This Disturbing New Debt Scheme Is Enslaving Americans!

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This Disturbing New Debt Scheme Is Enslaving Americans!

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Americans Have A Disturbing NEW Debt Problem!
Here are the current & shocking debt statistics for the USA:

Personal debt is now $15.6T! Per adult this equals $61,000 with 77% of US households burdened by debt

The USA has $850 billion in credit card debt. An increase of $50 billion just in the last few months. This is the biggest increase in 22 years

90% of U.S. adults have at least one credit card on their credit reports, and 75% of adults carry a balance from month to month - 75%! The average APR is 14.5% & the average credit card balance is $16,000

As the second-most popular type of credit, two-thirds of U.S. adults have at least one auto loan. The total now tops $1.4T, an 80% increase in under a decade. Over 85% of new cars are financed with the average monthly payment being $470

The average personal loan debt now stands at more than $16,500
The average balance for a student loan was more than $58,000

And this is without covering HELOCs and mortgages, which dwarf the others

It’s called Buy Now, Pay Later, aka BNPL. The principle behind BNPL has been around for centuries, but it didn’t really become widespread until the American middle classes adopted the scheme in the roaring twenties

As the decades rolled by, it became more and more accepted as a way of financing ‘big ticket’ items, such as kitchens, bathrooms, and large furniture items

Because if you’re able to buy something now and pay later with 0% interest, then it’s got to be a great idea…right? WRONG

The BNPL sector is now HUGE, and it’s only getting bigger day by day, here’s some statistics:
55% of Americans have used BNPL
BNPL Fintechs facilitated 20 to $25 billion in transactions in the US last year
In the UK, Britons have spent a combined £5.79 billion on BNPL, with £4.12 billion still left to repay.
An estimated 7.7 million UK shoppers are now indebted to these providers
Yes, it was a form of credit, but one that was restricted to certain types of items – which in turn meant it was suited to wealthier age groups and not readily accessible by teenagers

And it’s just as bad in the US with teenagers who are, on average, repaying more than $250 per month on BNPL arrangements

At present the BNPL industry is largely unregulated, meaning there are virtually no safeguards in place for consumers

BNPL lenders can literally write their own rules and are under no obligation to be transparent about how they operate or how consumers can be affected financially if they fail to keep up with their payments

But since many BNPL schemes don’t apply interest, how are they making so much money you ask? Hefty FEES. In the UK, £39m in late fees were paid over just one year alone

They also charge admin fees as well as additional charges for debt collection if you don’t keep up repayments. This is where they get you

Many BNPL lenders are also providing the option to ‘extend your payment plan’, beyond the original payment period. This is the point at which they will start to charge interest - some providers are charging more than 40% in interest

Compare this to your average credit card APR at almost 15%, and that credit card doesn’t look quite as bad anymore

Conclusion: So what do I advise here then? The easiest solution is of course to avoid BNPL like you would the plague! But apart from that:
1. If you are struggling right now, can a friend or family member help out just until you get back on your feet?
2. Cut your expenses down! You don't need the latest fashion or that flashy car if you can’t even afford your basic necessities
3. Share this video with a family member or friend so they don’t become debt slaves to these parasitic companies themselves

DISCLAIMER
This video is for entertainment purposes ONLY & designed to help your thinking, not direct it. These videos shall NOT be construed as tax, legal or financial advice and may be outdated or inaccurate; all decisions made as a result of viewing are yours alone.

Sponsorships: Neil McCoy-Ward may earn an affiliate commission or referral bonus from any product or service listed or discussed.

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I am unimpressed with student loans. I know someone that paid $30k for education to make $18/hr in their job. Ridiculous

frankz

Absolute madness..I don’t think people will ever learn. They will be on that hamster wheel until the day they die 🤦‍♂️

oneeleven

In the 60's we called it 'on the never never'! Cos' you could never pay it off! Pure evil.

stephengirling

Nobody is forcing these poor to consume beyond their means; they are welcome to produce.

gastUCR

I blame a lot on the parents having provided their children with everything and therefore having not educated their children of the cost and value of things.

johntheaccountant

I've been saying for a year now that this is a sure sign the economy is about to go tits up. When you see payment plans for something that costs five dollars you know the economy is big trouble.

Jack-nykn

My grandad always told me if you can't buy it twice or cover the payment twice you can't afford it. My mother never listened to him. I remember the debt collectors turning up a few weeks after Christmas and taking mine and my sisters bikes when I was really young. I remember having to put money into a box that was fitted to the TV just to get it to turn on. Also the bullying all throughout my school years for been poor. This was enough to scare me away from taking out debt (not a mortgage) or even borrowing money from friends and family. I suppose been a tight Yorkshire man helps.

investingwithanxiety

My wife has great taste and has an excellent income. She and her colleagues are smart Goodwill shoppers. Conversely, my lower income relatives wouldn't be caught dead in a Goodwill.

rrussell

Slavery wasn't abolished. It was digitized.
Unreal video, Neil. Absolutely shocking.

BryanDenlingerKJVM

Most of my life when I have looked at the cost of something I would always work out in my head how many hours or weeks of work it cost.

darrylknight

The problem is that savers and people who live frugally have been absolutely wrecked in the past 15 years, while people with complete financial incontinence have been able to accumulate huge amounts of assets and have made themselves far wealthier. Of course this will change at some point, but people aren't known for their patience or foresight. As long as this continues then people will rush to take on debt at every opportunity.

Galloway

Thank you for caring about people who are not privileged, and providing information

alysamali

The borrower is slave to the loaner, just like God's word tells us!

lolapalmer

This is disgusting. I really don't know how many are going to survive this upcoming depression.

professionalgambler

I'm not well off, but I have zero debt. Received a lot of offers to transfer my credit card balance to another '0%, they get a percentage of the transfer. After a year, if you still owe, here comes the big interest rate. I only have my property tax on my card, pay the first half off in 6 months, then start over with the second half. My current credit card is much lower interest than what they offer after a year. Can't afford it, don't buy it.

shihtzuluvrtwo