Gen Z Is DROWNING In Credit Card Debt
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- čas přidán 17. 05. 2024
- Wages are simply not keeping up with inflation, and it's Gen Z taking a serious hit. Ana Kasparian discusses on The Young Turks. Your Support is Crucial to the Show: tyt.com/team
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"Young Americans are starting out with more credit-card debt than generations before them. That financial burden can have long-lasting effects.
The rising debt load largely reflects a surge in prices for food and shelter at the start of their careers, coupled with a larger percentage of Gen Z who graduated with student loans. The average credit-card balance for 22- to 24-year-olds was $2,834 in the last quarter of 2023, compared with an average inflation-adjusted balance of $2,248 in the same period in 2013, according to new data from credit-reporting agency TransUnion TRU -0.14%decrease; red down pointing triangle."
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240513__TA03GenZDebt
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They simply were never taught NOT to use credit - ever.
I never got any financial planning/budgeting education at all in my life and I have been very bad with money. But the ONLY thing I ever picked up on was my parent's pathological disgust of credit cards. Its probably what stopped me from having to declare bankruptcy
Using credit _can_ be helpful, however, it needs to be done within one’s means. If I’m making 50,000$ a year, spending 500$ a month in credit may not be sustainable. Credit can be healthy. It’s all in how you use it, and how much you use.
I only use a credit card and I’m 27. I even had one back then. But you gotta be responsible, most aren’t. Luckily my dad taught me common sense.
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..
Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned 180k savings to turn to dust
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Mind if I ask you to recommend this particular advisor you using their service?
vivian jean wilhelm’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment
Cheers buddy. Smart and great looking lady. Hopefully will my time. I left messages, was told to expect feedback. Thank you.
The vast majority of people from all generations will never retire.
They’ll retire. But it won’t be with pensions, 401k, 403b and savings. It’ll be with disability and food stamps after they’ve blown through what little they did save of course because disability is denied until they are dead broke
If you can't pay off your balance every month don't get a credit card! 🤦🏽♂️
Good luck getting a mortgage or a car without credit.
@@marcosolo6491You can’t read can you lmao. They said don’t get one IF you CAN’T pay it off. They didn’t say to avoid it at all costs.
@@marcosolo6491 I mean to be fair if you’re making ZERO money, that means you’re not working and contributing nothing to society. So what makes you deserve stuff that costs money? You DON’T. But luckily there is tons of charities, food banks, welfare, and churches that take care of people. The idea that people STARVE in US is bullshit. And you shouldn’t spend credit card money if you can’t pay it.
@@marcosolo6491 You a damn idiot that's not what he said at all. If you can't pay off the debt, don't get a CC you're why people are in debt. You're retarded.
@@justinhensley4041 most people are bound to fall on hard times and be unable to pay their balance a couple of times, so yes - he's literally advocating for avoiding cc's at all costs. Some of you need to stop blindly listening to these online finance pseudo gurus and wake up to the reality of the world around you
I'm a Boomer.I seen all the greed, selfishness and irresponsibility my generation was involved in.The worst.The young don't have a chance.The USA is ruined.
I am Gen z (19 years old). I just opened my fourth credit card with a credit limit of $7,500. I have never paid a cent in interest, and never carried a balance.
The fact that you think you even need to have one speaks to the ill of your generation.
@Xathos need one? He didnt day need, the protection from fraudnis worth it alone
Because mommy and daddy pay for your shit
You are gonna have fun paying that off or your generation has no concept of debt and will dig your own hole and expect everyone else to bail you out.
You only need one credit card more than that you are playing with fire.
My daughter, who just graduated with 40000 in college loans, was just issued a credit card from USAA with a 10000 limit! My daughter lives at home and makes 40000 in her first job. USAA should not have given her that much credit…The banks know exactly what they are doing and have in their vested interest to make credit card indentured servants out of us all….
They haven't been allowed to discriminate based on age since 1976; it was part of the Equal Credit Opportunity Act. They have to extend to her whatever offer, based on creditworthiness, that someone triple her age would have qualified for.
Does she listen to you? Have you ever talked to her about this? When she was growing up did you have her earn an allowance or did you just give her anything she wanted? Many of the issues with both GenZ and Millennials can be linked to the way they were raised. The lack of parents being parents. Being told NO.Or if you want that you need to earn it.
@@brandonjames412 did not know this....
She can call and lower the limit herself if she wants. Or she can use it responsibly to build credit by paying her auto insurance or some other regular billing and paying it off right away. Teach her how to use it the smart way.
I started getting credit card applications in the mail when my CREDIT SCORE DROPPED
Laziness on here. Gen Z is Lazy as F
They are also horrible employees. I just had a girl serve me, never even said hello or looked me in the eyes..tried to give change back to the wrong person as a result!! She'll be fired this week but blame the world not herself.
We are all drowning not just Gen Z for fuck sakes, this isn't a generational issue this a National issue.
this is also an international issue.
Amen
I think it's wanting everything you see issue. People shouldn't live beyond their means.
@@user-jz7hm2gy8x "...International issue"?? You need to get out more. Hint: There is a practice in the Islamic tradition or religion that _Prohibits_ lending money at usury rates (charging Interest). And the average Mexican citizen has more in savings than they have in total personal debt. Unless when you say "International", you mean the 70 Western countries, as the other 125 countries really don't count.
@@shotelco the fact it stretches beyond a few countries makes it international. Also I tend to pay up front as well as save. I do wonder if the cost of housing and daily living in countries is comparable. Housing prices and availability would be one example. The few countries I have visited that have strong Islamic population were difficult to navigate financially.
I am a millennial and I have NEVER had a credit card and I refuse to ever get one. There is nothing good that comes from them. There are many other great ways to get a decent credit score. My advice to everyone is decrease your debt, decrease your social media time and find worth in things that don’t require money. Stop worrying about flashy things and impressing everyone around you because I assure you, at the end of the day no one cares. Make sure you place importance on your future because when you get older, you will thank yourself for not buying this or that. Priorities change and so should you.
Thanks for paying for my free credit card rewards 😂
Couldn’t have said it any better. That’s what I’ve been saying for years. Social media by itself causes people to want to spend to impress others that don’t give a shit about them.
@@sirdiealot53 thanks for proving my point
@@thunderwolf4237what point is that? This is idiotic, grow up. The world runs on credit, use it responsibly and you'll reward yourself with CC rewards and low interest rates. What world are you in? Lol
@@occupytosavetheworld I actually have a retirement fund. do you? enjoy your debt and have the life you deserve.
We need mandatory financial literacy classes in all public schools.
100%
Financial coaches for struggling adults should be more widely available for an affordable price as well. How does it make sense to charge hundreds of dollars when I'm struggling to pay my bills? There are financial advisors for those who are well off, but little to no affordable guidance for those struggling.
@@jodyhadley2895 I will coach you now. Get off the credit card and never look back. Building credit is a good thing because of the way finances in this country works. But if you have no self control then credit cards are like drugs for you don’t do them.
financial literacy is a good thing however prices have increased at a greater rate than inflation over decades,
Interest rates for savers is not mathematically possible for everyone to do it. There must be punishing the borrowers involved. Some how it is normal thinking one doesn't have to save enough for retirement, that Intrest rates and compound interest rates collected will make up the difference.
This financial ignorance causes inflation. How can we agree to sign a 30-year mortgage if inflation happens over those 30 years?
We vote to make our economy financially stable. And expect our experts to understand math.
And we expect our banking industry to be not-for-profit.
And we expect or Social Security to work like a charm.
And we are not gonna blame our financial mess on the poor and helpless immigrants.
Yes as it turns out a complete lack of financial education has lead to an entire generation with no clue how to live without massive debt. I had to learn the hard way myself 12 years ago. Today I own my car and my house outright, I had to put in a lot of overtime to do so but it feels good to be able to keep my whole paycheck every month.
What a good boy!
I dunno ... Gen Z was living that lnstagram lifestyle, doing all sorts of traveling, and flexing a "happy life" on social media. 🤣
I suppose that for every flamboyant "influencer" there are others among Gen Z who are doing their best to live responsibly but still finding it difficult to get ahead.
Gen z are super dumb with their money though. They were the helicopter parent raised kids. I don't expect much production from them
helicopter parent meaning?
@@Summerblur parent who hover over them. controling everything and getting them anything they want
Social media has a role....inflated expectations of lifestyle you are entitled to by having a degree...racking up student loans
Agreed, however, if your stupid enough to contract loans that you know you are responsible to pay back at a time in your life that you only have hope to be able to repay, then you should know that schooling is not a guarantee that you can repay those loans. Fundamentally speaking. Graduate High School, go to work, get some adult experience, save money for college and then decide. American taxpayers should never be held responsible for the poor financial choices that todays youth are making. Matter of fact, Biden and his cronies are enabling our young by picking up their debt with taxes, only to gain control over them.
Agreed these kids are foolish to think that in America they’d be able to expect any type of decent lifestyle from hard work and education.
@DeafFrog-ks7bg i did not have a credit card until 30s. Worked 6 to 7 hours per day throughout university to minimise debt. It can be done....never dreamed of buying a house until 40. Discipline and patience pay off.
Inflation has something to do with it, but shouldnt that would effect everyone.
Captialism, consumerism, lack of public investments, and a lack of regulation on corporations have more affect on consumer debt.
Keep hiding the truth and blaming everything but the truth
So glad my parents told me to never get a credit card and never go to college..I'm happily debt free😊
What do you do for work if not college?
@@Mattallla Equine boarding
Credit is very nice if you use it properly because you collect points. I’ve gotten over $10k worth of free stuff.
@@Mattallla Lets see here we have every Construction trade And many pay upward of 75,000 a year. Truck driving? Manufacturing. If you look into this you will find that a person has a 85% chance to find higher paying jobs without a collage degree and find a job and make a good living. Anyone looking at collage needs to look into what the cost benefit is in going to collage including the chances of finding a good paying job and conspire that to not going to collage and what your job and pay options are. Also you can put off going to collage and enter the work force.
@@Mattallla lol
parents of these now so called adults didnt do them any favors.
This is not just a danger for Gen Z, but for everyone. Because when they all default on this debt, it's going to hit the entire economy.
The amount of comments of people with little empathy for the less fortunate and those who are struggling is shameful.
The fact you’re oblivious, that the “less fortunate” make poor financial choices, is beyond a reasonable doubt. It’s not capitalism, it’s not inflation, it’s their choice to be comfortable going into debt.
Fuck ‘em that’s why! They claim to be the smartest generation…but they rather dumb with money. Wanna keep up with the joneses…good. Have fun.
@@KYPopskull you’re wrong there my friend. You’re assuming that I’m in financial stress? Shows the type of person you are.
Bro, u have no idea. i make 16.5 dollars an hour. I got diagnosis with stage 4 cancer two months ago and spent two weeks in the hospital..thats 6000 in medical expences...spent another 3300 in plumbing just this week
Been on disabily since april makeing 2/3 my normal income.. That 11 dollars an hour... payed my way though collegs and payed off all my student loans back in the 90s
IM still debt free... This video is a joke..U people are jokes and more spioled than even the baby boomers...TYT makes real progresives look like dimwits
Now insult my grammer like a real TYT fake progressive trying to deflect from the truth
@@KYPopskull Source: tRust mE bRo. 🤡
millennials are also suffering due to inflation & greedflation!
probobly it only effect those two groups..LOL
The rest of us know the secret handshake that makes everything free
Hey Biden, quick! Go promise the Gen-Z kids that you will cancel their credit card debt! Just like you promised them student loan forgiveness. 🤣🤣🤣
Ok … stop spending and pay it off
The “median” wage is misleading. Most of us work multiple jobs & still don’t make $60k per year! We’re all struggling & yet all our tax dollars goes right to the rich who don’t need help!
Median is better than average
yeah i make slightly over 20k. own a home clear and free, just spend two weeks in the hospital costing me 6k and got home to a 3200 plumbing crises..
Still debt free
Poor Gen Z dont even make 60k.. Obviously they are in debt
Americans are over $1 TRILION in cc debt and rising.
I am 33 years old, I have never got a credit card and I have never take a debt for anything in my life. never been in debt to anyone
I was raised to have patience when I don't have anything, if young minds that are addicted to stimulation can't rest for a second how the hell can they be patient
smart man . i learned the hard way unfortunately. i got a couple credit cards and almost done paying them.will never get one ever again
My parents didn’t have a major credit card (had Tenneco gas card and a Sears or Montgomery Ward card for major appliances, this was in the 60s-70s) until the mid 80s. The only debt they had was the mortgage on the house. You are on the right track and I admire your dedication to remaining debt free. It’s a great feeling.😊
@@nataliemanzo34 Yep, been there done that when I was younger. Thing that saved me was I always paid on time, even if it was the minimum, so I never ever had creditors calling. I knew an adult whose creditors were calling our number for the longest time looking for them, because I was married to their dad. I might have been in debt but my credit was good. Did you know back in the 70s it was difficult for a woman to obtain a credit card unless she was married? After my first divorce in the 70s, I tried to get an individual account (having had a joint account for years) but couldn’t get one. Almost as much fun as having to have my husband’s permission to get a tubal in the early 80s. Good times-not.
Their first mistake was being dumb enough to rely on credit cards to get by.
Their second mistake was living somewhere expensive enough to "warrant" this.
Dumb has nothing to do with being desperate.
As a Boomer, who got his head handed to him during the 2008 financial crisis, I feel for these kids. The American Dream is about unfettered Capitalism, and it is only the most ruthless who succeed in such a market, only to get bailed out over the interests of everyone else once their blood-letting turns on them. This is ugly.
Glad to read a fellow older person who isn't just crapping all over the younger folks. The situation today is much worse than it was in the nineties, e.g.
@@legrandfromage6450 Thanks, and I totally agree. It's heartbreaking. Our youth deserve at least a chance to make it in life and not the punishment that they are now being dealt. To put this in context, I shared a house with three women back in the early 80s, and we were only paying $200 in total for rent on a monthly basis for all four of us. I then bought my first house in my mid-twenties in Pasadena, California back in the mid-eighties for $93,500. I remember paying somewhere between $350 and $500 in mortgage payments for the property on a monthly basis. That property is now valued at $836,600. Absolutely crazy.
@@johnmichaeloneal8231 It's out of control, and just as bad, if not worse, here in Canada. Even medium-sized cities here are seeing rents at 1500 to 2000 a month for a modest one bedroom apartment. (London Ontario)
And they just keep printing more
To all you older selfish boomers.I have a 'bootstrap' for you and you know where to put it!
Yeah because on instagram, they stay on perpetual vacation thinking they’re Beyonce or something lmfaooo
If you can't buy it twice you can't have it
The only reason our economy has thrived over the past 40 years during the greatest transfer of wealth from the poor and middle class to the already rich is due to the advent of making it too easy to get credit cards. Before 1983, it was difficult to get a credit card.
"The only reason our economy has thrived..." Nope. Not even close. So far off, but understandable.
I’m struggling. Plus healthcare is crazy expensive
The generations prior didn’t have student loan debt at the rate they do now. Once you pay the rent, student loans and utilities, you have no choice on putting everything else on the card
agreed
The way I see it, the majority of college students go to college to avoid going to work, they graduate and feel entitled to opportunity and when that doesn't work out for them they paint themselves a victim of society and still avoid going to work at all cost like a blue collar is an allergon and credit is the cure. We cant go to school to learn how to be a genius, that comes only from hard work and experience overall.
@@skywatcher6064 not in my family. My daughter start working at 14 just like I did. Most in the family are working by 16. And we all worked while in college to house and feed ourselves. Now the entitled people you are talking about ain’t my people.
@@geraldinetunstalle6044 bully for you with the great outlook on life living in the minority mindset without the need for free . Cuz we know free ain't free.
Credit cards are a complete scam but you cant say shittle without people jumping down your throat saying ng "its necessary"
Debt is not necessary and the fact we built our economy on debt isba huge factor for why everything is failing
As someone from a European country where people just don't use credit cards in daily life it baffles me, how the US got suckered into using credit cards as a payment method for daily necessities. You're basically paying an extra sales tax to Banks. One of the most successful cams ever.
Interest rates for credit cards is out of control too, like 25% or higher
I’ve gotten a few thousand in rewards and always pay the bill before interest accrues. They offer a lot more protection for the consumer against fraud and bad business practices too. It’s more difficult and sometimes not possible to dispute debit transactions.
More billionaires and poor in the USA than ever.
And drowning in TikTok.
Considering the world wide accumulated effects of wage suppression, the treatment of housing as a commodity and the increase of efficiency over human welfare it seems obvious the economic system is incorrect in its economic model assumptions. Please take note economists. This is not just the USA alone.
Never touched the stuff my father being a boomer told me a 90s kids dont touch a credit card no matter what our you well be sorry. If you cant pay for it in cash you dont need it.
riba, riba, riba, just like dust, everything will touched by riba, Hadith from Rasool SAWAS, you do what you will with that information, idc if you don't wanna hear it.
@@CyborganizdInc.-gc5so I dont follow or no what you are saying ?
Never get a credit card in the first place.
A credit card is common and normal in the US.
That is a problem.
Use a debit card. Normal in Europe.
Accumulated debt payed off monthly.
No interest.
Get a loan only for a house or an appartement.
A credit card is a slippery slope to economic failure.
Put the credit card down....and step back from the card... problem solved 😂😂🎉
They really should only use the credit card as a last resort. The interest rates on credit cards is insane
Stop trying to pay for things you can't afford...
like food and housing.
This actually started happening in 2019. The pandemic screwed things up.
Yeah ok. Beavis!!!!! Lol
We're all drowning. Getting dragged under by the insatiable greed and the lack of community. Climate change anarchy coming to town real soon.
coming from usury, lgbt, sodomy, promotion of pedophilia by the left is what will doom us and you all have become prideful, pride cometh before the fall of every empires.
Credit card? No thank you. It should be taken into account details before accepting one. Details make the difference.
In School, they should have taught then finance instead of all the feelings stuff. How do they feel in debt?
Funny how we can get a student loan for over $100,000 but we can’t get our median salary to go over 58 to $60,000…
Ok the facts are simple. Earnings are not connected to education. Not directly. Earnings are connected to Skills. A DR makes more money then a Plumber and a Plumber makes more money then a Janitor. Why because the number of people that have the skills or talents (pick one) to be a DR is a lot less then the number of people that have the skills to be plumbers. And the number of people that have the skills to be Plumbers are a lot lower then the numbers of people that can be Janitors. I am not saying that any of these people are more or less needed by Society. They are all needed equal. Even is someone goes to Medical school if they do not have the Talents or Skills they are going to fail. Maybe people need to spend more time to see what skills they have and what the Cost benefit in going into debt for $100,000. What their earnings and job prospects are before that take out that loan. I think that there should be a 3 year wait between HS and Collage. People should get out into the work force see where their skills are. Then make an educated choice. Just how many of these people not being able to pay for their education loans are for say Journalism. Gender Studies, Education. Compared with those that got their degrees in Law or business. The job market wages are based on the needs of Society. Educate yourself before you go into debt for an education.
It's not just them. I'm generation X and I have a huge credit card debt. I don't think I'm alone. I try not to use the cards if I don't have to. I only use it for emergencies or for car repairs. Younger people do take advantage of them though by having them sign up for credit cards when they're touring college campuses when they barely have an idea of how to manage money.
Do not get credit cards. It is terrible financially.
You kind of need it to get apartments and big payments like that
@@aroundthebout No you don’t. I’ve owned two houses, rented a house and lived in 4 different apartment complexes and never once have had a credit card.
And I’m not wealthy. I’m a teacher.
They want to live like celebrities...
You got it
Close. But the capitalist consumptive psychological indoctrination goes so deep, on so many levels...and has gone on for so long, that "most" Americans no longer have a choice.
It’s hard to feel bad when I didn’t do the same stupid thing
XD ok nepo baby
I’m in the same boat, but I was always taught to avoid debt. I feel bad for them though still, since I have done stupid things with money before obviously.
🤡
I'm autistic and relying partially on disability benefits to survive. I still work part time, but even when you combine my job with my disability, it's still not enough. I am still regularly receiving financial support from my mom. I'm grateful that she is willing to help me, but it also sucks that I literally just don't make enough money to survive. The worst part is when people say my problem is just bad budgeting. People with disabilities are probably the ones struggling the most right now. As for the political side of it, I think Trump and Biden both suck, but I am also not a big fan of the GOP. I just wish it wasn't so hard for me.
How about getting a full time job, or a side gig?
Seems like you need to work full time? But if thats to hard for you to figure out, you probably arent gonna get many jobs.
@@davidgray1515 The problem with your statement is that some people literally cannot work full time because of health issues. There is a reason why autistic people are over-represented in our homeless population, and it's because they are often limited in their ability to work. Don't assume that everyone can work full time.
"Gen Z is borrowing way too much"
Joe Biden: "Hold my beer"
Maybe they need a home economics course instead of a gender studies course.
This has nothing to do with gender although you’re right about that economics lesson.
You can be an economics genius, still be unemployed or underemployed, and max out credit cards because you need to afford a place to live. Those things can and do happen.
Great Point Maybe even allow JA back into the schools. And for those of you that do not know what JA is Junior Achievement. In my schools it was part of our education starting in I would say the 5th grade. We ran school business from pencils to book covers. we learned about Supply and Demand and we learned good financial lesson.s
I blame the neglect from the parent(s) not doing their part in the GenZ's up bringing.
This is why financial classes need implemented into the school curriculum
100%
You need a whole class to tell you not to spend more than you earn and to live within your means? Put extra money you have into a savings account. You need a whole class for that!?
@@manoftomorrow5987 Yes because we are so financially stupid as an Americans. Also having kids learn about this earlier can help create good financial habits that will have great bene fits in the future, for example like saving and investing early
Biden never took a class in economics. His chief economic advisor was a music major.
When you can get a CC or Student loan so easy it's a trap. People be smarter and don't play these games. Don't blame anyone but yourself for making the choices you do. Don't live looking at others because they are probably broke too. Live below your means and save your money to buy things with the money you have. We just have to do better and also be able to humble ourselves. Live in a smaller place, drive older vehicles not have the latest and greatest things that we see.
It's not only gen z
It is.
Desperate people make great workers
dont pay for your toast in installments, zoomers!
Credit card interest is evil, 27% APR is straight up theft. You can make the payments not use it and the balance always goes up. Interest that high should be illegal a debt can be paid many times over with payments and it counts nothing towards your princple balance.
If everyone just stopped paying their credit card debt, what are they going to do? Not a damn thing.
Again someone forgot about GenX
No one cares.
@@fd-to7ex As a gen-xer.....duh..
Is that a GLOCK pistol ?
Quit buying high-tech, expensive cars.
🤡
Quit buying expensive anything. Most likely your being scammed.
My 23 year old son drives a beater we paid $1200 cash for but his car insurance to not be arrested driving a car is $202 a month. He’s never had a ticket or pulled over. When I 23 my car and insurance for a new car was $136. $99 for a Nissan Sentra and $37 for insurance on a brand new car. by the way I was making $23 an hour then. My son makes $19. 30 years later.
LOLOLOLOLOLLLL they can't
It's "Living beyond your means" every 10 years or so this news surfaces... What is it about parents and teaching their kids responsible economy practices?
This! My old man taught me a lot about financial discipline. I taught my own son about financial discipline. And it works Living within your means is a great philosophy, because it acts as an impetus to do better if you want to live better. And eventually you have the money to live the lifestyle without resorting to credit. But you are so right about the CC dilemma resurfacing every so often. Difference is that today, the blame is somehow upon everyone else, not the person that lives on their credit cards and gets in over their heads.
@@michaelcoslo6497 true! I got my first (and only) credit card when I started traveling for work. I am working hard to teach my kid the same discipline. There are no excuses.
This is so unfortunate. I didn’t have credit card debt until I was a married home owner. I’d put large purchases like a refrigerator on the card. Then pay off in 3’or 4 months. CC debt can be crippling.
You voted for it! Bidenomics in full swing 😎👍🍦
Biden won largely because he wanted student debt forgiveness. As in these kids were already drowning in debt before Biden was president. Who was president before Biden? Trump was.
Our credit cards are maxed out, my wife had to resort to selling feet pictures and soon may have to open an only fans account... we can't make ends meet. We have 3 children.....
You’re letting your wife do that? Get your ass 3 jobs
😂😂😂 funniest comment
This is not new. It was the same when Millennials were younger 😁
Too bad they were never told no.
I'm 37 years old, I never had a credit card, and never will.
I only had a credit card for emergencies, when I applied for a home loan I was deemed a bad risk as I had a bad credit score.
There is nothing wrong with having a credit card. It all has to do with how you handle the credit card. If these people can't be responsible enough to deal with their credit cards, I hope the company they work for doesn't trust them with the company credit card in any fashion.
Your credit score must suck because you never did anything to build it.
You need a credit card to build up your credit score. You just need to be responsible and be able to make clear financial decisions to stay out of trouble with a credit card.
@@roland1912 actually it is not uncommon to use cash and have assets without using credit.
Welcome to adulthood that’s every generation before and after price gouging oops I mean inflation
We're in the era where we all realize capitalism only works if corruption is completely gone, however because of the nature of capitalism which puts profits over everything else, it will always naturally lead to corruption.
Plenty of zoomers still at Starbucks though rolling through in a leased mecedes.
True!
Is it really "inflation" when all sorts of corporations are reporting record profit?
That is a part of inflation. People also want to live past their income ability. It is basically I want I want I want and corporations take advantage of that kind of mind set.
If you want to stop corporations from profiting, stop buying their product.
@@nhughes63 Exactly people have the power but will they use it - very doubtful
It's the corporations greed that's what's happening.
no, it's people buying things they don't need with money they don't have...
It's not how much you make! It's how much you spend and able to save. Just compare older senior citizens with fixed low incomes. Yes, they too are struggling with inflation, but they are not piling on the credit card debt. They are not foolishly charging unnecessary "experiences and retail" spending on credit cards.
If you own or work for a business that depends on selling goods or services for its revenue, you might not be too happy if people stopped buying "experiences and retail".
People always forget that side of the equation, like "Gosh darn my customers! They keep putting themselves in a tight spot buying all this stuff I spend tons of money advertising to them!"
They're not spending in a vacuum. This is how our economy works. We convince people to buy all this stuff, then get mad at them for doing it.
@jaybleu6169 No one is saying people should stop buying "experiences and retail". Just stop spending "unnecessarily" on things they can not afford and getting themselves into further debt. Only buy if you can pay in full every month. Just look at how the US and local governments are spending themselves into un-escapable black hole of debt. They have to keep printing money.
@@dhle74 What you're missing, or maybe deliberately ignoring, is that we, as a society, spend billions of dollars a year on marketing to convince people to buy all the unnecessary stuff. And that money is not spent just hoping it works. We know it works. It's been proven over, and over again.
Spending huge sums of money to convince people to buy stuff they don't need, then blaming them for doing it, is NUTS.
Perfect storm, everything high priced, wages stagnant, and a hyper consumerism society. Record travel this memorial weekend.
The time to save and invest and prepare is BEFORE a crisis happens (and there will always be a crisis in the horizon). Many spent their stimulus on stupid stuff instead of planning for the storm ahead. As soon as they are given more money they spend more money. Financial illiteracy is the number one reason why so many are in hot water. Government should revamp the education system to prioritize personal finances in high school.
When I was in college, Bank were literally signing people up for credit cards on campus. I got a card for $1000. I spent it and it took me forever to pay it back at ruined my credit for a 10 +years.
When I went to university, we had an assignment to balance budgets in accordance with total debt averages and interest rates. They then gave us an imaginary “credit card” and allocated an annual “salary” alongside a personal budget. It was an interesting experiment and really showed how debt can snowball.
Simple answer .. don’t use credit cards.
Only simple if you still live at moms. There are credit lines ya know..overdrafts..loans...not just credit cards.
@@stoneneils All a choice. Never seen anyone dragged off the street and forced to go into debt of any kind. Have you?
@@ace9840 I'm not sure about gen-z ..i think the minuite they'd get an apartment they'd subscribe to 15 different monthly services and be in debt by the following month.
@@stoneneils I don’t blame them. They were never taught anything in school or college about money, currency, finances or history of what creates strong economies and what destroys them. That hasn’t been taught for decades.
And no retirement,no pension,no 401, no social security,no investments,no money see how that works for you.
The economy is shit right now.
You charge it, you owe it.
Yes, I guess it's our fault for using onlyfans and buying Starbucks coffee. Note taken.
this is why Dave Ramsey is against ALL debt! especially credit cards. 💳✂
What??? They’re not working for door dash anymore??? lol 😅
You know what's great about humans that don't chase money and understand what real beauty is they're the ones that actually create the most beautiful things
😂just remember you get what you voted for.
Quit using the credit card and take some responsibility in your life. Quit buying shit. "I can't afford it." You need to internalize that.
Im 30, make enough money to only need to work a couple of days a week, but at the same time my car is cheap, my clothes get worn, I have no property, and life is good
What do you do?
No property? Do you live at home still, or live in your car?
@@djrickyb I guess he means renting
I'm 35 but I do own a house, I do rent my house out so I basically live for free besides food. I have 3 cars 2 for the weekends and 1 daily. I'm not marry nor want kids. Life is good yes sir.
@@kingcatx2 I am glad I only have 1 child. He is in high school. My goal is to get him through high school, and then he is in charge of what he does in life. I will be relaxing a lot more come summer of 2027
There is nothing wrong with credit cards as long as you pay them off every month.
Nope, credit cards are for suckers. For every 10 things an idiot buys with a credit card I can get 12.
@@enemysub9057 Then the idiot gets cash from the ATM and gets the same 12 things. There is no part of the credit card agreement that says we can't use cash too. OTOH, it's kind of hard to buy a plane ticket or rent a hotel across the ocean with cash.
@@nhughes63 Nope because now the idiot is paying the price for 13 things but is only getting 12. It's not about how much cash you get from the ATM but the means by which you get it. If you want to travel the best way is to save for your trip because as you save you earn interest which gives you more spending money. You don't want to be buying stuff with a credit card because the fees tend to negate frequent flyer points that you could otherwise be accumulating with some other card while saving that money. You don't need to use cash to buy plane tickets or book hotel rooms and you don't need to use a credit card either because you can quite simply use a debit card instead and you can even get prepaid ones now where you can put a certain amount of money. Having said all that a credit card can be a necessary evil when you need to establish a credit rating that can affect things like insurance for example, but you don't really want to be using it frivolously.
7:44. Is she being intentionally obtuse? I mean..... people are washing a shit ton of money on legit ridiculous stuff. Thousands of dollars for taylor swift tickets, overpriced stanley tumblers, door dash posting record order numbers, record air travel during holidays. She's out of her mind.
The policy of " Live for today and tomorrow will sort itself out" is not the best.
Maybe they should stop voting Democrat?
But the other guy is such a meanie! And he has sex with porn stars! 🤣🤣🤣
I don’t think this is a generation problem at all. This is a responsibility and use problem. People don’t know how to be responsible and treat a credit card like cash. If you have X amount of money in your bank account, DO NOT spend more than that on a credit card. Its simple. But people think they can pay off a card for $5k when they got $500 in their bank account. That’s not a good way to live.
The Young Jerks.