High interest rates and crippling inflation brought about by President Joe Biden’s disastrous economic policies mean young people are carrying more credit card debt than previous generations.
“Housing inflation has proven to be one of the most troubling factors driving up the cost of living, with rents exceeding salaries in all but six of the top 50 metropolitan areas.” report Yahoo Finance. “Soaring food prices and high student loan debt are also factors that are forcing young Americans to tighten their belts by cutting back on spending on essential items.”
Maybe idiots like this should stop moving to the metropolitan area.
TransUnion reports: [housing] Costs commensurate with entry-level salaries are imposed. [the] Young people born between 1997 and 2012, the so-called Generation Z, are “increasingly relying on high-cost revolving debt, such as credit cards, to make ends meet.”
“This generation is feeling financial stress more acutely than millennials did a decade ago,” TransUnion researchers said. Wall Street Journal:
The average U.S. credit card balance for Gen Z consumers increased from $2,248 a decade ago to $2,834 last year. The added $586 is a figure adjusted for inflation.
Debt burdens across Americans have generally become more unaffordable, with the median monthly minimum debt payment for U.S. consumers increasing by 32% between 2020 and 2023, according to the Wise company. This was well above the 18% inflation rate for the same period.
Here’s the brutal reality: People over 60 saw their monthly payments increase by only 11%. [which is] less than the overall cost of living increase[.]People aged 18 to 29 saw their monthly payments increase by a “staggering 74%”.
Here it is how of wall street journal destroy it…
The average annual salary for college graduates in 2020 was $58,858. Three years later, that number was little different at $60,000. Over the same three years, the average monthly rent increased by 22% to $1,987. Add to this Biden’s insane food inflation and you have a cost of living nightmare.
And let’s not forget the impact that the importation of more than 10 million illegal aliens has on housing costs.
Young people need to understand that this is what the establishment wants…they want to enslave you into debt. Big government, big business, big finance, etc. want you to be confined to their plantations and toiled away until you die of stress and exhaustion. Then you’ll keep paying 28% credit card interest, keep going to work, keep taking medication, and keep renting because you can’t afford to own anything, like a house or a car. Debt guarantees your dependence. Debt makes it impossible to disconnect from the mainframe. The Borg group continues to ring due to debt.
If you are forced to buy food with your credit card, you will never be able to get out of that abyss.
But are you shopping smart or shopping stupid? Is your food coming from a restaurant? Do you subscribe to Netflix, Disney+, Max, Spotify, etc? Do you take Uber everywhere? If so, you’re an idiot.
In the mid-1980s, I worked as a gardener’s assistant at a nursing home. I took home $700 a month. I spent about $450 of that on rent, bus passes, gas, electricity, and phone bills. Still I didn’t have a credit card. I have no debt at all. why? I survived on rice, macaroni, Hamburger Helper, branded coffee, and being at home. I watched broadcast TV (still free) and occasionally rented movies from the local library for $1. Yes, I fell into financial trouble, but I never fell into debt. After we got married, I paid off the house for him when he was 37 years old, even though I had no educational background. I now have everything I want and no debt.
You can make the interest work in your favor or against you.
You can be owned or you can be free.
If I were to start a job now, I’d move to a dying small town in the Midwest where housing is cheap. You can build something there. In these “metropolitan areas” you are a slave. I’ll never be rich, but no one owns me.
John Nolte’s first and last novel. borrowed time, winning five star rave From daily readers.You can read an excerpt here and a detailed review here.Also available in hard cover And even more Kindle and audio book.
