This NEW Credit Card News Is VERY UNFORTUNATE
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- čas přidán 26. 04. 2024
- This new credit card news is very unfortunate.
CBS news posted a new credit card news article that highlights some major problems regarding credit card debt.
I’ve made countless amounts of videos regarding the growing credit card debt in the U.S.
In this video, I highlight some things from a recent news article that points out credit card debt by generation.
While I was surprised by who was the top generation for credit card debt, I wasn’t surprised by the generation with the least amount of credit card debt.
After all, this new credit card news is all very unfortunate.
Do you know how to avoid credit card debt?
#creditcard #creditcards #creditcardnews #creditcardadvice
Article referenced in video: www.cbsnews.com/news/heres-ho...
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Thank you for the video. I am a baby Boomer. My dad told me something as a boy. He said, if you want something, get it. Yourself are better yet learn to do without. You don't get out of a hole by digging a bigger one.
A credit card is like a loaded gun. It all depends on how you handle it.
Thanks for watching.
Gen Z and now at 22 have had credit cards for a year and can say even if it’s not much the cash back from my cards help fund my savings and emergency funds on top of my income
Being told never to get a card is some of the most misleading advice I got growing up im still young and figuring things out but credit card as of now imo are a necessary evil
Might as well join the winning team
Thanks for watching, Robert.
I always thought that was bad advice. At least as a millennial I was given 2 forms of advice. One was never get a credit card but the issue with that is you have a hard time getting a home loan, renting etc. with that and once you build credit you will be missing between 2-5% back on purchases. The other advice was treat your cards like cash and pay them back as soon as you can with not spending over your spend limit. The treat them like cash is likely the best advice I was given. You can use cards like the US Bank Cash + to pay your phone bill and utilities and get back 5% but those are categories you would have spent money on anyway so why not get 5% back for example. Why not have a 2% cash back card and use that 2% back to farther invest 2% into things like CD that will net your 3-5% right now allowing you to earn 5-7%. Then you use that 5-7% on CD you made to farther invest other things to make your money like buying a house that you can then invest in solar panels for the house and a EV to reduce expenses even more.
Always enjoy the education in your videos thanks
Thanks for watching, Betty.
Strategic debt is wise. I could pay off both my credit cards if I wanted to, but the interest rate I pay for them is less than the gains I've been getting on the assets I would sell to pay them off. Really this chart is of how much income each generation makes. The more you make, the higher your credit limits and the lower the interest rates you face, assuming you keep good credit. I'll pay off both my cards the next time I take profits, but in the meantime I'm carrying some balances for about a year now.
The chart is based on credit card debt, not income. Thanks for watching.
@@WaterYourSoil Yes, I know. My point is that the amount of credit card debt one has depends on the credit limits they can get. That depends on income. So ultimately, it doesn't necessarily track the inability to pay. It more likely tracks the ability to borrow!
I'm generation X, with a cl of 780k. I have cero debt. I also never married nor had children. I'm certain, that's the reason for my finances to be what they are. However, if I could turn back time, I would marry and have lots of children, even if my finances would have been diffrent. MONEY, CREDIT etc is not worth not leaving a legacy and your lineage being closed once I depart this world.
That by design. Population control. Either social engineering to destroy family unit, marriage or to make it so finally stressful people simply avoid it due to cost. Nothing is by accident.
Thanks for watching.
You ever consider adopting or raising foster kids? I have a neighbor in her 50s, never had kids, who fosters children and also hosts exchange students. Leaving a legacy is not based on your offspring but your character
I think they have figured out in around 4 generations your genes will basically be washed out of the family line anyway. Plus think about it this way. How much do you hear about things multiple lines down the generation. You typically know your mom and dad, your grandma and grampa. Once you get to your great grandma and great gramps things start to get a little fuzzy but you may hear about them through grandparents. By the time you get past the great grandparents you never hear about them and I wonder how many people can name their great grandparents let alone the grandparents before them. Besides you can often transfer being known through nephews and nieces too. Often times someone in your family has kids and like I said even if they don't have kids it is not a major loss anyway.
Great video with some good tough love advice. One of downsides of credit cards is that you can buy something and kick the can down the road for a long time. Each individual needs their own day of reckoning on finances, whether it’s due to job loss or hitting the retirement age window.
Very true. Thanks for watching, Herbert.
I personally lived this until 18 months ago. As I’ve mentioned , I went from $46k to $3k in just over 18 months and am about to be 100% debt free. It was exhausting to get here but the feeling of financial freedom is incredibly satisfying.
@@herbertdaugherty636 Congrats on getting through it, Herbert.
I find these statistics seem off and don't mention certain factors. Whenever I hear people telling you not to get a credit card and pay everything in case it is often times an older person. Plus keep in mind that the baby boomers and silent generation have had many times over more years being able to hold a credit card than these younger folks. If Gen Z has 2k in credit card debt between 18-25 imagine how much that will compound by the time they are the age of boomers or the silent generation. Same issue with millennials. Also age plays a role in jobs and it is much easier to pay off 8k of debt if you make 6k a month instead of 4k a month or when I first started work 888 a month after taxes and deductions.
Thanks for watching, Eric.
Interesting article Nell! Thanks for the info!🫵
Thanks for watching, Cesar.
Well that was backwards from what I would have guessed was the pecking order on your list of debt by generation
Thanks for watching, Cory.
You are telling the truth 👏🏾 Very interesting chart! Credit card companies need to have a warning sign on credit cards 🤣
There are no accidents. They know the majority of people are irresponsible and walk
themselves into debt slavery. Always said slavery is prevalent in the US than ever before. Economic slavery.
Thanks for watching, Tasha.
Boomers and Gen X probably have more CC debt because they have more available credit, due to having longer credit history.
Definitely. Thanks for watching, Sledge.
I’m 18 guess I’m not part of Gen Z anymore 🤔
Thanks for watching.