The issue is, even if those in debt could wipe it away tomorrow, their irresponsible attitudes and mindset would remain. They would - on the whole - be right back in debt, within months and probably to a greater degree.
This is generational and few are ever taught about not living beyond their means, much less preparing and or saving for a rainy day. When they live for the moment, tomorrow or next week has little meaning, and they've been told repeatedly - big daddy government will be there to save them - which they now believe is a right.
I've not had a car payment since 1998 and have driven nice cars, that were no more than 5 years old when I bought them.
The scamdemic should have been a financial slap across the face for everyone. The more you owe, the more they can control you. If you have bills out the butt and they're threatening to fire you, they can get you to do or comply with just about anything they want.
It's no different now. We are headed for a depression, if this ridiculous woke agenda continues. Start financially preparing now. When things start falling, it will be too late to try and get your ducks in a row.
These last two generation are screwed and or captured. I don't think there is much difference from my point of view. The other thing people miss is, being in debt is their normal, where most over 50, see it as abhorrent and something to mitigate and avoid.
I read an article in Money Magazine about 20 years ago and it was talking about CC debt. They interviewed several 20 and 30 somethings and they all said something to the effect of "I'm never going to be able to pay them off anyway, so I might as well enjoy the spending and just pay the minimum on the balance. These were people with over 50K in debt. At the time they estimated over 50% of Americans were carrying balances over 20K.
This is one of the reasons why the 15 minute/CBDC future looks so great to them. Their debt will be rolled into the mix, they won't own anything so no real financial obligations and the government will give them credits each month to buy the approved items or services.
Obama said he wanted to fundamentally transform America - and they have in all the way you are seeing today. This is the new normal of the last generation and the next ones to come. They don't know anything different.
Gen X was probably the turning point in this way of thinking. We had friends who, in our late 20s early 30s also said “this debt is so big I’ll never pay it off, so I might as well borrow a little more”. These folks now have Gen Z children using buy now pay later schemes online. It’s a doom loop that likely can’t be fixed.
Another thing that has happened is that the market is flooded with people thinking that they will be able to pay for their car with Uber, Lyft, Door Dash, and such.
When those don't work out as planned, payments get missed.
Dave Ramsay once said to a caller. "The average car payment is $500.00, if you were able to save that $500 from age 20, to the age 65 and invest it instead, you would have 5 million dollars. I hope you like your car."
The car market is always the earliest barometer of the economy.
The issue is, even if those in debt could wipe it away tomorrow, their irresponsible attitudes and mindset would remain. They would - on the whole - be right back in debt, within months and probably to a greater degree.
This is generational and few are ever taught about not living beyond their means, much less preparing and or saving for a rainy day. When they live for the moment, tomorrow or next week has little meaning, and they've been told repeatedly - big daddy government will be there to save them - which they now believe is a right.
I've not had a car payment since 1998 and have driven nice cars, that were no more than 5 years old when I bought them.
The scamdemic should have been a financial slap across the face for everyone. The more you owe, the more they can control you. If you have bills out the butt and they're threatening to fire you, they can get you to do or comply with just about anything they want.
It's no different now. We are headed for a depression, if this ridiculous woke agenda continues. Start financially preparing now. When things start falling, it will be too late to try and get your ducks in a row.
Very good post.
Pay attention out there. ^^THIS!
Thanks.
These last two generation are screwed and or captured. I don't think there is much difference from my point of view. The other thing people miss is, being in debt is their normal, where most over 50, see it as abhorrent and something to mitigate and avoid.
I read an article in Money Magazine about 20 years ago and it was talking about CC debt. They interviewed several 20 and 30 somethings and they all said something to the effect of "I'm never going to be able to pay them off anyway, so I might as well enjoy the spending and just pay the minimum on the balance. These were people with over 50K in debt. At the time they estimated over 50% of Americans were carrying balances over 20K.
This is one of the reasons why the 15 minute/CBDC future looks so great to them. Their debt will be rolled into the mix, they won't own anything so no real financial obligations and the government will give them credits each month to buy the approved items or services.
Obama said he wanted to fundamentally transform America - and they have in all the way you are seeing today. This is the new normal of the last generation and the next ones to come. They don't know anything different.
Gen X was probably the turning point in this way of thinking. We had friends who, in our late 20s early 30s also said “this debt is so big I’ll never pay it off, so I might as well borrow a little more”. These folks now have Gen Z children using buy now pay later schemes online. It’s a doom loop that likely can’t be fixed.
Very true.
The “system” has no interest in fixing it either. People who are debt free are of no use to them.
Same as all other systems, where they require an individual who is compromised (health, finances, mental state, morals) in order to turn a profit.
Another thing that has happened is that the market is flooded with people thinking that they will be able to pay for their car with Uber, Lyft, Door Dash, and such.
When those don't work out as planned, payments get missed.
This is a keen observation, @davidkirtley. Same with the AirBnB geniuses. It's all fine when people have money to spend...
"MANY payments get missed" -- fixed it for you. Do you hear that faint PFFFFFFFT sound? That's the sound of air coming out of this bubble...
Interesting new car sales are really low in the UK and used cars are getting a premium .
Dave Ramsay once said to a caller. "The average car payment is $500.00, if you were able to save that $500 from age 20, to the age 65 and invest it instead, you would have 5 million dollars. I hope you like your car."