This is an idiotic take. Most of the people on his show are in debt because of cars and small purchases, not medical debt. Your answer would destroy their credit, and frankly just bury them in more debt. The show is about teaching people how to budget and get out of the debt, some will follow it and some will not but your answer to never pay it will ruin their lives.
What a defeatist attitude. “Oh I have self control problems, guess this is me forever.” A lot of the people in Caleb’s videos are young and if they want to have a family credit and how to be financially responsible is important.
Credit is convenient, but not required for most purchases. Unless you're buying a car or house, then I'll agree people are dependent on credit for most of those purchases.
I appreciate the rising up against the system mentality… but the repercussions are a lot greater than just having a collections agency come after you… it affects other aspects like the ability to get a mortgage to buy a home or even your ability to rent an apartment… it’s not just ignoring calls from collections and that’s it… these points of views need to consider all potential factors before someone follows this mindset and digs a hole they will never get out of
Very true, and to be clear I advocate for an organized form of payment refusal. I don't support random teenagers just deciding that paying their bills is cringe. My long term goal is to pressure credit card companies to stop loaning credit lines to the vulnerable. If there truly is a better way to make them stop in lieu of telling them to stop paying, I will gladly take that option instead.
Weirdly bad take… instead of teaching people how to manage their money and giving them a clear plan on how they can turn their life around (like he did for himself years ago) just… don’t pay the debt? Make credit completely obsolete for yourself? I agree, yelling at people doesn’t solve their self control issues, but your advice would drive people into a whole nearly impossible to get out from…
Is it a societal issue and do credit card companies prey on the working class? Yes… Are the working class the most reliant on credit to afford homes, cars, etc, yes… What life do you think the working class “unlocks” through your advice? Cause it sure ain’t retirement 😂
Actually, I think organized civil resistance alongside a willingness to pay, if specific demands are met, would be a FANTASTIC way for more members of the working class to afford retirement. To be clear, my long term goal is to pressure credit card companies to not lend to the vulnerable, so they can hopefully afford retirement, and the creditors won't stop if we can't show that we are willing to use every tool in our tool belt.
My problem with Caleb Hammer and most of these so-called finance youtubers is that they're more often than not giving you blatantly obvious but unhelpful advice. Yes, everyone knows you shouldn't spend more than you have. Everyone knows you should live under your means. Everyone knows you should budget. The only reason anyone watches these things is to feel superior to the people featured. I'm not mad at how he makes money, but we shouldn't act like what he's doing is more than entertainment.
Don't generalize like that. I watch Caleb because it's helpful to see people in similar financial situations get told what they're doing wrong. I grew up extremely poor. I didn't know how to manage money properly at all once I became an adult and to this day I still struggle with impulse buying. I didn't have a single clue about budgeting, investing, home buying, car buying, etc. Watching Caleb helped me a lot and I assume it has for a good chunk of his audience. Not everyone who watches Caleb is some narcissist that enjoys watching people at their low points
its weird bc i never thought i would call dave ramsey empathetic but I do think financial audit is missing some of the understanding of the system that the ramsey show seems to have. especially now with george
Oh I used to listen to Dave Ramsey's radio show. Holy cow some of those callers were in absolutely awful situations. Always made me feel better about my own problems 😁
I don't know who this Caleb is, but I do like credit cards. So I guess I'm on the opposite side of this debate from you. I got my first credit card when I went off to college. I didn't sign up for it myself, my mom arranged for it. She was worried in an emergency I'd need some money and she wanted me to have it. Years later I'm one of those people that credit card companies hate, I pay off my bill every month. It comes out of my bank account automatically. As the saying goes: I use credit cards for convenience, not for credit. Can credit cards be misused? Sure, so can most other items found in a typical household. Do companies prey on stupid people? Sure, most companies do that, not just credit card companies. If you have a gambling addiction or a credit addiction or whatever I don't know what to tell you, we live in a world of temptations.
I didn't get a credit card or any kind of debt until I was 25. I spent my early adult years living without it, and I think that's why I don't struggle with overspending like a lot of people do. However as much as I love taking free money from credit card companies, knowing I have the willpower not to accrue interest, that money I get is tainted from a certain perspective. I might have the strength to take the bonus and walk away, but factually most people will not. Most people will pay exorbitant fees. Does that mean I'm being rewarded for good behavior or that I'm being cut in on the grift?
So your solution is for people to just not pay off debt they willingly signed up for. Yet bankruptcy already exists as a legal remedy available to some and it can already remove some debt obligations. The solution expressed in your video to just “not care” and not pay off debts on purpose is childlike for starters, and completely ridiculous to suggest or even encourage others to abandon their financial obligations. The root cause should be addressed by the individual and typically that is poor spending habits, low income, and unambitious personality types that tend to use excuses and victimhood to avoid responsibility for their poor decisions.
If you "refuse to pay your debt", your wages will end up getting garnished and you end up paying the debt off anyway, but instead of getting collections calls and such, your monthly paycheck will just get smaller. This "civil disobedience" will make you poorer unfortunately, and according to ADP, about 7% of American workers are getting their pay garnished. Encouraging this behavior is irresponsible in my opinion, as it'll only add to that percentage if people actually take that advice.
I believe the only way to prevent such a massive swath of the country getting their wages garnished is to prevent credit card companies from handing that debt out to vulnerable populations in the first place. If you present a better solution that takes us in that direction, I will be ecstatic. Until then, we have to be willing to use every tool in our tool belt. I'm not saying everyone shouldn't pay. That's insane. However, the fear of that payment not coming should always be in the minds of credit card companies to make them more stringent. Edit: I forgot to include payday loans. They need to have that fear too! Screw those guys.
@@newmemphisminis What I'm saying is there will never be a "fear of that payment not coming" while there are still legal remedies for it like wage garnishment. I agree there should be legislation preventing the targeting of vulnerable people by credit card companies and loan sharks, but until that day comes, I think the best advice (if the interest rate is above the average investment yield rate of the large index funds) is to just pay it off as soon as possible while still paying necessary bills, do everything in your power for it not to go to collections, and if all that fails, try to negotiate the debt into a smaller lump sum payment like Caleb has recommended to a couple people on the show. People have to think about their present financial state, not what it could have been if they hadn't been targeted by a loan shark or high interest credit card company, and the advice Caleb gives seems decent for most people trying to get out of debt and achieve relative financial security. Also I agree with your point about payday loans, personally I think they should be outlawed, but until that day comes, people who can't handle credit cards and the like should be encouraged to change their behavior surrounding finances, and especially encouraged not to pursue short term cash options like payday loans.
Need to look at the true Villian the worst debt are all highly regulated industries also the highest cost things in life. Student Loans Highly regulated by the government, the banking and mortgage system highly regulated and insurance companies which are also highly regulated. All as our government officials invest and become rich or get hired on as consultants or lobbyist after office for ridiculous amount of money. It is not a hidden thing that credit cards and student loans are terrible. Everyone knows that as they sign up if they have ignored the world around them and end up way underwater on it all it is their own fault and is either ignorance or stupidity. I was way backwards and stupid with my own finances when I was younger then had to dig myself out of a hole. I was stupid I knew what I was doing and did it anyway for the selfishness of myself.
While yes the system is bad the only way to change it is from the top and lobbying is the only way sadly, no amount of public outcry can fix something so ingrained and lucrative.
I take issue with the message here, because I think this is a fairly common trap a lot of Left leaning people fall into, especially when politics is a big part of their personality. The personal is being confused with the political. He's offering advice to people individually, and individually advising people to not pay debt doesn't actually help the wider political issue, it just ruins the lives of those people. Personal action =/= organised action. I think highlighting and educating people the way he does about the sheer extent of how these tie-wearing loan sharks exploit people far outweighs any harm done by supporting the card companies. His advice is ultimately to get out of debt and stay out of debt, and a lot of young people will see that and just stay clear of debt in their own lives. That is net good, I'm just can't respect this ineffectual navel gazing version of Left-wing politics anymore, people need to grow up or we're never getting real change.
The way he baby rages was funny at first but it quickly became cringey. There is literally no way thats the best way to teach/mentor someone on finances. Imagine a parent or teacher was yelling and screaming to try to get their point across. Its great for views but then it shows his true intent. To get views rather than to help.
I mostly agree. I think the show is still a net gain for many of the middling individuals who had a fire lit under them upon watching 🔥 It's the truly deep in dept that worry me, and those are the ones in the room getting yelled at.
Im pretty sure the majority of the people on his show aren't full on missing payments though, are they? Maybe some have missed one or two, but the majority seem to be paying the minimum monthly pyaments.
Even if they make the minimum payment, they're still losing money to interest. The episode Caleb did with Boogie2988 was a great example. Boogie thought paying the minimum payment every month meant he was covering his costs. In reality the interest was way more than the minimum monthly payment, so his balance had been climbing without him knowing. Credit card companies set up the system that way to trick people, ergo my argument to not pay.
![What Credit Cards You Should Have by INCOME? [Detailed Review]](http://i.ytimg.com/vi/RsQFUJGXeHQ/mqdefault.jpg)
This is an idiotic take. Most of the people on his show are in debt because of cars and small purchases, not medical debt. Your answer would destroy their credit, and frankly just bury them in more debt. The show is about teaching people how to budget and get out of the debt, some will follow it and some will not but your answer to never pay it will ruin their lives.
What a defeatist attitude. “Oh I have self control problems, guess this is me forever.” A lot of the people in Caleb’s videos are young and if they want to have a family credit and how to be financially responsible is important.
In a country so dependent on credit your advice is quite terrible
Hilarious to point out we're dependent on credit... which is likely never getting paid off.
Edit: Referring to the national debt.
Credit is convenient, but not required for most purchases. Unless you're buying a car or house, then I'll agree people are dependent on credit for most of those purchases.
I appreciate the rising up against the system mentality… but the repercussions are a lot greater than just having a collections agency come after you… it affects other aspects like the ability to get a mortgage to buy a home or even your ability to rent an apartment… it’s not just ignoring calls from collections and that’s it… these points of views need to consider all potential factors before someone follows this mindset and digs a hole they will never get out of
Very true, and to be clear I advocate for an organized form of payment refusal. I don't support random teenagers just deciding that paying their bills is cringe.
My long term goal is to pressure credit card companies to stop loaning credit lines to the vulnerable. If there truly is a better way to make them stop in lieu of telling them to stop paying, I will gladly take that option instead.
How to say youre a communist without saying youre a communist 🤣
Weirdly bad take… instead of teaching people how to manage their money and giving them a clear plan on how they can turn their life around (like he did for himself years ago) just… don’t pay the debt? Make credit completely obsolete for yourself?
I agree, yelling at people doesn’t solve their self control issues, but your advice would drive people into a whole nearly impossible to get out from…
Is it a societal issue and do credit card companies prey on the working class? Yes… Are the working class the most reliant on credit to afford homes, cars, etc, yes… What life do you think the working class “unlocks” through your advice? Cause it sure ain’t retirement 😂
Actually, I think organized civil resistance alongside a willingness to pay, if specific demands are met, would be a FANTASTIC way for more members of the working class to afford retirement.
To be clear, my long term goal is to pressure credit card companies to not lend to the vulnerable, so they can hopefully afford retirement, and the creditors won't stop if we can't show that we are willing to use every tool in our tool belt.
My problem with Caleb Hammer and most of these so-called finance youtubers is that they're more often than not giving you blatantly obvious but unhelpful advice. Yes, everyone knows you shouldn't spend more than you have. Everyone knows you should live under your means. Everyone knows you should budget. The only reason anyone watches these things is to feel superior to the people featured. I'm not mad at how he makes money, but we shouldn't act like what he's doing is more than entertainment.
Don't generalize like that. I watch Caleb because it's helpful to see people in similar financial situations get told what they're doing wrong. I grew up extremely poor. I didn't know how to manage money properly at all once I became an adult and to this day I still struggle with impulse buying. I didn't have a single clue about budgeting, investing, home buying, car buying, etc. Watching Caleb helped me a lot and I assume it has for a good chunk of his audience. Not everyone who watches Caleb is some narcissist that enjoys watching people at their low points
I spent more money I have. Someone else should have to pay for it.
its weird bc i never thought i would call dave ramsey empathetic but I do think financial audit is missing some of the understanding of the system that the ramsey show seems to have. especially now with george
Oh I used to listen to Dave Ramsey's radio show. Holy cow some of those callers were in absolutely awful situations. Always made me feel better about my own problems 😁
I am personally trying my best in my own financial situation, but adulting is hard. I am so glad i got that loan paid off on my Mattress 😅
It's tough. Something is always breaking or needs replaced around the house, so it may as well go on credit. I've been there.
why did you get a loan for a mattress
I don't know who this Caleb is, but I do like credit cards. So I guess I'm on the opposite side of this debate from you.
I got my first credit card when I went off to college. I didn't sign up for it myself, my mom arranged for it. She was worried in an emergency I'd need some money and she wanted me to have it.
Years later I'm one of those people that credit card companies hate, I pay off my bill every month. It comes out of my bank account automatically. As the saying goes: I use credit cards for convenience, not for credit.
Can credit cards be misused? Sure, so can most other items found in a typical household. Do companies prey on stupid people? Sure, most companies do that, not just credit card companies. If you have a gambling addiction or a credit addiction or whatever I don't know what to tell you, we live in a world of temptations.
I didn't get a credit card or any kind of debt until I was 25. I spent my early adult years living without it, and I think that's why I don't struggle with overspending like a lot of people do.
However as much as I love taking free money from credit card companies, knowing I have the willpower not to accrue interest, that money I get is tainted from a certain perspective.
I might have the strength to take the bonus and walk away, but factually most people will not. Most people will pay exorbitant fees. Does that mean I'm being rewarded for good behavior or that I'm being cut in on the grift?
So your solution is for people to just not pay off debt they willingly signed up for. Yet bankruptcy already exists as a legal remedy available to some and it can already remove some debt obligations. The solution expressed in your video to just “not care” and not pay off debts on purpose is childlike for starters, and completely ridiculous to suggest or even encourage others to abandon their financial obligations. The root cause should be addressed by the individual and typically that is poor spending habits, low income, and unambitious personality types that tend to use excuses and victimhood to avoid responsibility for their poor decisions.
If you "refuse to pay your debt", your wages will end up getting garnished and you end up paying the debt off anyway, but instead of getting collections calls and such, your monthly paycheck will just get smaller. This "civil disobedience" will make you poorer unfortunately, and according to ADP, about 7% of American workers are getting their pay garnished. Encouraging this behavior is irresponsible in my opinion, as it'll only add to that percentage if people actually take that advice.
I believe the only way to prevent such a massive swath of the country getting their wages garnished is to prevent credit card companies from handing that debt out to vulnerable populations in the first place. If you present a better solution that takes us in that direction, I will be ecstatic. Until then, we have to be willing to use every tool in our tool belt.
I'm not saying everyone shouldn't pay. That's insane. However, the fear of that payment not coming should always be in the minds of credit card companies to make them more stringent.
Edit: I forgot to include payday loans. They need to have that fear too! Screw those guys.
@@newmemphisminis What I'm saying is there will never be a "fear of that payment not coming" while there are still legal remedies for it like wage garnishment.
I agree there should be legislation preventing the targeting of vulnerable people by credit card companies and loan sharks, but until that day comes, I think the best advice (if the interest rate is above the average investment yield rate of the large index funds) is to just pay it off as soon as possible while still paying necessary bills, do everything in your power for it not to go to collections, and if all that fails, try to negotiate the debt into a smaller lump sum payment like Caleb has recommended to a couple people on the show.
People have to think about their present financial state, not what it could have been if they hadn't been targeted by a loan shark or high interest credit card company, and the advice Caleb gives seems decent for most people trying to get out of debt and achieve relative financial security. Also I agree with your point about payday loans, personally I think they should be outlawed, but until that day comes, people who can't handle credit cards and the like should be encouraged to change their behavior surrounding finances, and especially encouraged not to pursue short term cash options like payday loans.
Need to look at the true Villian the worst debt are all highly regulated industries also the highest cost things in life. Student Loans Highly regulated by the government, the banking and mortgage system highly regulated and insurance companies which are also highly regulated. All as our government officials invest and become rich or get hired on as consultants or lobbyist after office for ridiculous amount of money. It is not a hidden thing that credit cards and student loans are terrible. Everyone knows that as they sign up if they have ignored the world around them and end up way underwater on it all it is their own fault and is either ignorance or stupidity. I was way backwards and stupid with my own finances when I was younger then had to dig myself out of a hole. I was stupid I knew what I was doing and did it anyway for the selfishness of myself.
scroll the rental listing in Detroit 🤣 I subbed for that
I disliked for that, like no way he’s from Memphis talking down on Detroit
I'm from Illinois, the only worse answer.
While yes the system is bad the only way to change it is from the top and lobbying is the only way sadly, no amount of public outcry can fix something so ingrained and lucrative.
Respectfully, saying only those at the top of the hierarchy can affect change is not true.
I take issue with the message here, because I think this is a fairly common trap a lot of Left leaning people fall into, especially when politics is a big part of their personality.
The personal is being confused with the political. He's offering advice to people individually, and individually advising people to not pay debt doesn't actually help the wider political issue, it just ruins the lives of those people. Personal action =/= organised action.
I think highlighting and educating people the way he does about the sheer extent of how these tie-wearing loan sharks exploit people far outweighs any harm done by supporting the card companies. His advice is ultimately to get out of debt and stay out of debt, and a lot of young people will see that and just stay clear of debt in their own lives. That is net good, I'm just can't respect this ineffectual navel gazing version of Left-wing politics anymore, people need to grow up or we're never getting real change.
No you're just wrong
The way he baby rages was funny at first but it quickly became cringey. There is literally no way thats the best way to teach/mentor someone on finances. Imagine a parent or teacher was yelling and screaming to try to get their point across. Its great for views but then it shows his true intent. To get views rather than to help.
Or that’s just him and he ain’t acting 🤷🏻♂️
They do a lot of help outside the videos too
I mostly agree. I think the show is still a net gain for many of the middling individuals who had a fire lit under them upon watching 🔥
It's the truly deep in dept that worry me, and those are the ones in the room getting yelled at.
Im pretty sure the majority of the people on his show aren't full on missing payments though, are they? Maybe some have missed one or two, but the majority seem to be paying the minimum monthly pyaments.
Even if they make the minimum payment, they're still losing money to interest.
The episode Caleb did with Boogie2988 was a great example. Boogie thought paying the minimum payment every month meant he was covering his costs. In reality the interest was way more than the minimum monthly payment, so his balance had been climbing without him knowing.
Credit card companies set up the system that way to trick people, ergo my argument to not pay.
You’re making up stories to fit a clickbait subject.
Lol terrible take.