Young people are burdened with more credit card debt than their predecessors due to President Joe Biden’s devastating economic policies ‘ high interest rates and terrible prices.
” Housing prices has proven to be one of the , stickiest components , to drive up the cost of living, with , prices outpacing salaries , in all but six of the top 50 urban areas”, information Yahoo Finance. As young Americans are forced to tighten their belts by cutting down on necessities, rising food costs and high student loan debt even play a role.
These stupid ought to prevent settling in large cities.
TransUnion reports that” these higher ]housing ] costs matched with their entry- level salaries have forced]the ] young people” what we call Generation Z, born between 1997 and 2012,” to rely much more often on expensive forms of revolving lines of debt —such as credit cards—to make ends meet”.
” This is a generation that is feeling financial stress in a more acute way than millennials did a decade ago”, one researcher at Trans Union , told , the , Wall Street Journal:
The normal available balance on U. S. credit cards for Gen Z users grew to$ 2, 834 next month versus$ 2, 248 a century before. The addition of$ 586 was made to account for inflation.
Debt burdens in general have become harder to shoulder for Americans as a whole, with U. S. consumers ‘ median minimum monthly debt payments , growing by 32 %  , between 2020 and 2023, according to Wise’s company. This significantly exceeded the 18 % rate of inflation over the same time span.
Here’s the brutal reality: Those aged 60+” saw their monthly payments rise by only 11 % ,]which is ] below the overall cost- of- living increase [. ]” A” staggering 74 %” increase in the payments for 18- to 29-year-olds was reported in their monthly payments.
Here’s how the Wall Street Journal breaks it down…
The median annual earnings for recent college graduates was$ 58, 858 in 2020. Three years later, that number barely budged at$ 60, 000. During those same three years, the average monthly fee jumped 22 percentage to$ 1, 987. Increase in Biden’s crazy food prices, and what you have is a price- of- living nightmare.
And let’s not forget the cover costs associated with importing ten million plus illegal creatures.
Younger people need to realize that the establishment wants you to become a debtor. Big Government, Big Business, Big Finance, and the remainder want you stuck on their farm, toiling away until you die of stress and exhaustion. That way, you keep paying that 28 percent credit card interest, keep coming to work, keep taking your pills, and keep renting because you ca n’t afford to own anything—like a house or car. Bill ensures your dominance. You ca n’t disconnect from the mainframe because of debt. Bill keeps the Borg collective playing.
You will never leave without being forced to use a credit card to purchase foods.
But do you choose to purchase intelligent or foolish items? Is your meal coming from franchises? Are you subscribing to Netflix, Disney+, Max, Spotify, and the like? Are you taking an Airbnb everyday? If so, you’re an imbecile.
I worked for a medical household as an aide gardener in the middle of the 1980s. I brought home$ 700 a month. My book, vehicle go, gas, electric, and mobile ate up around$ 450 of that. However, I had no payment cards. No loan at all. Why? Because I got by on corn, macaroni, Hamburger Helper, store- company coffee, and staying house. I occasionally rented a movie for$ 1 at the neighborhood library and watched broadcast TV, which is still available for free. Yes, I treaded economic ocean, but I got by without sinking into arrears. After I got married, and without a college education, I paid off my residence at age 37. Now, I have all I want and no debts anymore.
You may turn attention into a win or lose combination.
You can be owned, or you can get completely.
I would relocate to some aging, low-cost small city in the Midwest if I were just starting out today. There, you may create things. In these “metropolitan areas”, you are a prisoner. I’ll not get rich, but nobody owns me.
John Nolte’s first and last book, Borrowed Time,  , is winning five- sun shouts from regular users.  , You can read an excerpt , around and an in- level review , around.  , Even available in book and on Kindle and Audiobook.  ,
