Inside America's Credit Card Debt Crisis
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- Опубликовано: 10 май 2024
- The total household debt hit a new high -- so why is it so high?
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*Hallelujah!!!! The daily jesus devotional has been my a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Christy Fiore🇺🇸🇺🇸🇺🇸..*
Hello how do you make such monthly ?? I'm a born Christian and sometimes I feel so down 🤦 of myself because of low finance but I still believe in God.
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I'm a bit perplexed seeing her been mentioned here also, Didn't know she has been good to so many people this is wonderful, I'm in my fifth trade with her and it has been super.
Thank you so much 🙌I'm really fascinated about investing and I'm lucky I saw your comment. I will look up for her and drop a message. You really inspired me
Hallelujah God is still working wonders,I place myself in position for such miracle.The best thing I've seen today on RUclips thanks a lot..
They raise interest rates, but then continue their obscene overspending and money printing. Such a mess
They stopped printing money when they started hiking interest rates. That's the literal meaning of quantitative tightening.
yes, my point being why go through this process if you will continue overspending and devaluing the dollar either way. It’s a mess, we wouldn’t be in this spot if our government could run a budget. On a personal note I've worked closely with my advisor to grow my portfolio from $200k to $4.8 million through stock trading because as a businessman, I prefer to invest my money rather than let it sit idle and lose value over time due to inflation.
Despite the ups and downs in the stock market, you've managed to turn your investments into good profits. Could you share the name of your advisor? I have $300k saved up and ready to invest. Letting money sit idle isn’t my style as well, I’d rather put it to work and keep it growing.
She is well known as - Chasity George Charles. please do your own research.
I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.
There's absolutely no way you got approved for 70k for your first credit card. All it takes is one piece of misinformation. How is anyone supposed to accept anything is true if you start with a lie?
Exactly what I was thinking
Exactly this dude lost my trust already
I make $200k and only have a limit of $4500. I usually spend between 20%-90% of the credit limit every month but I've also never paid a cent of interest.
@@thedude504022yo 120k 770 credit score total credit around 50k across 4 credit cards, full pay monthly utilization always lower than 8%
Yea, he lied 100%
Your videos were great!! I'm one of your viewers and have been watching your videos lately. I would like to invest, but I still can't find the right investment to commit to. I will appreciate any help here.
Yes, there's been a lot of talk about investing lately, but I'm new and want to know where to start. Can anyone explain where to start?
In my opinion, investing is not about getting rich, but rather about achieving financial independence. To become a professional investor, you need a financial advisor. I succeeded by following the instructions of my financial advisor (Nicole Brusher). I have no regrets so far.
Amazing, so amazing information you have. Can you share more details on how to reach your financial advisor? Like I said, I'm very interested and will start if I can get some help here.
@Brusherfx
I will say this: save, invest and be frugal. It doesn't matter when you start, but what you accomplish in the end matters!! I've been investing for a long time and I can say without hesitation that it's the best decision I've ever made.
$70,000 first time credit card limit for a 19 year old college sophomore? That makes zero sense.
Maybe to the college student but not to the credit card company.
Yea it's a lie
He gotta be exaggerating lol. Even now with someone with great credit 800+ like myself with 9 credit cards all my credit limits total it’s just under $70k.
@@ecPanameYou have to have capital.
That’s not possible at all !!
Rate cuts commence in June 2024, taking 6-8 months to complete. A potential crash, if any, might occur by March 2025. The soft landing narrative is gaining traction, making this big recession everyone is calling for less likely. With $1 million from a business sale, I'm seeking profitable investment opportunities for the next 3 years.
The financial market is a reliable choice. Diversify your portfolio with I-bonds, stocks (ETFs, REITs, dividend-paying stocks), and bitcoin. Given your budget, I recommend hiring a fiduciary to ensure you receive professional insights for a fee.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Finding financial advisors like ‘Colleen Rose Mccaffery’’ who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks for sharing, I just liquidated some of my funds to invest in the stock market, I will need every help I can get.
I have never held a credit card balance. I pay it off every single month. 35 years I have had credit cards. All about being disciplined and living within your means.
I totally agree..
Some 40+ years for me (January 1984). NOT ONE red ¢ent in intere$t or late fees (I'm 67 now).
I am with you 100%. I used to work at a major credit company corporate HQ. They call us 'deadbeats' because they don't earn any interest income from people who pay off their balances every month. lol.
I have been fortunate to travel to every continent except Antarctica . Throughout my travels, I have always paid cash to finance my trips. I have two credit cards and rarely use them.
Automation makes it even easier to never go into debt
Debt slavery is insidious.
Nice video but there's no way you got approved for your first credit card with a whopping $70k. You'll need over a 750+ credit score for that
My first credit card in college was $3000 USD. Two years later, I was approved for a gold American Express card at $19,000 USD before I took a pilgrimage to Israel.
How is it a nice video when he's literally lying?
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How can I reach this person?
‘’Colleen Rose Mccaffery’ maintains an online presence. Just make a simple search for her name online.
I checked Colleen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
How do most of you guys still make profit, even with the downturn of the economy and ever increasing life standards
Yeah that's right I think it's right to invest with professional at least it saves the trauma of too much loses
I was guided by Nancy Williams Laplace.
This is correct, Nancy's strategy has normalized winning trades for me also and it’s a huge milestone for me looking back to how it all started..
Nancy is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
That why I don't accept any credit card offers from the bank.
That makes sense..
Its about control, if you pay in full and don't actually take on debt.. Then its free money from points
Credit card key messages: pay them off in full each month. Enjoy the rewards. Try to use no fee cards.
I'm so glad that after I had a credit card in college I burned it, paid it off, and have never had one since.
Great video! I really do have a quick question. For someone with less than $10,000 to invest, How would you recommend we enter the market? I am looking study some traders and copy their strategy rather than investing myself and losing money emotionally. Whats your take on this approach?
Focus on long term investments in property, stocks, and bonds. Avoid copying, daytrading and 'chart astrology'. Diversify across different geographies, industries, and value chain stages - to reduce your risk. You can do this with ETFs, or by selecting different stocks yourself. This is the best way to invest for more than 90% of people
I successfully trade in my own portfolio, and also follow others because I'm interested in their strategies. I realized I've got better at managing the trader's strategies too. There's nothing wrong at all with having someone far more dedicated manage some of your portfolio.
It is essential for you to have a mentor to keep you accountable
1. Limit your spending/cut off retail therapy
2.Put the extra cash towards investing in high yielding or steady investment.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Gen X here I'm 47. I'm not a good consumer I don't have debt. My house is paid off. My credit cards are paid off. I don't have a car payment. I have $20k in savings.
Nice. So many ppl I know your age has no savings and still rents. I dunno how they'll survive once they retire and can only rely on their SS with this inflation.
When I was in College a student could only have a credit card if they had rich parents who gave them. I was out of college for about 5 years before I was able to get a CC. I think the credit limit was only about $1,000, it was a department store card so couldn’t be used for anything other than merchandise from that store.
We should go back to those times.
Also, the financial crisis didn't really happen from debt. It was corruption if credit default swaps. Basically strangers could insure a house if it default and take a portion of the value of the house. So imagine 100 people insuring a house for default.. Once it did houses worth like 500k were paid out in the millions of random people and companies. There were other causes but this was definitely the match
[ Buy now ] = [ Pay forever ]
You are a liar! No, I mean NO bank will give you anything more than couple of thousands $ credit as first timer fresh off college! Anything else you said need not be paid attention to!
He was an authorized user.
He must have been an authorized user on Mommy and Daddy's account 😂😂
The debt-based system has created an environment where the pursuit of profit often takes precedence over people’s well-being. This has led to an incredible buildup of debt, which can no longer be sustained. The consequences will likely be far-reaching, impacting individuals, businesses, and governments alike.
I will never take credit card from any bank
70K.. My 1st card was when I was in Cegep and it was a student one and was 500$... This is wild!!!
70K credit limit for a 19yr student? Is your dad some rich oil or telecom magnate? Can't take these YT people seriously.
In the 1960s-1970s Americans had savings. Around 1990s-2000s the savings were depleted. Since then it is debt based, tendency to more.
Why I think this is dangerous?
You couple the standard of living and survival of Americans to the well being of this debt-based economy. Inequality will increase, ownership will decrease or better concentrate.
This debt based economy has provided insane economic growth in the short run (last 30 years or so, especially started after 08). We will see where this is headed in the long run.
That doesn't seem very bad, we typically put 3k a month on our cards, sometimes more, then I pay them off in full each month, this is like 2-3 months worth of debt.
I use credit over cash for the points and cash rewards BUT use my credit cards like debit cards and never carry a balance to avoid interest.
Ummm...in America they have to be clear and up front with the apr and fees as well - They give you a whole damn brochure.
In our country they will only offer credit card if you have work or business
Credit card rewards are predatory to low income earners who probably shouldn’t even have a credit card.
If you’re using credit cards to make ends meet you are living beyond your means. I don’t do credit cards…cash only. The points system is confusing, it fluctuates and changes its terms and not in your favor.
Tengo 54 años y mi esposa y yo estamos MUY preocupados por nuestro futuro, los precios de la gasolina y los alimentos aumentan a diario. Nuestros ahorros han disminuido con el costo de vida hasta la estratosfera, y nos resulta imposible reemplazarlos. Podemos arreglárnoslas, pero parece que no podemos salir adelante. Mi más sentido pésame a cualquiera que se jubile en esta crisis, 30 años sin parar solo para que un sistema corrupto se lleve todo por lo que usted trabajó... Todo gracias a Stuart Michael por su maravilloso estratega.
complacido, ¿cómo puedo contactar a Sir Stuart Michael? porque he visto buenas críticas sobre él ayudando a mucha gente
@Investuarstmichael👍
@Investuarstmichael👍
en telegrama
El dinero invertido es mucho mejor que el dinero ahorrado; cuando lo invierte, tiene la oportunidad de aumentar su valor financiero.
This drives interest and in the end, only banks win. You see those homeless people who took credit cards at one point in time. Just work and use the money only you earn and save from it. You live in the US and the world wants to come there for the opportunities. Re-think your lifestyle if you are poor.
Banks make money from interest, not credit card processing companies. Except amex which issues cards and also owns the processesing network.
In the Netherlands we have average of 0,5 credit cards a person
One of my credit card limit is $1,000
The average credit score of 800+ holds 7 credit cards. Its not that hard to be responsible. If you can't be responsible just don't get one.
You lost me in 1st sentence......if you want to help, stop lying
Why can't Americans just spend what they don't have? That's what our government does. Something isn't adding up here...
Should businesses or consumers drive debt fueled growth?
I would prefer that business debt were to be the driver of growth rather than consumer debt.
Yes the poor are generally the ones paying for the perks
Bitcoin is hope. Bitcoin is freedom. Study Bitcoin.
f I own a 5% stake in the FED, I would pump out hundreds of debt products: morgate, credit card, student loans, car loans, etc because national debt would be my true wealth.
1:16 How can the not cover an unexpected bill if they have so many credit cards?
I have a good credit score, make good money, have an 18 year credit history and my highest card limit is 25k.
It’s actually $7951 not $5000
My dad has a credit card that had fixed APR. Permanent 3% APR from capital one lol
I'm certain that you are mistaken. Why would a CC company offer 3%(well below market) indefinitely? What card?
@@Wesley-rn7oc it's one their first credit cards, I dont think it had a name. But I do remember seeing the statement with the fixed interest rate. Keep in mind this is from the 90s
70k limit on your first credit card 💳 approval? ZERO LOGIC.
Stop 🛑 lying.
This guy had a higher limit at 19 than both my parents that make 100k a year. 😂😂😂
Times have changed though. This would never happen today
If you got credit card you cant pay due to overspending you are just not that bright. Just how I see it, prices is rising in every country almost.
Buy now pay later. Except we never do, we use our income to pay off our credit card (maybe) and then have no money so have to use our credit card.
We need financial education in our schools badly
I think this post needs to go back to the drawing board. Saying spending on credit cards is a good thing is being oblivious to how it's simply pulling from future sales just like a sale price would. It doesn't create the economic growth, it just pulls it forward. The problem of course, is the 20%+ after-tax interest rates that will cause bankruptcies, and stall spending, then the 'growth' reverses. /fail video
Just use your credit card debt to cover cost of living so you can buy more crypto. If your cc balance isnt growing as fast as the US deficit you're doing something wrong! Make sure to never make any payments though otherwise they'll keep charging you interest instead of canceling the account.
You can blame Amex but not
Visa - they just issue’s the card - you need to blame the banks
Plus isn’t Amex card given to people who are well off to begin with?
WTF 70000 dollar credit limit ????
OMG, one of the few videos to report on credit card / debt with balance! Great video.
The US economy is the greatest in the world because it's based debt and credit. The average savings of a typical average American is?
Did you or the AI that wrote your script forget to say anything new?
I do have 4 credit cards but only use 2.
70k credit limit for a first credit card? I can’t take these kind of YTers seriously lmao
Thats how America get rich They borrow. Trillions dollars of debts..
I’m tired of the US and this system is wack. Time for big changes
$70,000 ??? Normal ? No , sorry. Not normal
Usury, we all know who are good at that
Spend your money, because there's no future
8:58 with the women with a upside down card does not fill me with hope
Some CCs have the magnetic strip upside down, kinda like how some are taking the portrait approach over landscape since most cards are inserted and not swiped any more
Credit card system is also making mess in the lives of Indians
Not for Pakistanis
@@Dudevegaslv no idea
End the federal reserve
You guys, please be careful of what you believe on line !!!!!!
America, the land of debt 👀
You’re lying about your first card
Yeah, nice try bud...good luck with all future endeavors
I don’t think so 19 yo a sophomore in college $70k cc limit start telling the truth you will get viewers
People will adapt
Great info
All US people love Amex card 🙏🏻🇺🇸
This video is dumb. You cannot start with such a blatant lie “$70k credit line for a 19 year old is somewhat normal”. Utter BS, invalidated the entire video.
❤❤❤
Yall boys broke !!
داداش شما واقعا وقتی انگیلیسی حرف میزنی با زمانی که فارسی جرف میزنی صدات خيلیی فرق میکنه
👍
Oh man, this RUclips, from my point of view, is so shallow and unprepared....just a quick video to do for viewers
I wish your videos were accurate! It's amaturish...
Yeah, how did this guy think it would be wise to start his own channel when the content here is way worse than when he worked for CNBC? 😂
When are you going to make a video about LGBT Muslims?
Is not true men I don’t know who give you this information haha