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Report: Americans in DEBT up to eyeballs. Econ Crash = Mad Max scenario
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Date: June 10th, 2019 7:19 AM Author: dashing domesticated roommate orchestra pit https://finance.yahoo.com/news/personal-finance-us-debt-wakeup-call-180504062.html
Americans 'need a wake-up call' when it comes to their finances
As Americans face increasing amounts of debt, their ability to retire comfortably is coming more into question.
“People aren’t feeling the squeeze,” financial expert Chris Hogan said on Yahoo Finance’s On the Move (video above). “Our research has shown that 78% of people are living paycheck to paycheck. That means if one check doesn’t show up, they don’t have enough to really make basic needs met month in and month out. So, we need a wake-up call all the way around, and people need to engage in this and get more serious.”
‘I really want to encourage college students to avoid this trap’ According to a recent survey conducted by Freedom Debt Relief, 41% of Americans have not set aside any money at all for retirement. The main reason indicated was due to the cost of everyday expenses.
Debt was also another impediment to saving adequately. About 79% of those surveyed said they have debt: Credit card debt accounted for 46%, mortgage debt 41%, and auto loan debt 28%.
“Having fallen into that trap myself and taken a few years to get out of it, I really want to encourage college students to avoid this trap,” Hogan said. “Credit card debt is something that once they get their hooks into you, this can take you 12 to 15 years if you’re not aware of it to attack it and get it out of your life. So, I want people to understand credit.”
‘Any kind of debt is a threat to your future’ Yahoo Finance previously reported how 25% of Americans surveyed in December 2018 expect to die in debt. Additionally, 41% of people don’t know when they’ll pay off what they owe, and 65% of adults with debt don’t know when or if they’ll get out of it.
“Any kind of debt is a threat to your future, right?” Hogan said. “Whenever we borrow someone else’s money, we’re charge a penalty called ‘interest.’ And so, helping young people understand how money works is absolutely essential. … Knowledge is absolutely crucial to be able to help young people avoid this trap down the road.”
Household debt recently reached $13.67 trillion, which is $993 billion higher than the peak of $12.68 trillion in the third quarter of 2008.
The best way to avoid personal debt? Budgeting, which Hogan described as “absolutely a crucial life skill.”
“It’s going to help you have more control over your money than you ever thought possible,” he said. “There’s a statement out there that you can either tell money where to go or wonder where it went. And if you’re not budgeting, that’s what ends up happening. Money is leaving you, and you don’t know what’s going on.” |
Date: June 10th, 2019 7:25 AM Author: Hairraiser theater stage the real big problem is that we have 3+ million third worlders swimming, flying, visa scamming, their way into this country. if housing costs had not risen 50% over the last 10 years while wages remained stagnant we wouldn't be in this mess. I'm not sure the effect all the third worlders have on wages for educated americans but they more or less put pressure on the same housing. like look at what $2500/mo. gets you in MFH. basically a tenement.
FUCK LIBS |
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Date: June 10th, 2019 3:40 PM Author: Idiotic Candlestick Maker Haunted Graveyard the funny thing is third worlders actually know how to save money
no doubt it's a problem, but it's a positive feedback loop accelerated by dumb white proles |
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Date: June 10th, 2019 3:49 PM Author: clear zippy crackhouse (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368407) |
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Date: June 10th, 2019 3:48 PM Author: heady orange cruise ship private investor No the real problem is rent seeking landlords and college admins, and NIMBYs who fight any kind of new home construction. (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368404) |
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Date: June 10th, 2019 3:49 PM Author: clear zippy crackhouse mfcr (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368409) |
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Date: June 10th, 2019 3:57 PM Author: Exciting bull headed death wish Titcr. I'd add shitty infrastructure to your list (high speed rail would allow tons of development in undeveloped areas further from expensive city downtowns). Population growth isn't a good excuse. It was much higher in the 60's and 70's and housing as a percentage of income was lower then. It's not immigrants. (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368471) |
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Date: June 10th, 2019 7:30 AM Author: Beady-eyed cordovan liquid oxygen I own a shitbox car and have $500 cash but no debt. 95th %ile wealth here I come (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38365921) |
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Date: June 10th, 2019 9:01 AM Author: dashing domesticated roommate orchestra pit (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38366122) |
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Date: June 10th, 2019 2:15 PM Author: dashing domesticated roommate orchestra pit (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38367810) |
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Date: June 10th, 2019 3:44 PM Author: razzmatazz maniacal center tattoo It is kind of baffling to me how people get so far in debt. I am not even financially savvy and have no ambition to be so, but the principle seems simple and obvious: spend less than you make, or at least live up to the limit of your means and no more than that. (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368383) |
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Date: June 10th, 2019 3:51 PM Author: ultramarine preventive strike site True. Lots of people are just irresponsible, but others end up deeply in debt for reasons seemingly out of their control like sick parents/children. (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368417) |
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Date: June 10th, 2019 3:51 PM Author: Vigorous partner You must not interact with average people, then. When they have money it burns a hole in their pocket and they spend it like it's their job. When they're out of cash, they start relying on credit cards until their next paycheck. That's why the average middle-class family has $10K in credit card debt.
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Date: June 10th, 2019 3:54 PM Author: Exciting bull headed death wish People get peer pressured into going out to eat and drink a lot, going on fun vacations, buying/leasing a nice car etc. If you can't say no to others, it's easy to fall in to the debt trap. (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368437) |
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Date: June 10th, 2019 11:17 PM Author: clear zippy crackhouse Its also harder to say no when you dont have a kid at home waiting for you. (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38370687) |
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Date: June 10th, 2019 3:50 PM Author: painfully honest parlor macaca NY Federal Reserve Chief: Take out a HELOC or 2nd mortgage to consume more! Hehe
http://xoxohth.com/thread.php?thread_id=4266518&forum_id=2 |
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Date: June 10th, 2019 3:51 PM Author: copper gay wizard Sick guy (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368422) |
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Date: June 10th, 2019 3:57 PM Author: Appetizing Becky Turdskin it is mind-boggling that credit card debt exceeds mortgage debt (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368470) |
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Date: June 10th, 2019 3:59 PM Author: Vigorous partner lol it doesnt (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368481) |
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Date: June 10th, 2019 4:01 PM Author: Appetizing Becky Turdskin ok, well this is not clearly written: "Debt was also another impediment to saving adequately. About 79% of those surveyed said they have debt: Credit card debt accounted for 46%, mortgage debt 41%, and auto loan debt 28%." (http://www.autoadmit.com/thread.php?thread_id=4279848&forum_id=2#38368489) |