @Joeryan657
      @Joeryan657 7 месяцев назад +1

      @@Christine-ce4xo Out of curiosity, I Looked up Deborah and her webpage popped up immediately, interesting stuff so far, written her.

    • @Christine-ce4xo
      @Christine-ce4xo 7 месяцев назад

      @@NancyFranciss she has a web page>

  • @sherry_smith_penson
    @sherry_smith_penson Год назад +808

    We read news in the media that doom and gloom is coming and we just accept it, doom and gloom doesn’t always have to be coming, I’ve read numerous success stories of people that are pulling off tremendous gains of up to $250K within weeks in this crazy market and I just want to learn how to achieve such figures.

    • @kenanporubsky2122
      @kenanporubsky2122 Год назад

      Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.

    • @lipglosskitten2610
      @lipglosskitten2610 Год назад +1

      There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.

    • @angelicaaquino4109
      @angelicaaquino4109 Год назад

      @Dan Brooks Impressive can you share more info?

    • @angelicaaquino4109
      @angelicaaquino4109 Год назад

      @Dan Brooks She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

    • @awoundedhealer2781
      @awoundedhealer2781 Год назад

      Gotta have lots of money to pull that off.

  • @twerkingfish4029
    @twerkingfish4029 Год назад +316

    “I shouldn’t have to sacrifice my standard of living because of a poor financial situation”
    Maybe that attitude is part of the problem.

    • @izzyrov5814
      @izzyrov5814 Год назад

      Soon she'll find herself in a tent.

    • @renmen79
      @renmen79 Год назад

      Yep. Entitled and stupid.

    • @economicdevelopmentplannin8715
      @economicdevelopmentplannin8715 Год назад +5

      Great advice twerking 🐟 fish!

    • @BokenSystem
      @BokenSystem Год назад

      no greed and corruption are the problem....you're just to brainwashed to see it....

    • @KyleD237
      @KyleD237 Год назад +8

      cannot thumbs up enough

  • @alohatraveler
    @alohatraveler Год назад +456

    this woman is a horrible example on how to deal with debt. Her lifestyle is a roadmap on how to stay trapped in debt forever. Instead of saving and paying off her debt like the rest of us had to, she's adding to her debt and complaining about the consequences. She shouldn't be featured on a story like this as a victim. She's a social worker. Pay the debt you incurred and live within your means. I don't understand why so many women get these masters degrees in areas that don't pay high salaries and then live like they make a lot more than they actually do. Stop adding to your debt while having high loans. Pay them off first!
    The government can't save you. Save yourself and take responsibility for your actions. Learn how to save and be responsible, not live outside your means and hope the government will save you from your bad behavior. Very misleading story from CNBC, suggesting that people don't have alternatives to adding huge amounts of debt. They do. Our societies do a terrible job of educating youth on how money and debt actually work.

    • @costco_pizza
      @costco_pizza Год назад +16

      The sad truth is a lot of people just like her are struggling through no fault of their own. We are suffering and have no idea where their next meal is coming from. I have no idea how we will get through this.

    • @Bmwstephen
      @Bmwstephen Год назад +33

      That debt better include her mortgage. Otherwise this is the problem with these joke degrees like a masters in social work.

    • @RyanUptonInnovator
      @RyanUptonInnovator Год назад

      It is ok, she can use her divorce to pay off her debt.

    • @youtubewatcher3467
      @youtubewatcher3467 Год назад +5

      Government and bankers don't like your answer because you point out the most critical point.

    • @deepbludude4697
      @deepbludude4697 Год назад

      Yep!

  • @Ceciliamontgomery141
    @Ceciliamontgomery141 4 месяца назад +466

    The Treasury have to sell Bonds to cover the trade imbalance and the government spending imbalance. In order to sell them they have to raise interest rates and the old long-term, low risk, low interest, AAA investments (including Treasury Bonds), held by the banks (often due to government regulatory policy), become next to worthless. The next milestone is the 15th when the government issue a new batch of Bonds. I have approximately 350k stagnant in my portfolio that needs growth. What is the best way to take advantage of this downturn?

    • @user-qx7td4oe7c
      @user-qx7td4oe7c 4 месяца назад +1

      That’s right! Downturns provide plenty of opportunities for regular people to build wealth from the scratch. However, you may need to get some professional advice from an Investment planner if you need an aggressive return.

    • @user-lx3tr2pl8y
      @user-lx3tr2pl8y 4 месяца назад +2

      In the world of finance, recessions are prime opportunities for wealth creation. When my portfolio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 250k. The knowledge and skills I have acquired through this experience have been invaluable in my journey towards financial success.

    • @Ceciliamontgomery141
      @Ceciliamontgomery141 4 месяца назад

      Please can you leave the info of your invstment analyst here? I need such luck lol

    • @user-lx3tr2pl8y
      @user-lx3tr2pl8y 4 месяца назад +5

      Deborah Jean Dykstra is my analyst. She is a genius when it comes to diversifying her holdings. You can verify her identity for yourself by looking her up online. She is well knowledgeable about the financial markets.

    • @Recemadison
      @Recemadison 4 месяца назад

      Upon conducting a comprehensive search, I discovered that her complete name occupied the highest position in my search results. I express my gratitude for this valuable information, and it is genuinely appreciated.

  • @AddilynTuffin
    @AddilynTuffin Год назад +1223

    Debt sucks a$$, but a college degree is worth it IME vs the alternative. A lot does have to do with the career and degree obviously (Philosophy vs. Engineering degrees) and ability to get a salary to pay back loans. I had been struggling with debt for years. Those credit card companies really get you in college when you think you know a lot but really don't know crap. My only debt TODAY is around $100,000 left on our mortgage but that is because we live VERY frugally. Which is why I'm looking to enter the market now and ride along as the economy gets. Building a $550k portfolio. Any stock recommendation?

    • @albacus2400BC
      @albacus2400BC Год назад +2

      The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

    • @zahairobrian671
      @zahairobrian671 Год назад

      please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

    • @albacus2400BC
      @albacus2400BC Год назад

      My adviser is “Sharon Louise Count” You can easily look her up. She has years of financial market experience and she is also FINRA & SEC verifiable.

    • @zahairobrian671
      @zahairobrian671 Год назад

      Thank you for the recommendation! I just sought her up and wrote her a message in the hopes that she will respond. She exudes competence.

    • @jasonsaeger
      @jasonsaeger Год назад

      Enron.

  • @darex0827
    @darex0827 Год назад +585

    Financial illiteracy, easy debt and the whole medical thing. Add in student debt, you have a recipe for disaster.

    • @breal7277
      @breal7277 Год назад +8

      Bingo!

    • @JogBird
      @JogBird Год назад +31

      its almost like the system is designed on purpose

    • @IMAN7THRYLOS
      @IMAN7THRYLOS Год назад +15

      And the problem is that NOBODY teaches us on finances. Not in school, not our parents, because they don't know.

    • @brandonthomas6815
      @brandonthomas6815 Год назад +24

      My brother used to work on Wall Street. Most Americans don't understand the system is not designed for them to succeed. Anyone in the financial industry will tell you that. It's designed to keep the %1 in power. That's why almost 70% of people in the richest country on earth live paycheck to paycheck.

    • @ronnelacido1711
      @ronnelacido1711 Год назад

      Simply put, Americans has been living beyond their means buying unnecessary items in order to keep up with the Jones.

  • @roy2495
    @roy2495 Год назад +287

    First rule, never spend more than what you can afford otherwise you'll be trapped in debt. This is true for majority of Americans. They live on credit!

    • @TheOdek1974
      @TheOdek1974 Год назад

      Yup, just to finance their lifestyle they rely on stupid credit scores, rather than live in basics. I have no sympathy for those people, let them suffer their stupidity.

    • @suteerap9286
      @suteerap9286 Год назад +17

      Yes! Don’t ever spend more than what u can afford

    • @pitt5674
      @pitt5674 Год назад +2

      👎👎

    • @wilsonbill5533
      @wilsonbill5533 Год назад +19

      Amen. Personal budgeting and finance should be a required course in high school .

    • @davidkennedy8929
      @davidkennedy8929 Год назад +21

      I suspect many people buy things they think they need when in fact it’s just things they WANT, the two things are different but some people can’t see the difference!

  • @bobbymainz1160
    @bobbymainz1160 11 месяцев назад +613

    I recently purchased some ETFs. Saving for a market fall is also a bad idea. There are different perspectives on recessions and depressions; we cannot always expect significant rewards; and taking risks is preferable to doing nothing. The bottom line is that by diversifying your portfolio and making sensible judgments, you will accomplish exceptional outcomes. In 2022, my portfolio returned $608,500.

    • @kimyoung8414
      @kimyoung8414 11 месяцев назад +5

      Time in market beats market timing. Some people think they can view investing as a get-rich-quick scheme, but it doesn't quite work that way. It's a long-term commitment.

    • @stephaniestella213
      @stephaniestella213 11 месяцев назад +3

      It's not difficult, but you have to learn and manage. Another thing is that if you can't manage your home, maybe you shouldn't invest on your own. If so, you should hire a CFP to help you diversify your assets to include ETFs/index funds/mutual funds and stocks of companies with consistent cash flows, rather than betting on penny stocks.

    • @zahairobrian671
      @zahairobrian671 11 месяцев назад +4

      @@stephaniestella213 The market's uncertainty is one of the reasons I have my daily investment decisions guided by an investment advisor, as their skill set is built around going long and also shorting the market to maximize returns, both employing profit-oriented strategy and laying off risk as a hedge against inevitable downtrends, and when combined with exclusive analysis, it's nearly impossible not to outperform. Since the 2020 pandemic, I've made more than $1.5 million after subsequent investments thus far.

    • @kimyoung8414
      @kimyoung8414 11 месяцев назад +4

      @@zahairobrian671 Bravo! How does one locate such an astounding investment Advisor? I'm semi-retired and would undoubtedly want first-class management on a much larger portfolio since i want to leave my personal estate for my kids & grand-babies; I don't want to take chances given the volatility of market movement, so could you please refer me to yours?

    • @zahairobrian671
      @zahairobrian671 11 месяцев назад +3

      @@kimyoung8414 Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "HEATHER ANN CHRISTENSEN" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.

  • @InnocentFred-hn1fp
    @InnocentFred-hn1fp 8 месяцев назад +908

    To be honest, I'm not sure if investing at this moment is a wise idea. Take note of how frequently things break down. Despite reading charts and predictions from famous investors from the past and present, I'm still looking for a better approach to invest my money because I have some time before retiring. I want to build a strong and trustworthy portfolio to generate passive income.

    • @AustinReid09
      @AustinReid09 8 месяцев назад +4

      Without a doubt, the Fed is to blame for the exceptional catch-up measures currently in place since they were initially too slow to control inflation. The outbreak, supply-chain issues, and the state of Ukraine are all contributing reasons to the impending inflation perfect storm. Not to mention the steep rise in housing costs, another aspect that makes it difficult for the Fed to keep inflation under control. In conclusion, if you have the money, remove it quickly away to take advantage of the high savings rate.

    • @patrickperez7387
      @patrickperez7387 8 месяцев назад +4

      This is the problem! People who have little to no stock market knowledge frequently try to acquire on their own. I had the idea before acting responsibly and contacting financial advisor. "Ruth Loralann Brennan, in the US, but now everything is different. I started getting amazing returns on my investment.

    • @harod033
      @harod033 8 месяцев назад +4

      @@patrickperez7387 Although this is impressive, I really need their help because my portfolio is in such bad form. Please let me know how I can contact her.

    • @patrickperez7387
      @patrickperez7387 8 месяцев назад +3

      @@harod033 Sure, I'm not sure if I'm allowed to say this, but do a search on Ruth's, she was in the news a lot in 2020. She is both my coach and my portfolio manager.

    • @williamporter5333
      @williamporter5333 8 месяцев назад

      @@patrickperez7387 Ruth's complete name was readily copied and put into my browser, and her webpage appeared promptly. Thank you so much for saving me numerous hours of time-consuming research.

  • @nickg2561
    @nickg2561 Год назад +854

    Omg this womans perspective/attitude towards money is the reason the country is in a crisis. If people think they are entitled to spend and do whatever they want instead of working and saving and sacrificing then we are efed. Entitlement to Instant gratification

    • @dwadeidol
      @dwadeidol Год назад +67

      I agree with you. We need Dave Ramsey here

    • @dominicmcmichan5912
      @dominicmcmichan5912 Год назад +80

      Shes literally buying a $10,000 car like she can get a second hand one that works fine for $4,000. Shes lucky with what she has

    • @willielimsgful
      @willielimsgful Год назад

      The lady is especially woke minded. Elizabeth Warren 2.0. zero financial sense. Spend and spend, what a financial idiot

    • @curlyb4c95
      @curlyb4c95 Год назад +58

      @@dominicmcmichan5912 My sentiments exactly. In her situation, I would have bought a very good used car for cash, then she would not have THAT to worry about. Fun fact: I will NEVER buy a brand new car again. I see that hustle. Buy good, used for cash. I have friends that do what she did; now they walk around like a deer in headlights trying to figure out when the other shoe will drop concerning their jobs. I could care less what anyone thinks of my frugalness. Never did. Never will. 💯

    • @efdeecue
      @efdeecue Год назад +76

      @@dominicmcmichan5912 Are you joking? The used car market is in a massive shortage. My 2017 Civic sells for more today than I paid for it in 2018.

  • @igor7525
    @igor7525 Год назад +268

    “I have to decide between going out and having fun or paying off debt… I shouldn’t have to do that” lol… isn’t this like every adult decision

    • @byronwilliams7977
      @byronwilliams7977 Год назад +9

      agreed, however I don't see how she is in debt 240K for a social work

    • @kadencollins
      @kadencollins Год назад +36

      Honestly that lady is unbelievably out of touch, she needs to go touch grass.

    • @James-ze6ie
      @James-ze6ie Год назад +13

      Totally agree. Education is an investment in your future. If the debt you take for education doesn't qualify you for a job that will net more than paying your debt it's not worth it.

    • @monkeylipspoopflinger3397
      @monkeylipspoopflinger3397 Год назад +13

      I wouldn't hire her to run a daycare.

    • @tonioinverness
      @tonioinverness Год назад +38

      That caught my ear too. Also, right at the end of the sentence she adds: "That's not fair." I thought that was a really weird (and immature) way to describe a normal adult decision.

  • @boston312
    @boston312 Год назад +20

    Is it really a mystery why the younger generations dont want to get married, have kids, start a family and work a career? Sometimes the only way to win is by not playing.

  • @Ava-km7tl
    @Ava-km7tl Год назад +6

    I hate that the media ignores how badly the average person is suffering

  • @jerrypark23
    @jerrypark23 Год назад +195

    So she put a down payment on a house and bought a car and is complaining about not being able to pay off her student loans. And says that the $300/month student loan relief allowed her to breathe financially and put a down payment on the house. She really can’t save an extra $100-$300/month and/or find a job that pays $100-$300/month more? Student loans are a problem but she is financially illiterate

    • @robzonefire
      @robzonefire Год назад +9

      Yeah she is making it harder for herself when it can be maintained.

    • @cwilliams7955
      @cwilliams7955 Год назад +8

      Facts…I didn’t understand her breakdown…not sure how she could even afford a condo even her circumstances

    • @GnomeChomsky9999
      @GnomeChomsky9999 Год назад +9

      @@cwilliams7955 she said she's cohabitating. She's probably married. She's sounds like she's doing well actually.

    • @Hdhfhhdh
      @Hdhfhhdh Год назад +13

      Yeah even if they forgive all student loan debt , many people including this woman would be still drowning in one form of debt because they don’t understand financial illiteracy

    • @Michael-ew4pq
      @Michael-ew4pq Год назад +5

      She really has no idea what she did, the relief she got she should have used the savings to pay off the debt asap

  • @jwalkerUSA
    @jwalkerUSA Год назад +19

    Picked the wrong person to use as a case study. She is living at a lifestyle that those of us without debt wouldn't even dream of.

    • @ritalinkidsonritalin
      @ritalinkidsonritalin Год назад +1

      Why is it that @CNBC uses upper middle class people who make extraordinarily dumb financial decisions while living extravagantly, in their documentaries?

  • @paulcherrytrains3339
    @paulcherrytrains3339 Год назад +30

    Debt is a worldwide problem. I'm in the UK. Similar problems here. I retired 5 years ago debt free at 60. I have seen everything from high inflation and recessions. Being debt free is the way forward to real freedom. Best wishes Paul.

    • @bobbyclinton3455
      @bobbyclinton3455 Год назад

      If interested in the program?
      I can refer you to the man who helped me with the program

    • @dayanarab6874
      @dayanarab6874 Год назад +3

      I’m debt free since last month the best feeling ever.

    • @bobbyclinton3455
      @bobbyclinton3455 Год назад

      @@dayanarab6874 Have you done bitcoin flip before. I did this in just couple of hours and I won $10,000

    • @bobbyclinton3455
      @bobbyclinton3455 Год назад

      Yeah, it’s a program to help people to stand in their feet and to start up a business to make a limit.

    • @debrajohnson-conteh8280
      @debrajohnson-conteh8280 7 месяцев назад +2

      Its the best feeling in life debt free

  • @TheAb9211
    @TheAb9211 Год назад +151

    The problem is the system of “enjoy now and pay later”. It is ingrained in the American society because the credit scoring system incentivizes spending and not saving money. The culture of not saving is also the issue and the whole system of student loans is extremely broken. All these things combined results in increasing debt and increasing spending. This fuels the economy until a wrench blocks the system such as covid or recession. Just increasing wages, will not fix this.
    PS: This is an opinion and can be incorrect.

    • @bmw803
      @bmw803 Год назад +9

      Good point, but despite all that, a person has the choice of refusing this model and if the vast majority does, they will stop this practice. So, at the end, we shoot ourselves in the foot.

    • @DB-bw5fz
      @DB-bw5fz Год назад +9

      It’s similar in Canada as well. Something as simple as using a credit card for specific daily purchases (ie gas, cell phone, internet etc..)you would otherwise pay cash for, then paying the balance in full by the due date will help contribute to fantastic credit, without actually carrying debt, or paying interest.
      Of course, this can take a lot of discipline, which not everyone will have, but its a quick and free way of doing it.

    • @JacobPAus
      @JacobPAus Год назад +2

      It's completely the truth

    • @patriciaramirez3139
      @patriciaramirez3139 Год назад +8

      YOU ARE CORRECT, INCREASING WAGES WILL NOT FIX THE PROBLEM BECAUSE PEOPLE ARE ACCUSTOMED TO SPEND MORE THAN WHAT THEY MAKE. PEOPLE ARE ACCOSTUMED TO BE IN DEBT, CONTINUOUSLY BUYING UNNECESARY THINGS, STUFF.
      IS ENGRAINED IN THEIR BRAIN TO BUY, BUY, BUY, AND UNLESS PEOPLE BRAKE THE CYCLE AND STOP BUYING SO MUCH STUFF, IT WILL NOT STOP.

    • @danieldylan1273
      @danieldylan1273 Год назад +4

      Maybe people would save more if banks paid decent interest on savings. They used to pay 5%. Now it's only.1% . At 5% you made $5 a year on a $100 deposit. Now at .1% you make 10 cents interest.

  • @susanpeterson8774
    @susanpeterson8774 Год назад +401

    "Should I pay off debt today or should I go embrace and enjoy the things that my beautiful city has to offer? It's not fair!" A few minutes before that, she said she had to decide whether to pay her debt or buy food and gas.

    • @derek8320
      @derek8320 Год назад +84

      When she said that I immediately went to the comments to find this. "It's not fair", was the topping on cake.

    • @jasonhoman6525
      @jasonhoman6525 Год назад +36

      It’s not fair lmao

    • @whazzat8015
      @whazzat8015 Год назад +2

      This woman couldn't financially manage a grocery trip, great credit risk.
      "Should I pay off debt today or should I go embrace and enjoy the things that my beautiful city has to offer? It's not fair!"
      What an idiot

    • @jc7453
      @jc7453 Год назад +43

      Stop shopping and eating out!!

    • @richardwilliams1986
      @richardwilliams1986 Год назад +12

      With a $182,000 mortgage and $10,000 loan debt, putting money into savings at less an 1% is not a wringing decision, there's some call paying into principal.

  • @ppj845
    @ppj845 Год назад +144

    They are not even talking about most obvious cause - Consuming beyond your means? You are struggling paying off student debt and when payment freezes, the first thing you think of is to buy a car that you can’t afford and buy an apt you can’t afford?

    • @Dr.HouseMD
      @Dr.HouseMD Год назад +13

      The avg new car is over $40,000 now. Used cars are cost more now than in recent history. A beater is the price of yesteryears new car.

    • @jamesnguyen7069
      @jamesnguyen7069 Год назад +4

      i need my iphone though

    • @kenbob1071
      @kenbob1071 Год назад +16

      If you listen, it said the car was an unexpected purchase and that she finally was able to pay off her old car. That would likely indicate that her old car was on its last legs and died unexpectedly --forcing her to get another one to get around.

    • @alexandervlaescu9901
      @alexandervlaescu9901 Год назад +1

      @Anderson Outdoors An old car (really old not 2-4 years) is never worth repairing. After a certain point the car would cost more to repair than to buy a cheap second hand car. For example my aunt never serviced her old car. At the moment if she tries to repair it fully it would cost way too much than to buy a similar second hand one. Though properly maintaining the car could have reduced the total cost of repairs but it would still be more expensive than buying a second hand one. That is why second hand cars are really really expensive these days. Some are almost as expensive as brand new ones. This happens because most people would prefer to buy a second hand car for a smaller price , use it for a couple years and then proceed to sell and buy a new one. On the same note people like to "lease" cars.

    • @ericcymbolin6854
      @ericcymbolin6854 Год назад +1

      @@Dr.HouseMD I bought a Nissan Sentra with 4k miles on it for 19k

  • @tulips91
    @tulips91 Год назад +16

    I'm from the Philippines and I've been wondering how Americans are able to afford their lifestyle. The whole time I thought that life is simply just unfair. But I realize that everyone has the same kinds of problem no matter where you are. I guess America is just more empowered as far as borrowing money is concerned.

    • @Dre2Dee2
      @Dre2Dee2 Год назад

      Pretty much. America has given women the right to borrow and women are STUPID. All they do is borrow money to buy GARBAGE.
      Most people who have what they have here are BROKE

  • @philc.9280
    @philc.9280 Год назад +69

    I realize this will probably fall on deaf ears BUT credit card companies, banks, and all lenders need to immediately suspend all credit spending on those folks barely making it. We all need to go back to the old saying " If you can't afford it don't buy it" mentality.

    • @ignaciodominguez3214
      @ignaciodominguez3214 Год назад +10

      They profit from those same folk.

    • @kaidrache2395
      @kaidrache2395 Год назад +12

      That would be the German model. Never go into debt, save every month, avoid interest payments like the plague and only buy things you really need and can afford to pay. Only exception: A mortgage for buying your house, but even then you are expected to have 1/3 of the whole buying price in advance and pay off the rest during the next 15-20 years.

    • @Hunterhunter-ir9nz
      @Hunterhunter-ir9nz Год назад

      Exactly. A lot of people should not be allowed to have a cc, and government student loans. They are not responsible with them, and then they want to blame someone else, because of THEIR DEBT. No one made them spend the $. We need to live WITHIN Our own income level. People spend too much time worrying about what someone else has. Nearly every household could (find) $500 in their budget to pay their bills. But they WON’T cut! Ex of wants in America today. Cable, eating out, new cars, gambling, smoking, drinking, Starbucks. There’s tons more. We’ve confused WANTS with NEEDS.

    • @patriciaramirez3139
      @patriciaramirez3139 Год назад +9

      THEY ARE NOT GOING TO DO IT, THAT IS HOW THEY MAKE THEIR BUSINESS, ON THE MISERY AND DEBTS OF PEOPLE.

    • @IBMowner1
      @IBMowner1 Год назад +4

      Phil C, I totally agree. That’s the exact mentality (and phrase) that my father instilled in me since I was a child. The issue is that most people don’t use common sense when it comes to financials. If you can’t pay it off in cash then you can’t afford it. The only caveat for that is a mortgage (you can claim tax and interest as a deductible amount from your tax). The closer the % is to zero the better it is for you. Pay your credit cards off, don’t take loans. Don’t live beyond your means. It’s simple.

  • @9RE4TH3RM1T
    @9RE4TH3RM1T Год назад +331

    Goddamn, she's social worker and she's living a lavish lifestyle. Most social workers I know are living within their means to keep their debt low. This woman is living like she's making $100K when she's barely making $60K!

    • @PersistentPatriot
      @PersistentPatriot Год назад

      this is the typical white liberal woman circa 2022

    • @davisholman8149
      @davisholman8149 Год назад

      She was stupid enough to go into a field where she knew the pay was not very much. I have no sympathy for her - the world doesn’t owe her a damn thing!😡

    • @Bud131
      @Bud131 Год назад +52

      Yep. Financially illiterate.

    • @diamxnd8364
      @diamxnd8364 Год назад +18

      She drives a used Subaru. She really isn’t though

    • @9RE4TH3RM1T
      @9RE4TH3RM1T Год назад +26

      @@diamxnd8364 Because she put most of her loans into her mortgage and expensive lifestyle.

  • @dongallatyii9108
    @dongallatyii9108 Год назад +389

    That woman that they interviewed was incredibly out of touch. "No body should have to choose between doing the things that they want and paying off debt". If she would have taken even a single economics class instead of spending tens of thousands of dollars on a degree that doesn't off much job prospects she would have a much better understanding of the way the world works.

    • @FrostNightVideoProductions
      @FrostNightVideoProductions Год назад +50

      Its not even her degree, she got a good degree but in a criminally underfunded area, its that she took the money she got back during the pandemic and decided to buy a $200k frickin condo.

    • @emman100
      @emman100 Год назад +37

      Agreed! She is so out fo touch. I was cringing so hard listening to her. 😬

    • @bonniegaither3994
      @bonniegaither3994 Год назад +35

      Yes, I agree, she was a bad example, on the other hand, a lot of careers REQUIRE a Bachelors and/or Masters degree.
      It’s a catch-22. We need Social workers, mental health workers that all require degrees unfortunately, those jobs don’t pay a lot. So, what is the answer? Stop making education for profit.

    • @boomboominroom
      @boomboominroom Год назад +14

      @@FrostNightVideoProductions I chuckled at that too. $200k condo? 😂😂

    • @sierrasouthwell9237
      @sierrasouthwell9237 Год назад +34

      She said she had $10,000 left of debt on her car. My entire vehicle was $10K. I think student debt and other debt are major issues but it seems like her issue is more living above her means.

  • @marianparker7502
    @marianparker7502 Год назад +232

    Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy. The fin-Market;s have underperformed the U.S. economy as fear of inflation hammers the prices of stock;s and bonds. My portfoliio of $250k is down to $192k any recommendation;s to scale up my return;s during this crash will be highly appreciated.

    • @Dannykay331
      @Dannykay331 Год назад

      You have to get a financial-advisor/broker to aid you diversify your portfolios to include commodities, inflation-indexed bonds and stocks of companies with solid cash flows, as opposed to growth stocks where valuations were based on future potential earnings.

    • @Ceciliamontgomery141
      @Ceciliamontgomery141 Год назад +1

      @@Dannykay331 I agree, my prof!t have been quite consistent, regardless of market situation, I got in early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from a portfolio-adviser. I found her on a CNBC interview where she was featured and reached out to her afterwards. long stry shot, its been two years now and I’ve gained over $85ok following guidance from my investmnt adviser.

    • @Robertgriffinne
      @Robertgriffinne Год назад

      @@Ceciliamontgomery141 please who is the consultant that assist you with your investment and if you don't mind, how do i get in touch with them?

    • @Ceciliamontgomery141
      @Ceciliamontgomery141 Год назад +2

      @@Robertgriffinne My consultant is 'Corinne Cecilia Heaney, I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provided entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven’t regretted doing so.

    • @Robertgriffinne
      @Robertgriffinne Год назад +2

      @@Ceciliamontgomery141 I just looked up 'Corinne online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call

  • @Dragonite43
    @Dragonite43 Год назад +45

    As a person who used to have student loan debt, I do think part of the problem is that people don't manage their money properly.
    I've had co-workers complain that they struggle to pay their rent, yet they are buying gifts for people, paying cable that is $300 per month (I'm not kidding), buying new smart phones for 1K, and buying handbags on credit cards. People keep throwing up "people need to treat themselves," but you can't treat yourself if you have no place to live. Focus on your debt first. Once you get your debt paid off, then you will be able to treat yourself.

    • @Space-2-2
      @Space-2-2 Год назад +3

      This

    • @Anthony-hd3yl
      @Anthony-hd3yl Год назад +3

      Agreed. Mainly discipline. The only debt I have currently is my car but I'm a heavy enthusiast in the industry, it's one of my only hobbies. Save money in many other areas of my life to afford my dream car. Also helps having a house paid off.

    • @ecclairmayo4153
      @ecclairmayo4153 Месяц назад +1

      Exactly. FIRST things FIRST. A lot of this is poor money management. Getting into unnecessary debt without paying the old debt and having to pay it all at one time is distasterous.

  • @madbug1965
    @madbug1965 Год назад +76

    I drive a 2005 Toyota Camry with a cracked windshield and a small dent in the rear fender. I have zero debt and outright own two houses.

    • @chiquita683
      @chiquita683 Год назад

      You don't own land, you rent it from the government

    • @travisspazz1624
      @travisspazz1624 Год назад +14

      Yeah there's so many people that value cars over houses for some reason.

    • @dimediamond
      @dimediamond Год назад

    • @misery4894
      @misery4894 Год назад +5

      @@travisspazz1624 Not saying I value cars over homes but you can be seen in cars not homes. Nice cars turn heads and fuel the ego humans especially men naturally have

    • @SOUVIK_RAY_
      @SOUVIK_RAY_ Год назад +6

      I mean you could fix the cracked windshield and the little dent.

  • @aaronvt9980
    @aaronvt9980 Год назад +162

    Student loans are, generally, not good debt anymore. The interest is too high and the degree you get has been substantially devalued in the market.

    • @scyntheachannel
      @scyntheachannel Год назад +15

      Unless you go into Healthcare, your gonna be hard pressed to easily make up your student debt.

    • @realnapster1522
      @realnapster1522 Год назад +5

      Don’t take out loans. Get scholarship or get a campus job. That’s the only way to avoid debt.

    • @jonnyfendi2003
      @jonnyfendi2003 Год назад +15

      Yes. You can go to a community college, get your RN license in 2 years and make $80+ an hour especially as a travel nurse.

    • @AS-wd5et
      @AS-wd5et Год назад +4

      @@jonnyfendi2003 those days of good travel pay are gone.

    • @themonsterwithin4000
      @themonsterwithin4000 Год назад +1

      @D Sandie STEM, math, and finance or nothing.

  • @AccordionJoe1
    @AccordionJoe1 Год назад +29

    I drive a six-year-old car. My modest house is paid for. I have just one credit card and pay the balance in full each month. I only take my wife out for dinner when I have enough cash to pay for the bill and leave a good tip. This is how you avoid drowning in debt.

    • @SeattlePioneer
      @SeattlePioneer Год назад

      Good start! Keep it up!

    • @Undercoverbrotherfromanother
      @Undercoverbrotherfromanother Год назад

      Yes sir. Cash is king.

    • @SeattlePioneer
      @SeattlePioneer Год назад +1

      @@Undercoverbrotherfromanother My post:
      Your reply:
      In my view, cash is FAR from king. You need enough cash to meet your needs, but beyond that investments of various kinds usually offer greater returns and more security that cash, in my experience.
      Just as an example --- I have about $3500 face value in American silver coins. I've had them for decades, and I hope I never encounter economic failure that makes American currency valueless.
      But it's a backup.
      And I have several thousand dollars in hundred dollar bills, available in case of some urgent need or liquidity crisis.
      So I would say that I have protected my need for cash or instant spending power.
      But most of my assets are in rental real estate, my home and various stock market accounts. They provide much better returns over time than does cash.
      So I would agree that cash is king! when you need it. But when you have enough to protect yourself, it's probably time to looking for other savings and investment methods.

    • @douglassauvageau7262
      @douglassauvageau7262 Год назад +2

      It is called 'old-school' because it has worked for a long time. 😉

    • @AG-sx7si
      @AG-sx7si Год назад

      Agreed. All of my peers are in serious debt. I can't relate. But then... I roll my eyes every time they spend frivolously. Ugh

  • @MondoBeno
    @MondoBeno Год назад +48

    My doctor went from high school dropout to GED to fast-food worker to hospital orderly to 2-year degree nurse to operating room nurse to medical school. He worked his way up, and had very few student loans.

    • @johnmoore6853
      @johnmoore6853 Год назад +15

      He went to medical school with very few student loans? Really??? What year? Correction.... What Century???

    • @NoIDontActuallyLiveInSeattle
      @NoIDontActuallyLiveInSeattle Год назад +2

      Bruh, so what age was he when he finally made it to med school? 😅😅😅 And what age will he be when he finally retires?

    • @theeamazingkrabb5358
      @theeamazingkrabb5358 Год назад +3

      Yea....I don't believe that. What's his name. I'll look him up on LinkedIn.

    • @MondoBeno
      @MondoBeno Год назад +1

      @@johnmoore6853 The hospital had a program where orderlies could train as on reduced tuition. He then moved to a state where nurses were paid higher salaries and saved the money. He had the savings, some grants, and didn't need to borrow much.

    • @MondoBeno
      @MondoBeno Год назад

      @@NoIDontActuallyLiveInSeattle 25.

  • @carrowxhex6891
    @carrowxhex6891 Год назад +30

    Lesson 1) Buy what you need not what you think you deserve.

    • @ASMRyouVEGANyet
      @ASMRyouVEGANyet Год назад +4

      People need cars and a place to live. People need clothes and food. And guess what, not everyone can afford those things, that's where loans come into play.

    • @mocheen4837
      @mocheen4837 Год назад +1

      Maybe people do not need to buy $80,000 cars to drive around in unless they can afford them. I see the car wash guy at BMW driving around in a $80,000 M3. He was showing it to me and telling me how all of his money goes to the car. He likes how people admire his car when he pulls up to the club. Yet he drives home to his parents house and parks it in the street. I see people driving around in luxury vehicles all over the Bay Area. I just assume that everybody is making $400,000 plus per year.

    • @carrowxhex6891
      @carrowxhex6891 Год назад

      @@mocheen4837 I know it’s only going to get worse with this soft AF younger generation and their co dependent/ do it for them parents. They won’t ever fly the nest but they will have their parents house stuffed with every tech toy a person could want.

    • @jameserickson25
      @jameserickson25 Месяц назад

      Love your comment.

    • @jameserickson25
      @jameserickson25 Месяц назад

      There is public transportation, goodwill for clothes and food banks to eat. You do not need a loan for these things. Concerning rent, if you need a loan to pay your rent every month then you can’t afford to live there. Get a roommate, downgrade to a less expensive apartment or get a job or second job to pay for rent. You do not take out a loan to pay rent. Never heard of that before. Tell the loan officer you need a loan to pay the rent and he will deny the loan because obviously monthly expenses are bigger than monthly income so you are unable to pay the loan back. Denied. Be humble. A loan is not an entitlement!

  • @CryptoUno
    @CryptoUno Год назад +113

    The chick with the masters degree looks like she didn’t spare any expense getting what she wants . Just based off face value . Her home looks super well furnished, I’m not saying that would make a dent in her debt , but don’t complain about money and clearly you’re out here spending , spending , spending

    • @5150bwagner
      @5150bwagner Год назад +24

      Totally agree. I don't think anyone forced her to buy an Apple watch either :)

    • @Brucesalarski
      @Brucesalarski Год назад +11

      That house is totally yuppiefied lol

    • @beckypetersen2680
      @beckypetersen2680 Год назад +12

      It's a simple - she is buying more than she can afford. Saying "It's not fair to have to make a choice of paying off debt or enjoying my city" is such an immature response, I am flabbergasted. Maybe I shouldn't be. She's obviously bought into the idea that "I deserve this" that the ads have been pumping out in ads for decades now.

    • @victorwang8623
      @victorwang8623 Год назад +8

      you know she spends 5 bucks on starbucks every morning and we should feel sorry for her lol get outta here

    • @atorres11720
      @atorres11720 Год назад +1

      Right

  • @Pamelamoris856
    @Pamelamoris856 Год назад +27

    I'm extremely exhausted from always hearing about this big crash, I think stocks are still safer than putting your money in a bank account right now. It is coming to light that the bank sees your money as a free loan to them, an unsecured loan, while if you own stock they're yours and the broker can't do much. I think that's about right.

    • @Abby_micheal
      @Abby_micheal Год назад +3

      If you are not in the financial market space right now , you are making a huge mistake . I understand that it could be due to ignorance , but if you want to build generational wealth , and cultivate financial knowledge , you must be in the market .

    • @williamsromero3866
      @williamsromero3866 Год назад +1

      Absolutely right, financial education should be enforced in every level of education.,

    • @cindyrobert1255
      @cindyrobert1255 Год назад

      You're right, recently I was watching a video on this channel and came across Lilian Anderson testimonies that got me invested with a massive return as profits.,

    • @jittersgeyser620
      @jittersgeyser620 11 месяцев назад +2

      Hey hey, kids need to learn about the many different genders first before anything that can actually improve their lives.

    • @Stevendonald8945
      @Stevendonald8945 11 месяцев назад +1

      ​@Cassidy Margaret *Could you please guide through the process??*

  • @gagansingh9246
    @gagansingh9246 Год назад +3

    She sounds so privileged. She had the option to no buy a condo, buy a cheaper car, focus on student debt payments. For 2 years post MBA, I lived with 3 roommates and didn't splurge at all even when all my friends were traveling buying expensive cars but I focused on paying off a $70,000 student loan

  • @kstar1956
    @kstar1956 Год назад +226

    So instead of trying to knock the debt out while on pause she’s out here spending more🙄 she’s such a horrible example but there’s a lot of people like her😐

    • @77jaycube69
      @77jaycube69 Год назад +11

      But is she really though. What if she actually is the "Average" American. I don't know the answer to that but it's something worth looking into.

    • @curlyb4c95
      @curlyb4c95 Год назад +45

      @@77jaycube69 I just think people are used to living above their means; trying to impress people who could care less about them. I’m black and see it in the community like you would not believe. Buying or leasing a Mercedes or expensive car, but renting an apartment. The Benz is parked on the street or in a carport because they don’t even have a garage for it! The lashes, the nails, bundles of fake hair, the expensive clothes and shoes, eating out for breakfast, lunch and dinner. This is stuff I see people are doing that I know. And they always say “you’re so cheap”; “you need a better car”. But, the only bill I have is my little house I bought being so cheap. Their either with their mama, partners or with relatives. But are they saving for a rainy day? Of course not! They are out there spend, spend, spend!No savings WHATSOEVER. NOW, they are scratching their heads trying to figure out “what happened?” Oh, and I forgot, bragging about all these exotic trips they have taken, but have yet to pay for. I travel, too. But all my trips are paid in full. No CC debt whatsoever. Planning. That’s what my parents taught me. Guess it’s not for everyone. 🙄

    • @kstar1956
      @kstar1956 Год назад +10

      @@curlyb4c95 it’s not just the black community but I know what you mean. Unfortunately debt has become the American way! People live off of credit cards and the numbers clearly show it. Like you said people are simple living above their means whether it’s to impress other people or it’s just the way they live like every one else around them. I worked for a CU and the number of delinquencies I’d see with all these fancy cars was crazy, I couldn’t believe it and they were in “well to do” neighborhoods but now when I see one I’m like umm hmm is that Range on the verge of repo😂 I’m personally on my debt free journey but when I talk about it with other people I know it’s like I’m speaking another language as if they can’t fathom the thought of living without debt.

    • @kstar1956
      @kstar1956 Год назад +2

      @@77jaycube69 that’s it, I think she is probably closer to the avg American as far as behavior. Americans have become so dependent on credit cards and debt is just a way of life. I’m so glad I’m not average. My parents, especially my mom taught me from a young age about budgeting and I’m on my debt free journey😁

    • @curlyb4c95
      @curlyb4c95 Год назад +1

      @@kstar1956 I hear you. Keep going. Freedom is fun.

  • @nicknoh
    @nicknoh Год назад +27

    Telling people to budget or spend less than they make is like telling people to eat healthy and exercise.

    • @firstlast8258
      @firstlast8258 Год назад +1

      Eating healthy can be very expensive

    • @ClosedCurtainFilms
      @ClosedCurtainFilms Год назад +2

      How? A kilogram of rice, or apples, or chicken, or any food really is unbelievably cheap. Certainly not more expensive than McDonalds or pre-prepared processed foods from stores anyway

    • @firstlast8258
      @firstlast8258 Год назад

      @@ClosedCurtainFilms “can be”

    • @ClosedCurtainFilms
      @ClosedCurtainFilms Год назад

      @@firstlast8258 I asked for an explanation, because someone who espouses the idea that its too expensive to try seems to just be looking for excuses, rather than basing their decision off of actual solid reasoning. I'm asking for a proper explanation because from what I can see there isn't one, other than laziness

    • @1pearblossom
      @1pearblossom Год назад +1

      A lot of people cook at home regardless of socioeconomic background. If people cannot generalize rich people, there should not be a reason to generalize poor people.

  • @amafid
    @amafid Год назад +1

    The importance of delayed gratification cannot be overstated.

  • @MrJchang27
    @MrJchang27 Год назад +3

    I own my house, and no debt. I don't waste my money to buy things I don't need. Both of my 28 & 25 year old son and daughter are living at home for free because they can save their money for the future. Basically, I am living on SS, pension and annuity. Now a days, people just buy and buy with borrowed money in order to have a "good life". What happen a layoff happens? The key is don't get into debt situation, and payoff OFF MORTGAGE AS QUICK AS POSSIBLE. So that you always has a roof over your head.

    • @michellelemus27
      @michellelemus27 Год назад +1

      Why don’t you invest in stocks one mr Peterson is teaching people how to do it and make extra cash

  • @eilois
    @eilois Год назад +61

    there's three way to live in U.S
    1. Be financially responsible
    2. Have debt
    3. Stole stuff

    • @Jimmy_Jones
      @Jimmy_Jones Год назад +8

      Get bribes and change the rules

    • @tskuan32
      @tskuan32 Год назад

      4. Trade with Pelosi and get wrecked

    • @ellen5603
      @ellen5603 Год назад +5

      4. Follow Nancy Pelosi's stock picks

    • @hchung4576
      @hchung4576 Год назад +3

      @@ellen5603 Indeed...she/her hubby have done better than Warren Buffet! Woo-hoo!

    • @ellen5603
      @ellen5603 Год назад +2

      @@hchung4576 Just lucky I guess lol

  • @acrobizer1238
    @acrobizer1238 Год назад +268

    So she is debating whether to pay debt or do things that my beautiful city has to offer? Are you kidding me? I guess her bachelor’s and master’s degree never gave any classes in self control.

    • @emman100
      @emman100 Год назад +52

      Yeah, I was cringing so hard listening to her. She must have been raised expecting to always have those things.

    • @loljk9443
      @loljk9443 Год назад +10

      It’s incredible isn’t it?

    • @lour9348
      @lour9348 Год назад +32

      It's as if she doesn't realize that it is she alone who signed on the contract bottom line and now she wants to claim poor me ... no lady your debts are the result of your choices.

    • @benjaminanderson5176
      @benjaminanderson5176 Год назад +17

      exactly! disgusting how entitled people are and the lack of responsibility.

    • @teng029
      @teng029 Год назад +6

      exactly..

  • @helenooft9664
    @helenooft9664 Год назад +2

    I am from the Netherlands, and never used a credit card, i only had a morgage for my house, and it is now morgage free, i always paid everything i need with cash.

  • @orlandocarrillo5552
    @orlandocarrillo5552 Год назад +4

    I am worried about my two sons. They have autism and they will most likely struggle in life both socially and occupationally. My wife and I have decided that it is crucial to plan not only for our retirement but also for the livelihoods of our children. I was making enough money to keep us living a decent life (house, cars, vacations, basic necessities, savings( but now we have to think about purchasing another home so that we can leave the one we are currently living in to them. I want to pay for their college if they desire to attend, so basically my dream of retiring at 58 might not become a reality. I accepted a job overseas in Kuwait where unfortunately, I will be far away from my family, so that I can make triple the money I currently make in the U.S.. All this sacrifice to purchase another home, not that I don't want to sacrifice for family. I feel bad for those that struggle making ends meet. Now I find myself worrying about my children and them being in the same situation in the future. Whatever I can do to help them will make me sleep better.

  • @thomasvest7111
    @thomasvest7111 Год назад +667

    As a former BK attorney, I must inject a thought re: auto loans. If you cannot afford to pay the vehicle within 4 years, you cannot afford it and should buy something less expensive. Never roll negative loan balances into new loans. 6-10 yr loans should be banned by law. Also, in my experience, divorce, job loss/severe hours or pay reduction, overspending with credit loans, and unexpected disability were greater drivers of personal bankruptcy filings than pure medical debt per se.

    • @cgasucks
      @cgasucks Год назад +31

      I love Whoppers too! How many lawsuits did you have against McDonald's?

    • @Rico401Prov
      @Rico401Prov Год назад +34

      I wish I would’ve seen your comment before trading in my 2013 Ford Focus hatchback that I only had $5k left on for a newer Corolla with the added negative equity loan. I did that so I could have a reliable car to get me across the country for my new job but looking back on it, 8 months later…that’s one of the dumbest decisions I’ve ever made in my life!

    • @binxthekitty54
      @binxthekitty54 Год назад +6

      @@Rico401Prov Just a question, but that honda wasn't reliable?

    • @Rico401Prov
      @Rico401Prov Год назад +16

      @@binxthekitty54 it was a focus lol thanks for reminding me and sorry about the confusion haha if I had a Honda, I wouldn’t even had entertained trading it in lol

    • @binxthekitty54
      @binxthekitty54 Год назад +14

      @@Rico401Prov OH got it lol. Yeah, the focus is 💩. The corolla will last you for sure. Had one for 20+ years.

  • @personalfinance2000
    @personalfinance2000 Год назад +234

    *Takes on massive loads of debt*
    "I wish I could enjoy my life and not have to worry about money"
    ...The sense of entitlement in America is insane

    • @feedweeb8856
      @feedweeb8856 Год назад +34

      "it's not fair"

    • @donnairn3419
      @donnairn3419 Год назад +15

      If I want all this stuff eventually I have to pay for it.
      If you cant afford it now can you afford to pay the price plus all the fees and interest?

    • @kathygarner8897
      @kathygarner8897 Год назад +43

      @@feedweeb8856 She must not realize that some people wake up every morning, and instead of wondering if they can "enjoy their city", they wonder if they can eat that day. What an entitled princess she is.

    • @eile4219
      @eile4219 Год назад +28

      Borrow 200k to buy a condo when you have hard time paying the debt. They have nobody, but themself to blame.

    • @Yentiiiii
      @Yentiiiii Год назад +10

      I think it's a logical response to living in a time where basic comforts and the comforts of your childhood -- the ones you were promised growing up-- are increasingly unattainable and won't be for your entire lifetime. I see quite a few young people deciding that if no matter what I do, the statistical likelihood of me being able to ever afford a vacation or nice dinner is low -- I'm going to take out credit so I can experience these things in my lifetime before I die. I don't think it's whiny for people to want to aspire not to struggle their entire lives. Many people in other countries like Finland and Germany don't have to choose between a high standard of living and high debt because their societies don't force them to have debt. Since 1989 , when credit scores were created, Americans must maintain debt in order to be able to get any kind of loan. And most people will need a loan unless they were born with parental donors giving seed money lol

  • @JF238xCreatingABetterFuture
    @JF238xCreatingABetterFuture 9 месяцев назад +2

    Managing your personal finances is key. Understanding your monthly income, your monthly expenses, learn ways to save and control your debt and your spending 💯💵

  • @kamilareeder1493
    @kamilareeder1493 Год назад +276

    People out here are drowning in medical debt after injuries or cancer through no fault of their own. But they picked this woman as an example ☝️😪😭 stupid.
    Like there IS a problem With high cost of living that is driving debt. But using this woman as am example derails a very important discussion

    • @skankhunt3624
      @skankhunt3624 Год назад +14

      Because conservatives don't feel that medical treatment is a right, even though it's right there in the Constitution.

    • @emman100
      @emman100 Год назад +52

      Yeah. When she was talking about choosing between having fun and paying debt, I was cringing so hard. 😬

    • @BurdenofTheMighty
      @BurdenofTheMighty Год назад

      @@skankhunt3624 because conservatives know we are already over 30 Trillion dollars in debt and Biden keeps the printing press running white hot

    • @ashutoshyadav7385
      @ashutoshyadav7385 Год назад

      @@skankhunt3624 medical treatment is free in USA

    • @mintclover-kg2if
      @mintclover-kg2if Год назад +1

      @@skankhunt3624 where do you see that?

  • @carlosr6597
    @carlosr6597 Год назад +140

    Did she really say it's not fair that she has to choose between enjoying what her cities has to offer and paying off her debt? Wow, that tells you all you need to know about their decision in taking on more debt

    • @skankhunt3624
      @skankhunt3624 Год назад +18

      Yeah you're right, she should just accept her role as a modern slave. I mean we all know life's about corporate profit, and not about people living it.

    • @robertsanders7060
      @robertsanders7060 Год назад +18

      The Karen suffering in this nation is truly terrible. She also has trouble being able to afford a new $70,000 car!

    • @carlosr6597
      @carlosr6597 Год назад

      @@skankhunt3624 calling her a modern slave is a disgusting insults to the actual slaves that endured backbreaking labor for no pay

    • @firstlast8258
      @firstlast8258 Год назад

      @@robertsanders7060 just ask karen rodgers

    • @IStarscream_
      @IStarscream_ Год назад +3

      We’re supposed to work to live, not live to work

  • @Boblib1970
    @Boblib1970 Год назад +5

    Student loans are NOT always “good debt.”
    Until we realize this, there’s no hope of ever fixing the student loan crisis.

  • @mariekatherine5238
    @mariekatherine5238 3 месяца назад +2

    I don’t do debt. Period. If I can’t afford it, I do without. I just purchased my first home with a double wide trailer on the property behind the house. I’m age 65 and have no mortgage. I’m fixing it up with the help of a nephew and family. We can live here off our combined incomes, and if needed, rent the trailer home or perhaps I can move into it and we’ll sell the main house at a substantial profit. NEVER buy or lease a new car! Buy high quality used and take excellent care of it. Same with our own health! Stay healthy and fit and there’s much less chance of being wiped out by a catastrophic medical bill.

  • @19ebenezer77
    @19ebenezer77 Год назад +97

    "pay off debt or embrace spending irresponsibly?" Lmao 🤣 Don't feel sorry for entitled people.

    • @firstlast8258
      @firstlast8258 Год назад +1

      Yolo swag life

    • @MeGustaWHAT
      @MeGustaWHAT Год назад +1

      To a degree I agree, but there are extremely predatory practices within the credit industry. Simultaneously people need to own up to their decisions and we need to reign the top in.

    • @angelahalstead3261
      @angelahalstead3261 Год назад +1

      I feel her house is very beautiful and I know people who would get a cheaper place instead of putting themselves into more of a struggle. If you're making money during the pandemic you should have put money into those loans. save money enough to cover an emergency but you should prioritize your debts because the interest rate will eat at your salary more. though I know the social work industry has high debts high stress and low wages working for the government. I believe the government should pay for all their employees degrees. You shouldn't need a masters degree just to be under 50k a year.

    • @Pinter333
      @Pinter333 Год назад

      Yes, be a worker drone and spend every penny paying of interest to not live on the street. Life sure is beautiful.

  • @BrandonElbers
    @BrandonElbers Год назад +169

    This is going to come across as cold and uncaring, which is not my intent, but people need to STOP SPENDING MORE THAN THEY MAKE. If people simply lived within their means, the debt wouldn’t be suffocating them. Learn to be content with what you have. It’s easier said than done, but you will be happier in the long run.

    • @jillclarke7264
      @jillclarke7264 Год назад +18

      Agreed, but when the person only makes 30k for a full time job, they can not function without loans for cars to get to work. No public transit in Michigan. What happens when you are not paid enough to live within your means and feed your family?

    • @BrandonElbers
      @BrandonElbers Год назад +19

      @@jillclarke7264 I’m from Michigan and know people that make $30k. They own vehicles and have to commute to work. You can still buy reliable vehicles under $10,000 even in the current car market.

    • @LinhHuynh-vh7xy
      @LinhHuynh-vh7xy Год назад +3

      why not! now the government is just going to pay for it eventually. we can be as financially irresponsible as possible

    • @wyldheart6194
      @wyldheart6194 Год назад +10

      Medical bills can crush you.

    • @ryanspinoza6586
      @ryanspinoza6586 Год назад +16

      When I visited US, I've always found it odd but cool that there's a very strong consumer culture in the country. I used to think, "most people has to be rich enough or financially stable enough for them to be like this", and then I see countless comments and opinions everywhere especially the internet complaining about how their wages are low (when it's not imo) yet never mentions how they just bought the latest IPhone that releases... I think some people just need to live in a developing country or a 3rd world country with a 3rd world wages to learn what it means to be financially responsible, efficient, and frugal.

  • @goneretired7030
    @goneretired7030 Год назад +1

    I have no debt - paid off my house over 15 years ago - paid cash for my car. I do use my CC, but pay it off in full each month. And yet my credit rating is over 800…

  • @PlantMoreTrees9
    @PlantMoreTrees9 Год назад +12

    Dont feel bad for complainers or people that can’t control their spending

  • @shubashuba9209
    @shubashuba9209 Год назад +77

    "Should I pay off debt today or should I go embrace and enjoy the things that my beautiful city has to offer?"
    Now imagine a man said that about his child support payments. These type of people should not be trusted with loans or credit cards.

    • @demonatx
      @demonatx Год назад

      That was my favorite line. That chick is an idiot

    • @daniel.h2940
      @daniel.h2940 Год назад +2

      Absolutely 💯 correct! That’s what I said at the screen when she said that!!! 🙌🏾

    • @gardenjoy5223
      @gardenjoy5223 Год назад +4

      Oh come on. That was probably taken out of context. She is working three jobs. So she has little free time anyway. Perhaps every now and then she ought to just try to relax a little and spend just a little to get new energy out of the fun experience. You cannot run a car with a dead battery.

    • @wingman31k
      @wingman31k Год назад

      @@gardenjoy5223 Dude! This lady has NEARLY A HALF MILLION DOLLARS OF DEBT! I DON'T CARE WHAT HER EXCUSE IS! NO WAY ANY MAN IN THEIR RIGHT MIND COULD EVER RATIONALLY MARRY THIS NUMBNUT! She's already a gold-digger in the making!

    • @mocheen4837
      @mocheen4837 Год назад

      I worked 60-70 hours a week for over 28 years. No breaks or lunches and volunteered for weekends and holidays. I worked as much overtime as I could to build up my savings and purchase a house. I hardly slept and tried to be there for all of my children’s field trips and events. I lived frugally for many years.

  • @JamesWilliams-jf3hd
    @JamesWilliams-jf3hd Год назад +84

    The way society constantly shifts blame onto unseen forces is ridiculous. STOP spending

    • @smoothkid765
      @smoothkid765 Год назад +3

      people need to take some responsibility for themselves and their own decisions. got

    • @GothBatty
      @GothBatty Год назад +3

      Stop borrowing and spend what you have.

    • @alx8571
      @alx8571 Год назад

      Stop stealing wages

  • @fanmaxis3004
    @fanmaxis3004 Год назад +10

    TO get ahead on your student loans, you need to pay at least twice the minimum payment, and beat the interest.

    • @SeattlePioneer
      @SeattlePioneer Год назад +2

      The best way to avoid student debt is that about half the people attending college don't belong there.

    • @justsomerandomgirl
      @justsomerandomgirl Год назад +1

      Took me 20 years to pay off mine. Young folks want to start where I am today. Takes sacrifice

    • @SeattlePioneer
      @SeattlePioneer Год назад

      @@justsomerandomgirl
      Yes, it does. Also some smarts and self discipline.
      In the late 1970s I got an office clerical job with a utility company ---nothing special.
      Pretty much immediately, I continued my frugal habits which maximized my ability to save money. While most people were busy spending their money on stuff they couldn't afford and going into debt to do it, I acquired the savings to invest in the stock market.
      At the time, the Dow Jones Industrial average had been bouncing around between 700-1000 for a decade. I was the only person in the office, supervisors and managers included, who had a stock broker on call.
      Well, today the Dow Jones average is around 34,000, and that doesn't include dividends paid out o ver decades.
      At the time, when asked, I explained what I was doing and my fellow employees, and supervisors, usually said "Stocks? That's too RISKY!" They preferred going into debt I suppose. There was one vice president of the company who came over one time and asked me about my investments, and quietly encouraged me. That was the only encouraging word I ever had.
      By 1985, I decided it might be worthwhile to secure my housing needs by buying a house. I bought a cheap HUD repo in the cheapest neighborhood in Seattle, where I still live (across the street from me, a new single family house recently sold for $1.5 million) .
      At the time, I had zero credit history to use when applying for a mortgage. However, I applied for a mortgage loan with the bank in which I owned stock (Washington Mutual). I owned more of the bank's stock than the size of the loan I wanted. I got the ,loan.
      Well, you get the picture. Frugal living combined with investing savings in reasonable way has led to a net worth of several million dollars over the decades.
      Of course, most of my co workers preferred living above their means and going into debt.

  • @bf3ram
    @bf3ram Год назад +28

    A big problem i see is so many people buy expensive things they can't afford just to impress others.

    • @chrisbarry9345
      @chrisbarry9345 Год назад +2

      And why not question why things are so expensive when people can't afford them?

  • @Rashaadthegr8
    @Rashaadthegr8 Год назад +28

    This why I can't get in a relationship. I can't be with someone in debt no more. I refuse . I want better for myself and for my future family .

    • @GORILLA_PIMP
      @GORILLA_PIMP Год назад

      Smart strong men don't ever mess with "relationships" in the first place
      Period

    • @rickyayy
      @rickyayy Год назад

      Bingo!

    • @tannedjenny
      @tannedjenny Год назад

      Same.

  • @BorahaeBitch7
    @BorahaeBitch7 Год назад +20

    I had been struggling with debt for years. Those credit card companies really get you in college when you think you know a lot but really don't know crap. lol But I remember the day I made the last payment on my debt about 5 years ago. I physically felt lighter and vowed I'd never let things get out of control again. Good luck to everyone who's fighting the good fight right now.

    • @bobbyclinton3455
      @bobbyclinton3455 Год назад

      Did you try doing the cash hack program yet I did cash hack just some days back and I got paid $20,000 in just some hours

    • @ecclairmayo4153
      @ecclairmayo4153 Месяц назад

      Congrats!! I felt the same way when I got rid of mimy debt. I vowed to never let it happen again

  • @lt4537
    @lt4537 Год назад +15

    $1,000 weekly paycheck? Wow. Well, then, the creditors will never be able to garnish wages to collect debt since it's those who make less than $1,000 per week are the ones who owe money. This means businesses will raise their prices to get their money back from those people who don't pay.

  • @brendane3283
    @brendane3283 Год назад +96

    Going six-figures in debt to be a low-waged social worker?
    Sounds like it's her fault.

    • @BlkwtrPrk
      @BlkwtrPrk Год назад

      In her useless Masters Degree program I'm sure she learned how this is the White Man's fault and that she should not be held accountable.
      Her job is being paid by the State to help others collect money from the state.

    • @chrisbaer4567
      @chrisbaer4567 Год назад +12

      I agree. She's trying to live like a big-shot on a McDonald's employee budget. She did it to herself thinking the Master's degree would provide her all the income she ever wanted. She needs to get roommates in a $1000/mo apartment with a $2500 car. Not a $10,000 car and $200k home. No sympathy for her. She deserves every bit of debt she continues to accrue.

    • @sew_gal7340
      @sew_gal7340 Год назад +9

      Delusions of grandeur, wanting to live like a "queen" instead of living humbly and understanding your limits. Teach your kids about their limits first then teach them to shoot for the stars

    • @alx8571
      @alx8571 Год назад +6

      We need social workers tho

    • @jamesnguyen7069
      @jamesnguyen7069 Год назад

      money is to slave u... illuminati

  • @Sir_Pumpington_Of_Dumpenshire
    @Sir_Pumpington_Of_Dumpenshire Год назад +34

    7:54 "No person should have to have that go through their head on a daily basis"
    Oh, honey, that's just too bad, now, isn't it? You chose every penny of that $240,000 debt. DEAL with the consequences of YOUR actions.

    • @dcg590
      @dcg590 Год назад +5

      Facts. I don’t feel bad. She made her choices and now she’s whining about it

    • @gratkov
      @gratkov Год назад

      And she cannot count her mortgage as standard debt. She’s buying into equity.

    • @korykoster8532
      @korykoster8532 Год назад +1

      My favorite part was "its not fair".....its not fair to the millions of tax payers that now have to carry the weight of 300 billion dollars in forgiveness because you decided to take out student loans. The responsible people are punished and the irresponsible will continue to be more so irresponsible because sleepy joe will just forgive my debts....Get real.

  • @Mike-dd8bd
    @Mike-dd8bd Год назад +9

    Most of these problems all stem from not having supportive family. Most of my friends who are doing well got there because family helped them out. Either giving them financial support, connections with good jobs, or even just letting kids live at home. I really do believe most people should not have kids.

    • @ecclairmayo4153
      @ecclairmayo4153 Месяц назад

      Excellent comment. Very insightful. It's something that is rarely talked about and helps people get ahead

  • @JohnDoe-kb9sj
    @JohnDoe-kb9sj Год назад +1

    Too many people are living beyond their real income, spend today like there's no tomorrow.

  • @maxmillions7
    @maxmillions7 Год назад +205

    Completely delusional, buys a somewhat nice car, nice house, wants to blow all her money in the “beautiful city OMG!!”. Then complains about student loans and debt 😐
    She says that there shouldn’t be a choice between going out in the city and paying debt??? What kind of world is she living in!

    • @emman100
      @emman100 Год назад +48

      She is a out-of-touch spoiled kid. I was cringing so hard listening to her say that. 😬🤦‍♂🤦‍♀

    • @SisyphusJP
      @SisyphusJP Год назад +16

      She wants to live like a boomer

    • @Hans-gb4mv
      @Hans-gb4mv Год назад +5

      And yet I feel it's not the long term debt that is her issue. With her 3 jobs and degree, she should be more than capable to handle the long term debt. Makes you wonder what is she spending on short term debt that makes it so difficult. A 10k car isn't that expensive and even the mortgage on her condo is manageable. I therefore must assume that she is buying a lot of other things, potentially on consumer credit, that is making life difficult for her, but those are the things you often can live without.

    • @pmscalisi
      @pmscalisi Год назад +8

      @@SisyphusJP I personally don’t know any boomers that irresponsible, including me.

    • @kenbob1071
      @kenbob1071 Год назад +10

      Chill out dude. The car was an unexpected purchase, and with a debt of under 10k, was probably used and/or she paid off most of the purchase price. The "nice house" is a condo that she cohabitates with someone else and at a mortgage of $184k is cheap. She also never said she wanted to "blow all her money" in her beautiful city. She was just referring to a decision that hangs over her head every day. Sometimes a person just wants to do something fun for a change and not constantly worry about whether or not they can afford it. That's all she was saying.

  • @mounishvishnujai5318
    @mounishvishnujai5318 Год назад +79

    So let me get this straight.....she has more than 240k in debt BUT....she decides to put down money for a new house???!!!!! Now i know why Americans are in so much debt

    • @emman100
      @emman100 Год назад +24

      She was also complaining that she has to decide between having fun and paying debt. This woman is not in any sort of real danger. They should use someone actually in danger of going broke.

    • @claw1004
      @claw1004 Год назад +16

      The 240k was including her house, and the alternative is renting which is arguably a worse financial decision. At least with home ownership, you're building equity.

    • @alx8571
      @alx8571 Год назад +2

      @ghost mall yea your employer for underpaying you

    • @jamesnguyen7069
      @jamesnguyen7069 Год назад +8

      she waiting for the govt to bail her out my guy

    • @AustinB96
      @AustinB96 Год назад

      She’s a Democrat, democrats are stupid

  • @AldrickExGladius
    @AldrickExGladius Год назад +4

    41 years old. No debt. But also no credit. I've never taken out a loan or financed anything. I've had the same checking account for 25 years. But I've always saved and paid for everything I've bought right then.
    Really bad move on my part, but I didn't know that would hurt me when I was younger.

    • @ladye2818
      @ladye2818 8 месяцев назад

      Why do you feel having saved and paid for everything in cash from your chequing account was a bad move?

    • @woxyroxme
      @woxyroxme 8 месяцев назад +1

      My wife and I paid off our house just after I turned 41, 19 years ago we have always written checks for cars and not used credit cards for 25 years. We have a net worth of over $500,000. It’s not a mistake to live without debt.

    • @coinbuyer-8605
      @coinbuyer-8605 2 месяца назад

      @@ladye2818 Because never taking out a loan or financing anything means your credit score is 0. If OP needs to ever take out a loan they will have a hard time because they don't have a credit track record.

  • @rone4220
    @rone4220 Год назад +1

    The American consumer has just themselves to blame for their debt. The rising debt problem is absolutely NOT systemic but instead a compounding effect of bad life choices.

  • @karynm3365
    @karynm3365 Год назад +159

    In order to not drown in debt, it's pretty obvious to never acquire debt in the first place except for a mortgage. I drive a 17 year old Prius, live below my means and pay cash for everything. If I don't have the cash- I don't buy it! Our 30 year mortgage was paid off in 12 years by paying extra every month. Yes, it takes sacrifice and diligence but it's so worth it to have no debt!

    • @walnutsandbeastiality866
      @walnutsandbeastiality866 Год назад

      As someone from Hungary, Eastern Europe (which really is a post-communist sh**hole, pardon my French) I'd give up literally anything and everything I own just to move to the United States... everything!
      And here I hear about Americans struggling, also while living in the best possible country a person could ever ask the Gods to be born in: it really pi**es me off to no end
      I'm the same as you Karyn, never bought anything I couldn't afford, and always had money saved in various ways, but it's nothing compared to what I could earn there, and yet the gates are closed for us "third world people"
      This is what's wrong with this world

    • @J_a_s_o_n
      @J_a_s_o_n Год назад +11

      DISCIPLINE!👌

    • @Jacob-ec6st
      @Jacob-ec6st Год назад +4

      I bought a house beginning of 2021. The mortgage is about a quarter of my monthly take home pay, well below my means. I need to buy a truck soon but I'm looking into used in the 10k range vs these 50-60k trucks that are so common now. Buy everything on my credit card so I can earn the points and then pay it off immediately. If I don't have the real money to buy something, I don't. Too many people nowadays buy things they don't need and can't afford with money that they don't have.

    • @Mountainrock70
      @Mountainrock70 Год назад +4

      Yeah, but you drive a Prius LMAO. But seriously, some people were fine with a good amount of money left over each month, say $1000. But now with fuel and food prices sky high, they are negative as much as $1500.

    • @nadiaaguirre9466
      @nadiaaguirre9466 Год назад +17

      What’s wrong with a Prius? She’s a homeowner!🥳

  • @BrianBBBB
    @BrianBBBB Год назад +54

    Being a social worker won't help much with that debt

    • @thewb3
      @thewb3 Год назад +6

      she might qualify for service loan forgiveness if or whenever they flx the program?😉

    • @sten260
      @sten260 Год назад +1

      @@thewb3 oh god that's exactly what we should not do. Then she will rack up another debt and even more because now she knows that there is a chance somebody else will pay it off. That's not how you educate your citizens by paying off their debts. She needs to go broke and live in a 1 bedroom apartment and work 2 jobs for 20 years. That's what she needs right now

    • @williamhodges3941
      @williamhodges3941 Год назад +2

      240k?
      Man what school she went too? Geezzzz

    • @akc1739
      @akc1739 Год назад +3

      @@williamhodges3941 Her college loans were $50k. You’re citing the total, including her auto link ad n and mortgage. However, my dumb ass went to GW for undergrad and grad school and for what? Teaching. Wouldn’t do that again. I got a great education, but it was a stupid move.

    • @briangasser973
      @briangasser973 Год назад +1

      @@akc1739 I went to GW and am a teacher right now too. Agree it was fun being in DC, but not the best return on investment.

  • @robertarnold6672
    @robertarnold6672 Год назад +1

    I am a renter, do not own my own home, have few luxuries & cannot afford to keep up with the Jones’s on Facebook. With that said, I’m debt free, able to invest 11 percent of my paycheck into my 401k, have 9 months of emergency savings in the bank & bills are paid in full every month. Also I never wasted thousands of dollars on a college degree that is not worth the paper it’s printed on. I received technical training in the military & used my GI bill to attend a trade school. It was hard work & sacrifice to get to this point but it’s worth it to have a financial stress free life.

  • @bp7151
    @bp7151 Год назад +1

    I didn't finish college...started my own business 8 years ago. Paid off my student loans, credit cards and paid off my car. Debt is not gonna be my life. I am 2 years in saving for a property. Next thing is high yield savings to make money off of my money to save even more. Health is wealth..debt adds stress which hurts health.

  • @lawrence1960
    @lawrence1960 Год назад +128

    Unless we were talking about debt to buy food, fuel, pay rent or pay medical costs, nobody has a gun held to their heads to take on debt. It’s just as much a cultural issue as it is an economic one.

    • @yashwantmahajan1836
      @yashwantmahajan1836 Год назад +2

      Education?

    • @ethantorpy7137
      @ethantorpy7137 Год назад +1

      We are talking about those things

    • @paulwilliams2024
      @paulwilliams2024 Год назад +8

      No one is forcing you to enroll in school

    • @jonathanmccain8646
      @jonathanmccain8646 Год назад +12

      @@yashwantmahajan1836 Spending vast sums of money on degrees without high-paying job prospects is a mistake.

    • @AlexMint
      @AlexMint Год назад +2

      A lot of people got into a ton of debt over the pandemic for just that. Personally I never got that pandemic unemployment everyone was so happy to use to get ahead, but I was still laid off so I got wrecked.

  • @headydanger
    @headydanger Год назад +79

    When they announce we "shouldn't be concerned with household debt yet," you remember you're watching a CNBC clip. 😂

    • @jeremyzelt3007
      @jeremyzelt3007 Год назад +8

      Facts these guys are clueless
      Inflation was transitory remember

    • @AustinB96
      @AustinB96 Год назад +5

      They’re libs what do u expect?😂

  • @spody22
    @spody22 Год назад +1

    CORPORATE GREED is the main problem and needs to be dealt with. Companies are having record profits in the past couple of years and yet the wages and paychecks stay the same and even have gone down in some cases. They barely pay enough for someone to get by and yet they are sitting on insane margins. If you look at the data, the main reason for inflation is corporate greed and price gouging. It's sickening and some drastic change needs to happen.

  • @johnsmasterplan
    @johnsmasterplan 8 месяцев назад +1

    Here is what I don't understand... we spend 18-22 years in school learning things, studying for exams, passing exams... then we go into life no longer studying how things work, failing life's exams... blaming everyone and everything except ourselves. If we stop studying, we start failing right? 🤔

  • @donnairn3419
    @donnairn3419 Год назад +99

    The first 5 minutes of my economics degree consisted of.
    "People have unlimited wants but limited resources"
    It seems that a lot of people struggle with the fact that this means you have to go without something.

    • @thodan467
      @thodan467 Год назад +1

      I hope it was not expebsive

    • @robertagren9360
      @robertagren9360 Год назад +2

      Some have unlimited resources and others have unlimited wants.

    • @suntzu1409
      @suntzu1409 Год назад +3

      Fed may finally make unlimited money though
      Haha money printer go brrrrrrrr

    • @WhatsOnMyShelf
      @WhatsOnMyShelf Год назад +1

      @@suntzu1409 The more of something there is, the less people value it. It's why people don't think about the quality and amount of water or air until there is lack of it.

    • @sanbruno6010
      @sanbruno6010 Год назад +1

      PEACE
      PROSPERITY
      FREE THINKING
      GOOD HEALTH
      OPTIMISM

  • @begsbegsbegs
    @begsbegsbegs Год назад +171

    I can't help but have disdain for this woman. She took her 'debt relief' and irresponsibly put herself in more debt by taking a mortgage. She could have used that 'relief' to double down on paying off her 52k in student loans.

    • @BLACKAAROW
      @BLACKAAROW Год назад +31

      exactly! plus she got rid of the car she paid off and preceded to take out another loan for a car smh. no sympathy for her

    • @suteerap9286
      @suteerap9286 Год назад +12

      Exactly! No one to be blamed but herself

    • @genxx2724
      @genxx2724 Год назад +9

      And we’re subsidizing it. This is going to cost democrats the next election.

    • @williammcqueen810
      @williammcqueen810 Год назад +10

      Ya because she is a Democrat pushing for student loan forgiveness so she doesn't need to pay that 🤣

    • @racebannon3672
      @racebannon3672 Год назад

      She did exactly what rich people do. Trump is millions in debt, but he has assets. now she has an asset. rich people don't look at debt as something to be paid back, only leveraged.

  • @nplit5993
    @nplit5993 Год назад

    I also wanted to add, that the problem is that a lot of people do not save some sort of surplus of cash. When you do not save money and have some kind of capital put away you are on the brink of financial ruin when things go wrong

  • @nocigar7730
    @nocigar7730 Год назад +2

    "Son, debt is a chainsaw, you could start a business, or cut your own arm off. It damn sure ain't a toy"
    Thanks grandad, you were right!!

  • @mitchdogstudios
    @mitchdogstudios Год назад +189

    We can place some blame on services like Affirm that came out of nowhere during the pandemic for this. You should see how many teens and young adults have started accuing tons of debt now using those services. Combined with materialism it's a bad combination

    • @lisahenry463
      @lisahenry463 Год назад +45

      Affirm has been around years prior to the pandemic 2012. I have used them several times since 2013. It’s unfair to blame affirm or afterpay because people need to be more responsible and know what they can afford to repay. Things happen but consumers need to take responsibility instead of pointing the blame fingers elsewhere

    • @Tential1
      @Tential1 Год назад +32

      Uh.... No one forces you to use affirm. It literally says 5 easy payments. If something like affirm confuses you, you're of no societal use anyway as you have zero critical thinking skills.

    • @Zachery_
      @Zachery_ Год назад +18

      If used incorrectly any borrowing of money can be bad, if you’re smart about it then it can be good, inflation is going up so it could be better to borrow if you can get 0% interest, but I’ve never borrowed money for anything except my house, as smart is it might be in particular situations (car), I prefer peace of mind

    • @sten260
      @sten260 Год назад +4

      it's fine ,it was their decision now they have to suffer a decade to pay that thing off. If you make bad life decisions there are consequences

    • @kstar1956
      @kstar1956 Год назад +5

      I don’t necessarily blame those services. No different than stores and using lay-a-away. They can be useful and helpful for some people if used responsibly like any other form of credit but if someone just goes bananas racking up more then they can handle it’s on them. Changes to the credit reporting system will start to include these services at the new year so a lot of folks will be taking some hits on their credit score.

  • @30jenniferg
    @30jenniferg Год назад +58

    If everyone became a minimalist & stopped buying unnecessary stuff that ends up in storages, goodwills or trash, paid for needs & not wants, then everyone would not be in debt or with high credit card bills.

    • @AQuietNight
      @AQuietNight Год назад +14

      And there would be no economy :)

    • @ngugi7279
      @ngugi7279 Год назад +2

      Yep

    • @talcohen1346
      @talcohen1346 Год назад +7

      And save the earth while doing it

    • @thatgui88
      @thatgui88 Год назад +6

      America's economy is based on consumption

    • @ngugi7279
      @ngugi7279 Год назад +5

      @@thatgui88 if everyone become a minimalist and stopped buying unnecessary stuff US economy would collapse.

  • @sturat18
    @sturat18 Месяц назад

    Followed Dave Ramsey's plan for over 15 years. We took control. Now debt (and mortgage) free millionaires at 40. You can do it-- you have to budget, live less than you make, and make decisions that are consistent with where you want to be in the future. Less Starbucks, more planning, people.

  • @kathleenfannin8486
    @kathleenfannin8486 Год назад +180

    Americans have debt because they live above their means and always have. These people who are drowning in debt were already in debt before. It's a personal choice not to rely on credit cards. It's hard, but it can be done.

    • @masterphoenixpraha
      @masterphoenixpraha Год назад +5

      indeed... not sure how it works in the US, but here in CZ the credit companies or banks or whatever have to first check if you are able to repay the loan counting all your other loans... if it's shown that you're not and they give you the credit anyway and you cannot repay it, it's on them in the end... so this made these companies more aware of how they really impact people and their lives...

    • @philiphardburgerfry1085
      @philiphardburgerfry1085 Год назад +3

      I would agree I see it all the time. I’m 25 and i’ve lived on my own since i was 19. Going on 7 years in debt and I own nothing. I don’t have any luxury items and i’m still struggling. I have a small family and I’m the main provider.

    • @sr.handsome328
      @sr.handsome328 Год назад +8

      Maybe if they all stop eating out every day they wouldn’t be in debt

    • @0IIIIII
      @0IIIIII Год назад +3

      @@basiltozer9078 debt includes mortage and car loans usually. So what’s the alternative to a mortage or car loan? Buying in cash? Not feasible for most people unless they want to be homeless, waste money renting, or walk to work.

    • @datnohi8612
      @datnohi8612 Год назад +1

      Don't forget about brain washing, you can't blame all this on us Americans, how about being bombarded with commercials every time you turn on the TV or radio, I can't tell ya how many times I went out and bought crap because of some commercial playing on TV, or being told to go to college after school by teachers, they told me to pursue a degree in Art 🎨, how will I feed my family on this degree while in student loan debt

  • @joesmith942
    @joesmith942 Год назад +26

    The scariest part of this is that the woman is a "social worker". She is giving people advice. She has a license to give people advice.

    • @Dre2Dee2
      @Dre2Dee2 Год назад +4

      "Just use credit cards, thats what I did. You can always go bankrupt later"

  • @patrickh4540
    @patrickh4540 8 месяцев назад +3

    That woman has 240k debt? I wouldn't be able to sleep a single minute anymore.