This is CRUSHING Americans' wallets right now | Morris Invest

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According to data from the Federal Reserve Bank of New York, Americans’ total credit card balances increased by $50 billion in the fourth quarter of 2023, reaching a shocking new all-time high of $1.129 trillion.
At the end of 2023, the average credit card balance being carried by Americans was almost $8000. Cardholders say they are putting about $363 toward their balances every month, which has gone down from $430 in 2022.
If you’ve ever looked at a credit card statement, you’ll know that making the minimum payment doesn’t get you very far. And if you’ve ever tried to get out of credit card debt, you know that paying less money every month isn’t the way to go. You really have to be aggressive with your payments to make progress.
It can take years, or even decades, to get out of credit card debt if you’re only making the minimum payment. This is because most of your payment is going toward interest. Only making the minimum payment allows charges to accrue, making it exponentially harder to get out of debt. It’s really a trap and clearly – a lot of Americans have fallen into it.
We’re also seeing record rates of delinquencies on credit cards. The same data from the New York Fed found that credit card delinquencies surged more than 50% in 2023.
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[austinbar]

The economic crisis and downturn are all the signs of 2008 market crash 2.0, so my question is do I still save in the US dollar or is it okay to move all emergency and savings to precious metals?

[BobHarvey.]

Unless you’re financially independent credit cards should not be used for large purchases unless their balance can be paid in full with one or two payments. Most Americans don’t understand debt or how money actually works.

[chrishorton]

Quit saying "predatory". The term suggests that the bank showed up and forced me to take the loan. Are they taking advantage of the situation? Yes, of course. It's up to the borrower to understand the terms

[suzannebiddiscombe]

Honestly, I think people are paying for groceries, gas and even credit card payments onto their credit cards. I don’t think they are taking elaborate vacations.

[kqshtgf]

It's the same with your mortgage. You should always pay off more than the minimum payment, especially at the beginning, in order to avoid paying tens of thousands of dollars in interest payments.
This can easily be done if you don't have a car payment.
They set up a thirty year loan in order to make themselves rich and most people go along with it.
Just because a 30 year loan was signed, doesn't obligate you to actually take that long to pay it off.

[CapitalismDeathSpiral]

Credit cards not being paid off. No livable wages = using debt is just survival with no accountability

[dera]

Only if absolutely needed, use debt for needs far more over wants. Using debt for wants is extremely dangerous. Get commercials out of your life as best as you can, this will kill that desire to spend all the time.

It is your application that got you that card, so it is up to you how that card is used. In the end, whatever debt you do end up with this is because you chose to have that debt. Whatever your life situation may be, you are there because of all the choices you made in life leading up to it.

[JayZ-toup]

Clayton, everybody in America should watch your channel. You give out so much good information with every video you put out, that the American public would be so much better off just watching your videos rather than listening to all these financial gurus out in YouTube world. Thanks for what you do! Keep doing what you're doing! I really appreciate the valuable information you put out.

[outlawtribe]

It's new to my area some stores are starting to charge 3-6% for using a debt card or credit cards.

[PhilipMatthewsPAEACP]

As long as we can buy enough money to pay a bit of the compounding interest we can buy some more money! There is no problem unless the money printers want there to be a problem!
And I am sure they don't want that because people will be aware of the new CBDC system and will demand that implemented to save their bacon if the system can't print any more money!
SO NO NEED TO WORRY! LOL

[cynthiataylor]

NO NO NO HOME PRICES ARE PLUMMETING WILL DROP 50% DO NOT BUY NOW, LATER AFTER IT REACHES TO THE BOTTOM. CINDY 👋

[billyjoesmo]

100 billion to Ukraine why don't we send 50 billion and pay everybody's credit card debt off😊

[MONEYBAGARTS]

YAHUWAH IS OUR CREATOR AND YAHUSHA IS OUR SAVIOR THOSE ARE THE REAL NAMES REPENT AND RENOUNCE FROM ALL SIN BEFORE ITS TOO LATE AND DO NOT ACCEPT THE MARK OF THE BEAST STAY BLESSED WITH THE TRUTH !❤🎉🙏😇

[nenat]

Yes im definitely not using it for vacations i agree im paying for food gas medical medication bills rent its hard i never thought i had to pay my groceries in payments im getting worried

[davidheater]

Clayton, thanks for a the advice on Akemf, and, frankly, the pump! I got in heavier after your video early yesterday and today, sold the peak at upper 26. The pullback has started, and it’s diem iver 10% already!

[PK-cjpg]

Use debit cards, avoid credit cards at all costs! It's a dangerous financial trap!

[stainedglass]

We don't spend what we cant afford to.. I put money aside "bank for things I know I want or will buy, savings now has minimised.

[jacobspranger]

I like to see how many weeks i can go without spending any money. Its difficult to make it to three weeks

[alchemistchris]

Hi Clayton, you mentioned a Lithium company to invest in and i for the life of me i cant find the video with the stock ticker. Could you please refresh my memory? thank you for all the valuable info and you time

[trueconspiracies]

I paid off my CC every month and solved my debt problems when I divorced.