Inside America's Credit Card Debt Crisis

The total household debt hit a new high -- so why is it so high?

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[ryanschrimpf]

$70, 000 first time credit card limit for a 19 year old college sophomore? That makes zero sense.

[lauraallisonn]

They raise interest rates, but then continue their obscene overspending and money printing. Such a mess

[aaZhan]

There's absolutely no way you got approved for 70k for your first credit card. All it takes is one piece of misinformation. How is anyone supposed to accept anything is true if you start with a lie?

[wantsome-zssq]

Gen X here I'm 47. I'm not a good consumer I don't have debt. My house is paid off. My credit cards are paid off. I don't have a car payment. I have $20k in savings.

[AJourneyOfYourSoul]

I have never held a credit card balance. I pay it off every single month. 35 years I have had credit cards. All about being disciplined and living within your means.

[oldhag]

A large part of the problem is that economics education is almost nonexistent in U S. public schools.

[hunterjones]

I'm so glad that after I had a credit card in college I burned it, paid it off, and have never had one since.

[sarawilliam]

Rate cuts commence in June 2024, taking 6-8 months to complete. A potential crash, if any, might occur by March 2025. The soft landing narrative is gaining traction, making this big recession everyone is calling for less likely. With $1 million from a business sale, I'm seeking profitable investment opportunities for the next 3 years.

[zeshanfarooqui]

Credit card key messages: pay them off in full each month. Enjoy the rewards. Try to use no fee cards.

[kortyEdna]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[LilMalice]

Nice video but there's no way you got approved for your first credit card with a whopping $70k. You'll need over a 750+ credit score for that

[dennishubert]

Great video! I really do have a quick question. For someone with less than $10, 000 to invest, How would you recommend we enter the market? I am looking study some traders and copy their strategy rather than investing myself and losing money emotionally. Whats your take on this approach?

[ajp]

That why I don't accept any credit card offers from the bank.

[canubeleiveit]

He must have been an authorized user on Mommy and Daddy's account 😂😂

[investidorsardinha]

Your videos were great!! I'm one of your viewers and have been watching your videos lately. I would like to invest, but I still can't find the right investment to commit to. I will appreciate any help here.

[ICHope]

When I was in College a student could only have a credit card if they had rich parents who gave them. I was out of college for about 5 years before I was able to get a CC. I think the credit limit was only about $1, 000, it was a department store card so couldn’t be used for anything other than merchandise from that store.

We should go back to those times.

[ntatenarin]

When I was young, my parents never taught me what a credit card was, so I just signed up for one. I didn't understand why anyone would use it if they had to pay it back later, but thankfully, I understood I had to pay it back every month or else something bad would happen (I didn't know what back then).

Now, I still pay off my credit cards and just enjoy their rewards.

[Atem_S.]

70K.. My 1st card was when I was in Cegep and it was a student one and was 500$... This is wild!!!

[ryanmeier]

Also, the financial crisis didn't really happen from debt. It was corruption if credit default swaps. Basically strangers could insure a house if it default and take a portion of the value of the house. So imagine 100 people insuring a house for default.. Once it did houses worth like 500k were paid out in the millions of random people and companies. There were other causes but this was definitely the match

[Homer-OJ-Simpson]

OMG, one of the few videos to report on credit card / debt with balance! Great video.