The Borrowing LIMITS HAVE BEEN REACHED!

According to Fitch ratings, Americans are missing car payments at a rate not seen in 30 years. So many other economic indicators are flashing 30 year warning signs as well. Interest rates being the highest they've been in 30 years, home purchases at the lowest rate in 30 years, debt delinquencies stacking up and so many others. I think it's safe to say we've hit a turning point in this economy.

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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[viviancarolgioao]

We are debt slaves. We are paying debts from borrowing done in our names, without our consent for the most part. But rather than get a bill in the mail, the interest is built into every good and service we buy. We are the embodiment of debt because the cost is paid by the very lifeblood of the consumer, earned over a strictly limited time called a life. We live on a prison planet.

[tatianastarcic]

It's a bit annoying and unfortunate. When i was born, the national debt was $2, 150 per person. Now it's over $100, 000 per person. And I'm not even that old. It's truly alarming and best advice get out of debt, make regular investments and be debt free and financially stable.

[justinciallella]

I live in a gutted old farm house, and two twenty year old vehicles. Nothing impressive, but zero debt.

[IndependentManInTheHills]

I’ve learned my lesson. Cash for cars. I will never buy a new car. I don’t want them.

[fosterwhales]

I was talking to a friend when he told me that government policy and economic crises no longer stressed him. Curious, I asked him how he had achieved this financial security.

[scootnyinzer]

Paid off my 2015 Fiat 500 4 years ago. It's apparently worth about $5, 000. But when I look at the kinds of used cars that are available for $5, 000, my little Fiat is priceless and I will keep it until the wheels fall off.

[Helen_white]

The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenback. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...

[SyphonGaming]

When will people learn that free money IS NOT FREE....

[euniceduncan]

All it takes is a big medical bill or loss job to put anyone behind on any major bill.

[Danielevens]

My car is 20 years old - paid cash for it, still going 😂

[colleenwilliams]

Owing no money is like sleeping on a cloud and sleeping soundly.

[ThePerimeters]

Once upon a time I lived in Miami. I just love the virtual strolls you provide. So glad you fell into this style of reporting. Your delivery is impeccable and your content invaluable. Thank you Michael for your dedication.

[GreenTRC]

Im going to be out of debt this year yeah!

[kathrynj.hernandez]

Bravo, Michael! For always getting right into your content without any stupid intro.

[mike_tha_trucker]

Getting out of debt can be done under two traits. Discipline and patience…

[UCVibes]

Do not buy any big ticket items at this time. No new cars.

[the_derpler]

I have friends who bought 90k 4x4 trucks just to go to the grocery store. I have no clue why Americans are willing to spend nearly as much on their car as their housing...

[Motoicon]

The majority of financial problems people have is because they can't delay gratification. The borrower is always slave to the lender. Pay your debts you promised to, get out of debt and stay that way. Took me a few decades but I got there, and I sleep very well. And yes, it takes side jobs and sacrifice. Live below your means every day and one day you can live above them.

[brianwashere]

Most of this was self inflicted by buying at these RIDICULOUS prices.

[edmardt]

Still have my '65 GTO convertible, paid 475.00 cash for it from the original owner and that was 50 years ago, those were the days!