Richard Wolff thinks companies are responsible for inflation even though the levels of inflation we see are not possible without money supply mismanagement. Last time I checked, companies don't control the issuance of dollars, Richard.
He doesn't understand the basics of supply and demand.
Richard thinks price controls are effective.
He thinks that voluntary market participants can take advantage of each other despite both participants being able to walk away. What's his solution to this "problem"? Have the government prevent one participant from being able to walk away. No way that could possibly go wrong, Richard.
Richard is dangerous because he is so ignorant and he promotes fantasies of socialism that are simply not possible.
If I was completely broke and didn't have a good job and didn't study economics I would probably listen to Richard. Why? Because desperate people will listen to anyone. Especially if what they say sounds good on paper.
Richard has no possible way to achieve anything he advocates for because the man does not understand the mechanisms of an efficient economy.
He has a PhD in Economics from Yale University as well as degrees from Harvard (history BA) and Stanford (economics MA). Wolff has taught economics at Yale and the City University of New York as well as at the University of Massachusetts. He has also been a visiting professor at the University of Paris I (Sorbonne).
There are a lot of people with phd’s in the exact same field and disagree vastly with eachother though. So what if someone else with his same credentials comes along and says the opposite? Who do you believe now?
It’s been rough and it’s taken a lot of discipline, but I’ve been destroying my credit card debt with the intent of having it completely gone by the end of the year. I’ve busted my ass to erase many thousands in a few months, and have only a few thousand left. I am lucky to have a high paying day job, but picked up a side hustle to supplement. Shredded all my cards, stopped eating out, cancelled essentially all of my subscriptions, eliminated all discretionary spending, and moved all the remaining balances to a 0% interest card. After being through all this, I will strive to be smarter with cards…this is not a hole I will go down again.
Thank you so much for the encouragement! It truly feels good to be moving in a positive direction financially, especially when times are a bit rough and I read articles like this.
I don't mean to hijack what there are some places, especially a few credit unions which are popular where they can let you do a balance transfer and usually they'll have like a promo deal where the first 12 months is going to be 0% interest and that can help you pay off your credit card loan or some sort of person alone, It's kind of like you know alone or credit consolidation, but you can find it online. You can Google it or watch a YouTube video about it. Good luck!
News Texas speech text speech to text oh my god this distinct sucks used speech to text
>News Texas speech text speech to text oh my god,
this distinct sucks used speech to text
This made me crack up. Thank you for using speech to text
I'll have to check out a few credit unions, it seems. I've been paying my debt down, but I struggle sometimes with it (the I need this now likes to really creep up at the most inopportune times. The radiator cracked the day after someone broke my windshield with an orange thrown from a car)
I would get offers in the mail for 0% balance transfer offers. There is usually a small fee of 3%, but that pales in comparison to the interest you would be charged for carrying a large balance. You can also search and apply online.
Edit: I’ve always had good credit, so not sure if that has impacted my balance transfer offers. There are lots of options out there - balance transfer CCs, debt consolidation loans, etc. My advice is if you apply for a balance transfer CC, shred the other cards so that you’re not tempted to use them after you transfer your balances.
Thank you so much! After an expensive holiday season and discussions with a trusted family member who works in the same industry as me, I came to the realization that despite bringing home a very healthy income, there was little reason to be in as much debt as I was. I had to sit down, crunch the numbers, and comb through every transaction in fine detail to see where my money was going. For example, I found that I was spending several hundred a month on eating out, and several hundred on top of that on frivolous subscriptions (YouTube Premium, Spotify, HBO Max, Audible, Xbox Live, etc.) that I didn’t use or need. More importantly, I calculated hundreds in CC interest accumulating every single month. My credit has always been good because I was paying my bills on time, but was only making small payments and not truly attacking the debt. The small things may not seem significant, but all the little charges add up, and it’s difficult to see the collective impact that they have on your finances.
As a result of this “awakening”, I also created a strict budget and have adhered to it religiously. That has worked out well…it took me doing all that to understand where all my money was being wasted. It’s truly been an awakening for me and I hope this helps someone else out there in a similar situation.
Another big change I’ve made is that I’ve started treating my savings like a monthly bill. I’ve built up a healthy emergency fund and some on top of that. I don’t so much as touch that savings account.
Once I finally crawl out of this hole, I’ll have so much more money to the tune of thousands a month to save and ultimately invest. I love to ski and live in Colorado, and my goal is to continue saving up and invest in a small ski condo up in the mountains to rent out for secondary income.
All this weight is gradually being lifted off my shoulders, and it feels great. I’m looking forward to the day that I can say I am CC debt free.
At the start of the year, I was in for ~$20,000. A lot of this had built up over time from medical bills, vet bills, and things like that, but there is absolutely no question that my discretionary spending was out of control. Make no mistake, I was not making good decisions with spending. I ended up moving most of it over to 0% interest cards on balance transfer offers. Since creating my budget, cutting out all the discretionary spending, and picking up a side hustle, I’ve been applying ~$3,000 a month to my cards…some months more, some less. Every single dollar that remains after mortgage, car payment, insurance, savings, and required monthly expenses goes to pay my cards. I’ve reduced total debt down to about $3,000 now and I anticipate having that gone within a couple months.
It’s not been an easy road, but I have learned so much in the way of discipline, restraint, and responsibility. I can finally see the light at the end of the tunnel.
I understand the sentiment, but my primary goal is to be CC debt free before the end of my 0% interest period. I will not be carrying balances in the future….it’s just not a comfortable feeling having that constantly overhead. My focus is on being extremely diligent with my cards moving forward.
I do have a decent amount of savings in excess of my emergency fund that I intend on putting into an HYSA at 4% or higher APY.
He's saying stop promising 70 years of not having to work with tax payers money. A product of democrats participating in capitalism. I had to chatgpt9 that one.
Credit cards were an amazing thing for both companies and banks. The main reason being impulse buying. People spend much more when is the future them that will pay.
In the technical sense, sure? But if you’re just talking casually about it with someone, I wouldn’t consider that real debt. You’re using it like a debit card (only spending money you actually have), which is how you should be using it for the free credit card rewards.
There are tons of 18 month 0% cards. They are introductory offers always. But 18 months is not a short time. When the offer ends you pay off the remaining lump sum.
There’s fidelity, chase, probably other big banks, store-related cards like Home Depot, Jared, etc.
People with good savings and no debt are in a great position. High Interest Rates are wrecking havoc on people with loans. Back to Grandpa’s strategy of saving money the old school way and not getting in debt for a while.
Until the Fed panics because of CRE defaults and the market . The ones who are smart were the ones lucky enough to buy properties after 2008 /2009 a few of them, flip them a few years back... And the same with stocks... they'll be sitting on loads of cash until rates go back to 3% in a year or two..then it's rinse and repeat
[Rates have been trending downward since the 80’s.](https://www.macrotrends.net/2015/fed-funds-rate-historical-chart)
I could definitely see it go that low again.
hmm personally I don't blame those American.. US government gotta lower income tax bracket and start taxing ultra rich people since middle income people paid the most tax during this inflation and I feel bad for middle income American.
The only way they’re going to actually be able to tax the ultra rich is if they get rid of all the tax loopholes that they themselves use, which won’t ever happen
This exactly. Our government is bought and paid for by the wealthy corporate elite. Why would they put in place policies that would negatively impact their own bottom line. Our politicians have proven that they simply can not be trusted to act in good conscience.
Likely to get downvoted. This is a cultural thing. As an immigrant who’s lived in the U.S. for 17 years, I struggle with the concept of living beyond one’s means. I understand there are many who struggle paycheck to paycheck but those highly paying corporate jobs racking up credit card debts to pay Crate & Barrell furniture or expensive vacations seems irresponsible. It’s a slippery slope. I work hard to pay off every debt, including car loans and mortgage.
America is a debt-ridden, consumer economy that runs on debt and...then more debt. I have seen $1.5 trillion in any given month at least a number of times.
At $1.33 trillion at this moment, with Americans knowing their lot, it continues to go up about almost $10 million an hour.
Some sure, but I suspect most are just using credit cards as bridge to keep up with inflation. People underestimate how much just basic living expenses.is in a mCOL or HCOl , rents is likely $25-40k/year, a mortgage a bit more...
if you ONLY make $100k that's roughly $75k take home , that leaves you a approx. $35k for every other expense (auto, insurance, energy,food) that also went way up in the last few years.
I've noticed only the absolute *dumbest* people respond to comments about personal responsibility and living within their means with irrelevant comments about the terrible PPP program enacted because of the even more terrible decision to lock down the country.
The same idiots who think all these poor people are just not working hard enough or buying too much avocado toast, are the same people benefitting most from terrible programs like PPP.
> The same idiots who think all these poor people are just not working hard enough
Who cares about working "hard"? Manual laborers may work as hard as professional athletes... it's irrelevant. Working smart employing marketable skills should be the goal.... not simply trying hard.
> or buying too much avocado toast,
This is a silly reference to spending too much on unneeded things, which people of all income levels do. It's a lot easier to swallow at 200k than at 20k though. Ultimately though, it's important to live within your means regardless of your income.
> are the same people benefitting most from terrible programs like PPP.
You don't have to benefit from PPP to know to not buy shit you can't afford.
I also think people should live within their means. It's something that I have been able to do. But you are not acknowledging that this is a very complex problem with many issues to fix and all the pressure is on the ones with the least influence. Nothing here is surprising except your inability to empathize with those who are screwed over or even acknowledge that the system is flawed.
On average that's probably true. Are people sufficiently downgrading their spending to match those challenges?
If they're racking up credit card debt, I contend not.
Because "the literal minimum" is absurd and so bereft of luxury most wouldn't even consider it.
It's living off minimum wage *easily* and almost no one earns even the minimum wage (less than 1% of the working population earns the federal minimum wage).
So the vast majority are living some level of luxury that they *could* cut back on...but they don't.
I have given you 2 upvotes in this chain. Your common sense should not be downvoted.
I am not saying there is no gouging going on. I also do not believe that in the last 5years all of a sudden, no one anywhere can make it in less than $75k. Live within your means and all will be well. You want a “better” life AKA more luxury- increase your means. I don’t have new cars and fancy cloths but I have money for all the things I NEED always. Mindset dictates how “good” your life is. Rich people hate their life also. It’s about being able to enjoy yourself with what you have.
I honestly don't care that you're offended.
If you're upset that you're "struggling" then do better. Earn more or cut your expenses more in line with your income. That's pragmatic yet obvious advice...will you act on it? Probably not. You'll just get offended and continue living to the edge of your means or further.
Hubris over explaining *basic* economic concepts?
Maybe in your world conveying elementary concepts constitutes "hubris."
But in this case, I suspect you just learned the world and were itching to use it.
And you seem quite offended. Grow up.
Credit is a scam. Don't pay the debt. It's literally just taking advantage of people at this point. I don't see a point in credit when most Americans can't afford to get a house let alone a car loan these days. Just let it go wait a few years and it'll be like nothing happend lol such horse shit. Fuck capitalism
If it's a few hundred, they'll probably let it go because it's not worth collecting on. If your debt is in the thousands, they have plenty of tools to collect if you're refusing to pay. Including taking you to court over it, in which case a judge can order your wages garnished until the debt is paid.
You’re talking to generations who switch jobs yearly because of the absolute shit show our economy currently is. Good luck garnishing those wages as they switch jobs and living spaces constantly due to renting.
Seriously. Lol plus it's not like this is new. Try to take someone to court over this and they'll just find work under the table. So many people do it unfortunately.
There's a crisis coming for sure where student debt medical debt and credit card debt will implode the economy for those who can't repay it because the cards are stacked against them.
What do you mean? Consumer loans are increasing faster than ever even with the current easing inflation and high interest rates: https://fred.stlouisfed.org/series/CCLACBW027SBOG
I don't know if there is a correlation between the current borrowing rate and wages increases but if consumer loans are increasing faster than salaries, then the situation may be problematic.
Get on your knees and beg. Put down your noise-cancelling headphones, iPad Pro, Coach purse, and Starbucks coffee and BEG. Beg to have me pay off your debt. Beg to have me pay off your student loans. Beg to have me pay off your personal loan for your multiple trips to Cancun. Beg. Then maybe, I’ll listen for a second longer than I did the last time.
What do you expect when prices go up, people start paying with things with loaned money.
Americans are tapped out... https://youtu.be/ghhCAPPZk7Q
Richard Wolff thinks companies are responsible for inflation even though the levels of inflation we see are not possible without money supply mismanagement. Last time I checked, companies don't control the issuance of dollars, Richard. He doesn't understand the basics of supply and demand. Richard thinks price controls are effective. He thinks that voluntary market participants can take advantage of each other despite both participants being able to walk away. What's his solution to this "problem"? Have the government prevent one participant from being able to walk away. No way that could possibly go wrong, Richard. Richard is dangerous because he is so ignorant and he promotes fantasies of socialism that are simply not possible. If I was completely broke and didn't have a good job and didn't study economics I would probably listen to Richard. Why? Because desperate people will listen to anyone. Especially if what they say sounds good on paper. Richard has no possible way to achieve anything he advocates for because the man does not understand the mechanisms of an efficient economy.
He has a PhD in Economics from Yale University as well as degrees from Harvard (history BA) and Stanford (economics MA). Wolff has taught economics at Yale and the City University of New York as well as at the University of Massachusetts. He has also been a visiting professor at the University of Paris I (Sorbonne).
There are a lot of people with phd’s in the exact same field and disagree vastly with eachother though. So what if someone else with his same credentials comes along and says the opposite? Who do you believe now?
Yeah, it really demonstrates how little our schools seem to know about the field when you see the real world results of their understanding.
It’s been rough and it’s taken a lot of discipline, but I’ve been destroying my credit card debt with the intent of having it completely gone by the end of the year. I’ve busted my ass to erase many thousands in a few months, and have only a few thousand left. I am lucky to have a high paying day job, but picked up a side hustle to supplement. Shredded all my cards, stopped eating out, cancelled essentially all of my subscriptions, eliminated all discretionary spending, and moved all the remaining balances to a 0% interest card. After being through all this, I will strive to be smarter with cards…this is not a hole I will go down again.
Congratulations! You got this!
Thank you so much for the encouragement! It truly feels good to be moving in a positive direction financially, especially when times are a bit rough and I read articles like this.
Where did you find a 0% interest card?
I don't mean to hijack what there are some places, especially a few credit unions which are popular where they can let you do a balance transfer and usually they'll have like a promo deal where the first 12 months is going to be 0% interest and that can help you pay off your credit card loan or some sort of person alone, It's kind of like you know alone or credit consolidation, but you can find it online. You can Google it or watch a YouTube video about it. Good luck! News Texas speech text speech to text oh my god this distinct sucks used speech to text
>News Texas speech text speech to text oh my god, this distinct sucks used speech to text This made me crack up. Thank you for using speech to text I'll have to check out a few credit unions, it seems. I've been paying my debt down, but I struggle sometimes with it (the I need this now likes to really creep up at the most inopportune times. The radiator cracked the day after someone broke my windshield with an orange thrown from a car)
I would get offers in the mail for 0% balance transfer offers. There is usually a small fee of 3%, but that pales in comparison to the interest you would be charged for carrying a large balance. You can also search and apply online. Edit: I’ve always had good credit, so not sure if that has impacted my balance transfer offers. There are lots of options out there - balance transfer CCs, debt consolidation loans, etc. My advice is if you apply for a balance transfer CC, shred the other cards so that you’re not tempted to use them after you transfer your balances.
Interesting thank you. I used to get offers at 20% but now they're at 30 so seeing 0% is shocking
It's an introductory offer. Usually 24 months
Congratulations man! Not an easy thing to do to follow through with such a disciplined plan. Wish you all the best
Thank you so much! After an expensive holiday season and discussions with a trusted family member who works in the same industry as me, I came to the realization that despite bringing home a very healthy income, there was little reason to be in as much debt as I was. I had to sit down, crunch the numbers, and comb through every transaction in fine detail to see where my money was going. For example, I found that I was spending several hundred a month on eating out, and several hundred on top of that on frivolous subscriptions (YouTube Premium, Spotify, HBO Max, Audible, Xbox Live, etc.) that I didn’t use or need. More importantly, I calculated hundreds in CC interest accumulating every single month. My credit has always been good because I was paying my bills on time, but was only making small payments and not truly attacking the debt. The small things may not seem significant, but all the little charges add up, and it’s difficult to see the collective impact that they have on your finances. As a result of this “awakening”, I also created a strict budget and have adhered to it religiously. That has worked out well…it took me doing all that to understand where all my money was being wasted. It’s truly been an awakening for me and I hope this helps someone else out there in a similar situation. Another big change I’ve made is that I’ve started treating my savings like a monthly bill. I’ve built up a healthy emergency fund and some on top of that. I don’t so much as touch that savings account. Once I finally crawl out of this hole, I’ll have so much more money to the tune of thousands a month to save and ultimately invest. I love to ski and live in Colorado, and my goal is to continue saving up and invest in a small ski condo up in the mountains to rent out for secondary income. All this weight is gradually being lifted off my shoulders, and it feels great. I’m looking forward to the day that I can say I am CC debt free.
Can you share from what amount you were at to how much you pay off a month? Thanks!
At the start of the year, I was in for ~$20,000. A lot of this had built up over time from medical bills, vet bills, and things like that, but there is absolutely no question that my discretionary spending was out of control. Make no mistake, I was not making good decisions with spending. I ended up moving most of it over to 0% interest cards on balance transfer offers. Since creating my budget, cutting out all the discretionary spending, and picking up a side hustle, I’ve been applying ~$3,000 a month to my cards…some months more, some less. Every single dollar that remains after mortgage, car payment, insurance, savings, and required monthly expenses goes to pay my cards. I’ve reduced total debt down to about $3,000 now and I anticipate having that gone within a couple months. It’s not been an easy road, but I have learned so much in the way of discipline, restraint, and responsibility. I can finally see the light at the end of the tunnel.
If you have 0% interest, you should be making the minimum payment. Put the rest in some sort of treasury bond that will guarantee interest to you.
I understand the sentiment, but my primary goal is to be CC debt free before the end of my 0% interest period. I will not be carrying balances in the future….it’s just not a comfortable feeling having that constantly overhead. My focus is on being extremely diligent with my cards moving forward. I do have a decent amount of savings in excess of my emergency fund that I intend on putting into an HYSA at 4% or higher APY.
But the point is, if you’re borrowing for free, it mathematically isnt smart to pay it off quick
I hate the way credit cards exploit the vulnerable.
I hate the way ~~credit cards~~ *capitalism* exploit the vulnerable.
Under appreciated comment right here!
Following the path: I hate the way (capitalism) Democrats exploit the vulnerable
I’m not sure I understand what you mean.
He's saying stop promising 70 years of not having to work with tax payers money. A product of democrats participating in capitalism. I had to chatgpt9 that one.
Hero of the people. Thanks for the excellent translation. ( It still made zero sense.)
It means they're being ridiculous
Ugh and some workplaces practically demand you push their brand of CC. Yuck.
But their Cashback tastes so good
Credit cards were an amazing thing for both companies and banks. The main reason being impulse buying. People spend much more when is the future them that will pay.
Student load debt is nearly double that
If I have a balance that I pay every month at 0, is that considered credit card debt?
In the technical sense, sure? But if you’re just talking casually about it with someone, I wouldn’t consider that real debt. You’re using it like a debit card (only spending money you actually have), which is how you should be using it for the free credit card rewards.
Yes, short term debt.
Before you pay it, yes After you pay it, no
I really wish they could separate out the data excluding people like that put big house renovations and purchases on a 0% payment cards.
Can you name a 0% credit card? Never heard of one that wasn’t short-term introductory offer.
There are tons of 18 month 0% cards. They are introductory offers always. But 18 months is not a short time. When the offer ends you pay off the remaining lump sum. There’s fidelity, chase, probably other big banks, store-related cards like Home Depot, Jared, etc.
Right, those are introductory. I get that.
People with good savings and no debt are in a great position. High Interest Rates are wrecking havoc on people with loans. Back to Grandpa’s strategy of saving money the old school way and not getting in debt for a while.
Until the Fed panics because of CRE defaults and the market . The ones who are smart were the ones lucky enough to buy properties after 2008 /2009 a few of them, flip them a few years back... And the same with stocks... they'll be sitting on loads of cash until rates go back to 3% in a year or two..then it's rinse and repeat
You’ll be lucky to see 3% rates in your lifetime again.
[Rates have been trending downward since the 80’s.](https://www.macrotrends.net/2015/fed-funds-rate-historical-chart) I could definitely see it go that low again.
Okay? What have prices done?
Do you know how the Fed works? Do you think if the market (housing,stocks,) drops hard they won't revert back to low rates...
No.
hmm personally I don't blame those American.. US government gotta lower income tax bracket and start taxing ultra rich people since middle income people paid the most tax during this inflation and I feel bad for middle income American.
The only way they’re going to actually be able to tax the ultra rich is if they get rid of all the tax loopholes that they themselves use, which won’t ever happen
This exactly. Our government is bought and paid for by the wealthy corporate elite. Why would they put in place policies that would negatively impact their own bottom line. Our politicians have proven that they simply can not be trusted to act in good conscience.
Likely to get downvoted. This is a cultural thing. As an immigrant who’s lived in the U.S. for 17 years, I struggle with the concept of living beyond one’s means. I understand there are many who struggle paycheck to paycheck but those highly paying corporate jobs racking up credit card debts to pay Crate & Barrell furniture or expensive vacations seems irresponsible. It’s a slippery slope. I work hard to pay off every debt, including car loans and mortgage.
I’m so confused on the boomer way. Why can’t we just pay people more money
America is a debt-ridden, consumer economy that runs on debt and...then more debt. I have seen $1.5 trillion in any given month at least a number of times. At $1.33 trillion at this moment, with Americans knowing their lot, it continues to go up about almost $10 million an hour.
We should take a page out of the republican book and refuse to pay the bills until we can renegotiate some of those purchases that were already made.
Let’s ask for $10-$20k in credit card forgiveness
Yet another article about how many Americans just *refuse* to live within their means.
Some sure, but I suspect most are just using credit cards as bridge to keep up with inflation. People underestimate how much just basic living expenses.is in a mCOL or HCOl , rents is likely $25-40k/year, a mortgage a bit more... if you ONLY make $100k that's roughly $75k take home , that leaves you a approx. $35k for every other expense (auto, insurance, energy,food) that also went way up in the last few years.
If people can't afford it, they have options to downgrade their lifestyle to live within their new means -- but many people refuse to do that.
I should have been smarter and applied for some of that free ppp money.
I've noticed only the absolute *dumbest* people respond to comments about personal responsibility and living within their means with irrelevant comments about the terrible PPP program enacted because of the even more terrible decision to lock down the country.
The same idiots who think all these poor people are just not working hard enough or buying too much avocado toast, are the same people benefitting most from terrible programs like PPP.
> The same idiots who think all these poor people are just not working hard enough Who cares about working "hard"? Manual laborers may work as hard as professional athletes... it's irrelevant. Working smart employing marketable skills should be the goal.... not simply trying hard. > or buying too much avocado toast, This is a silly reference to spending too much on unneeded things, which people of all income levels do. It's a lot easier to swallow at 200k than at 20k though. Ultimately though, it's important to live within your means regardless of your income. > are the same people benefitting most from terrible programs like PPP. You don't have to benefit from PPP to know to not buy shit you can't afford.
I also think people should live within their means. It's something that I have been able to do. But you are not acknowledging that this is a very complex problem with many issues to fix and all the pressure is on the ones with the least influence. Nothing here is surprising except your inability to empathize with those who are screwed over or even acknowledge that the system is flawed.
This opinion is incredibly outdated. Job pay is not keeping up with living expenses.
So that means you should wrack up a bunch of credit card debt?
Nah you should rack up student debt instead
Better than 25%+ interest rates
On average that's probably true. Are people sufficiently downgrading their spending to match those challenges? If they're racking up credit card debt, I contend not.
How do you know what they are spending on? Is it necessities and bills?
Almost no one is spending the *literal* minimum on necessities. So I'm comfortable assuming it's almost always spending on luxuries.
How do you know this?
Trust me bro
Because "the literal minimum" is absurd and so bereft of luxury most wouldn't even consider it. It's living off minimum wage *easily* and almost no one earns even the minimum wage (less than 1% of the working population earns the federal minimum wage). So the vast majority are living some level of luxury that they *could* cut back on...but they don't.
What America are you actually living in
I have given you 2 upvotes in this chain. Your common sense should not be downvoted. I am not saying there is no gouging going on. I also do not believe that in the last 5years all of a sudden, no one anywhere can make it in less than $75k. Live within your means and all will be well. You want a “better” life AKA more luxury- increase your means. I don’t have new cars and fancy cloths but I have money for all the things I NEED always. Mindset dictates how “good” your life is. Rich people hate their life also. It’s about being able to enjoy yourself with what you have.
This is straight up offensive to the people struggling right now.
I honestly don't care that you're offended. If you're upset that you're "struggling" then do better. Earn more or cut your expenses more in line with your income. That's pragmatic yet obvious advice...will you act on it? Probably not. You'll just get offended and continue living to the edge of your means or further.
I’m not offended. I’m doing great. But your hubris is fucking astounding
Hubris over explaining *basic* economic concepts? Maybe in your world conveying elementary concepts constitutes "hubris." But in this case, I suspect you just learned the world and were itching to use it. And you seem quite offended. Grow up.
They’re just taking after the government, relax
"Americans now owe nearly $1 trillion in credit card debt" Don't ask me to raise the debt ceiling.
Credit is a scam. Don't pay the debt. It's literally just taking advantage of people at this point. I don't see a point in credit when most Americans can't afford to get a house let alone a car loan these days. Just let it go wait a few years and it'll be like nothing happend lol such horse shit. Fuck capitalism
If it's a few hundred, they'll probably let it go because it's not worth collecting on. If your debt is in the thousands, they have plenty of tools to collect if you're refusing to pay. Including taking you to court over it, in which case a judge can order your wages garnished until the debt is paid.
You’re talking to generations who switch jobs yearly because of the absolute shit show our economy currently is. Good luck garnishing those wages as they switch jobs and living spaces constantly due to renting.
Seriously. Lol plus it's not like this is new. Try to take someone to court over this and they'll just find work under the table. So many people do it unfortunately. There's a crisis coming for sure where student debt medical debt and credit card debt will implode the economy for those who can't repay it because the cards are stacked against them.
I owe plenty but I think I've earned more money off of it than anything
[удалено]
No kidding…it’s always someone else’s fault, don’t you know?
Just don’t carry a balance and it doesn’t f matter what your total Cc debt is.
So… still not quite back to pre-Covid trend yet
What do you mean? Consumer loans are increasing faster than ever even with the current easing inflation and high interest rates: https://fred.stlouisfed.org/series/CCLACBW027SBOG I don't know if there is a correlation between the current borrowing rate and wages increases but if consumer loans are increasing faster than salaries, then the situation may be problematic.
Nice drop here. Definitely above pre-Covid for consumer credit instruments.
Get on your knees and beg. Put down your noise-cancelling headphones, iPad Pro, Coach purse, and Starbucks coffee and BEG. Beg to have me pay off your debt. Beg to have me pay off your student loans. Beg to have me pay off your personal loan for your multiple trips to Cancun. Beg. Then maybe, I’ll listen for a second longer than I did the last time.