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DEBT
- Thread starter Hobo Hilton
- Start date
We are set to spend 865 billion on just the interest this year of 2024 on our national debt.....next year they are forecasting 952 billion......
Why would these kids these days care out their own personal debt
Doc
Why would these kids these days care out their own personal debt
Doc
How true that is.
Guys at work would always tell me, you can't talk to the boss like that. I'd ask why not? They'd say you'll get fired. So fucking what? What about your house, truck, ect payments. News flash I don't have any, I'm not nor will I ever be a slave to the system, where I have to suck dick at work just to be able to say look at what I got! You want to live that way that's on you but, I don't give a fuck what people think.
Now we have a nation where a very high percentage could not pay a $400.00 bill if it popped up w/o using a C/C. Then it goes up more if it were 1K, then way the fuck up if it was 5K. People becoming a slave do to perception, to me that is a very big, What the Ever loving Fuck are you thinking!
We allow that kind of mind set to vote the direction of this nation, yet wonder why its carrying such debt, laughing.
My kid is learning this, he and his wife are packing away as much as they can. Half the take is going to the "house fund". That still leaves them with play money. She is a Dr. that works with crazies.
Three houses in my AO have sold since July of 2023. All good friends and dear neighbors - two sets elderly couples who just didn’t have farming / taking care of livestock in them anymore and a younger couple who’d bought their dream property just a few miles down the down the road . Smallest house / smallest property went for $435,000 . At near 8% I don’t care how hard a young couple just starting out worked and saved . Buying a ranch home on 3.5 acres and a small barn is out of reach .
The large farm directly south of our place - 50 acres lots of buildings /barns . $1.3 million.
Luckily for us the people that bought it want to farm it not sun divide it . They are both fairly well know personal trainers and have a chain of fitness centers and this purchase was at the top of what they could afford.
Once you factor in bidenomics- what has food insurance vehicles child care taxes the dream of ownership isn’t slipping away it’s being murdered .
The large farm directly south of our place - 50 acres lots of buildings /barns . $1.3 million.
Luckily for us the people that bought it want to farm it not sun divide it . They are both fairly well know personal trainers and have a chain of fitness centers and this purchase was at the top of what they could afford.
Once you factor in bidenomics- what has food insurance vehicles child care taxes the dream of ownership isn’t slipping away it’s being murdered .
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It's being murdered by people with names and addresses...
Here is what I don't think people understand.
The debt numbers are allowed to balloon to mind numbingly high amounts, that people push out of their minds as never going to be paid, who cares it can go on forever etc.
What they don't understand is all those WILL be paid back!
All the stupid "good folks" have been brainwashed to believe this B.S. about how the banks and lenders must always be paid and deserve to be paid first and it's so wrong to not let them get all the usury they so greedily wanted and demanded. Yep the Global Elites have conditioned the Goy to be their slaves and the Goy lap it up.
What folks don't understand is the "Government" isn't promising anything to the Global Elite bankers other than they will send Uniform Hangers to seize whatever is needed at gunpoint and threat of murder from the citizens to satisfy the debt. The government uses YOU and EVERYTHING you think you own as collateral for "sovereign debt". Hence why the Global Elite pretty much demand all nations bow down to the Banking overlords and have debt or we'll use a bunch of "glorious military" from someone else to overthrow you and make sure you agree to the debt slavery.
The debt can go on for a really long time until the Global Elites call time and decide it's time to take their cut.
Well sure the USA suddenly goes bankrupt and can't pay.
What do you think happens next?
Those Uniform Hangers everyone so worships and thinks are such heroes, are going to be enforcing at gunpoint, you losing everything you thought you owned and it all being transferred to the Global Elites and their Elite Global Bankers and you will become a serf at gunpoint as you can now slave away to rent everything you once "owned".
There is a reason the Scriptures forbade usury and spoke against debt.
There is a reason the Global Elites use debt as their most powerful tool of enslavement.
All those trillions in debt to the Bankers will be paid... By you and all your children.
Don't worry people will still be able to say "thank you for your service" and "we know you are just doing your job" to the Uniform Hangers that come to enforce your enslavement at gunpoint. It will make folks feel better to lick the boots once again.
The cost of everything is insane and I can't imagine having to start out fresh out of school this day in age. Food is expensive, gas is expensive, cars are expensive, clothes are expensive, you name it. Even with a great degree in a good paying field, you're not getting ahead anytime soon unless you had zero schooling debt - which is very difficult to do.
My wife and I were lucky enough to be in a great position to buy a great starter home when we were really young, and timed the market right to end up where we are now. I just looked and our $160k starter house is now valued at $282k. Something in the $160k range is a dump in a not great part of town.
Not much I can say that hasn't been said here already, but I'm not surprised at all at the amount of debt.
My wife and I were lucky enough to be in a great position to buy a great starter home when we were really young, and timed the market right to end up where we are now. I just looked and our $160k starter house is now valued at $282k. Something in the $160k range is a dump in a not great part of town.
Not much I can say that hasn't been said here already, but I'm not surprised at all at the amount of debt.
The "flip side" to that coin.
During my working years I traveled for work. A 5th wheel was home. I chased the big money, long term, heavy industrial construction projects like water / sewer plants, power plants, refineries, etc. We were always in a "Boom Town" where people and industry had moved into some sleepy rural town. Infrastructure was years behind and we worked 6 - 7 days a week to get services on line. I never liked being in a Boom Town. I retired to a quiet little rural town. Now, 8 years later, it seems everyone wants to move to Montana. The Boom town followed me here. I am ready to move to another small, sleepy rural community. While my place has doubled in value and is very marketable... I could not qualify for a 5% - 8% mortgage. My house note here is less than what a 1 bedroom apartment would rent for. Not everyone who wants to move can afford to move. Those forced to sell and move for a job are stepping down to smaller homes in order to qualify for a loan.
That’s pretty much what he is doing, though I think it’s more like 75% since he is still living with our parents. He’s the same age I was when I moved out and honestly it might be another year or two until he can find the place he wants as he would have to put up 50% or more in most cases to get the payments down to a reasonable amount.
Plus with prices so high it makes sense to only put the money down on something you truly plan to stay in long term. It’s one thing to be underwater on a place you never intend to leave but it’s another to be underwater on a starter home you only intended to stay in for a few years.
I lived with my parents until I was 27 and I’m sure people judged me for living with them for so long. But on that note they can go fuck themselves because I now live in a 4 bedroom house I can raise a family in rather than being trapped in a 2 bedroom starter home because “you should have moved out as soon as you graduated college”.
All this talk about everything expensive, kids today never own a house - have you seen what people make now? Salaries have gone up astronomically so - yes - "kids" can buy an overpriced house with their overpriced salaries. Issue is you cannot buy the new cars, the new furniture, new iPhone, Starbucks multiple per day, world travel and the new overpriced house.
I was just going to say something like this. When I started my first real job at a real company I was making $30k a year at age 21
I was recently in our "intern hiring program overview" a couple months ago, our senior HR guy that oversees the intern program said starting salaries for fresh college graduates was $70k (obviously not with a women's studies degree, but for those with a serious degree) These interns were making $21-$24 per hour as interns. so a jump to $34 an hour to come on full time for a fucking fresh college grad, holy shit
I still do not think that starting salary level makes up for the jump in housing costs, just saying, it isn't as bad as it looks unless you have no skills and no education and you work at Lowes in the garden dept full time, but kids starting out are still behind.
If you are not on track for a higher paying career, you are just fucked.
Learn a skill like plumbing or electrician and you will be fine. White collar jobs going to India or AI.
Issue is "wanting it all right now".
I took a bit of a different route, moved out, got married and my first "house" was an 8' wide 30' long travel trailer. Me and my new wife lived there for like 3 years. Then we moved into a little one bedroom apt, then a small 3 bedroom house, and now where I hope I will die.
But then again 40 years ago was a very different time.
75' vintage here. When I was divorced many years ago I qualified to buy a house costing 4x more than what I bought. I made great $$ but based my spending on minimum wage/unemployment juuuuust in case. I was fortunate enough to have paid off my home and every other debt about 10 years ago. Covid cost me a job for my choices and having $$ on hand and no bills made it a vacation.
I hope everyone can enjoy the freedom we have to pay tax, insurance and utilities and not a red cent more.
I've never owned a new car or truck, but have nice vehicles and toys from cash. It took a couple of decades to get here but believe me it's worth the effort.
Don't waste your $$ on interest. Don't beat your liver up with your wallet. Make a buck every chace you can and save everything you don't need to throw at being debt free.
You'll love it.
I hope everyone can enjoy the freedom we have to pay tax, insurance and utilities and not a red cent more.
I've never owned a new car or truck, but have nice vehicles and toys from cash. It took a couple of decades to get here but believe me it's worth the effort.
Don't waste your $$ on interest. Don't beat your liver up with your wallet. Make a buck every chace you can and save everything you don't need to throw at being debt free.
You'll love it.
Yes sir.
Very well said.
We've lived debt free for the past 20 years.
And you're correct, they will love it.
I really have no idea what a 21 year old plumber just starting out working for a local pluming company or a large national chain would make. I am going to guess it isn't $70k to start (assume national average, not a high cost of living city), but I admit I know nothing in that area
Agree 100% on part of the problem is "wanting it all now" and part 2 is 'not willing to work hard for it'
My older daughter blew up an awesome start in life because she was dumb as fuck (and of course does not want to hear that from me) Her first real job out of college was $60k/year
She however chose to take so much time off she only made $30k that first year. I can't believe they didn't fire her for job abandonment. Anyway, she wanted to go do stuff and be with her dog, so LOL, sorry honey getting the job is only part of it, the next part is you have to show up and work every day or they don't pay you.
She was debt free, I gave her a car, she had $12k in the bank when she moved out. Far better off than I was at her age, and poof, blew it all to go do stuff and have a dog and an unlimited data iphone. :shurgs: hit bottom and maybe you will grow up... I am not giving her any more money.
I feel your pain.
But, on very, very rare occasions.... The planet's align and I am blessed to meet a young person with a "passion" to make something of themselves.
I have put my stuff on the back burner to help and give as much knowledge as possible to these youngsters. My Dad raised me with his sayings. One of them - "Son, I don't care if you grow up to be a garbage man... Just be the best garbage man out there".....
Mug is 55 years old, graduation present from Dad. Photo of kid who wanted to be a welder. 10 years later, he is a welder...... Life
Silly renters....pay attention to those boomers with more titles than they can keep track of.
At this point if you are an American and deal in USD's... We are all in the same boat.
America is a "House Divided"... Giving up Starbucks or an IPhone is really not going to make any difference.
That would be about like a boomer who stopped taking his prescription meds.
It will all go away, soon. That soft landing the FED's are talking about is a mirage.
What's your plan ?
7 bux a cup 20 days a week and a grand vs $150....but what do I know, I haven't had a house payment since Obama.
The finger pointing continues:
Struggling to find a house for sale? Older Americans may be to blame, according to a new report.
Findings published by real estate brokerage Redfin show that baby boomers, who are currently between the ages of 57 and 75, are aging in place, which is fueling both a nationwide inventory shortage and rising home prices.
The typical homeowner spent close to 12 years in their home in 2023, nearly double the average seen two decades ago but down slightly from the peak of 13.4 years in 2020.
"Aging in place" ! ! ! ..... LOL.... Not seeing a plan for us to go age somewhere else....
www.foxbusiness.com
Struggling to find a house for sale? Older Americans may be to blame, according to a new report.
Findings published by real estate brokerage Redfin show that baby boomers, who are currently between the ages of 57 and 75, are aging in place, which is fueling both a nationwide inventory shortage and rising home prices.
The typical homeowner spent close to 12 years in their home in 2023, nearly double the average seen two decades ago but down slightly from the peak of 13.4 years in 2020.
"Aging in place" ! ! ! ..... LOL.... Not seeing a plan for us to go age somewhere else....
Blame the baby boomers for the housing shortage, Redfin says
A growing number of older Americans are choosing to age in place rather than downsize their homes, which is contributing to a nationwide housing shortage.
www.foxbusiness.com
Lolol!! Funny, but I couldn’t help but notice that, while early 2023 house prices were through the roof and inventory was low, this year inventory is astronomical and prices are coming down. Nothing at all to do with the sky high home loan interest rates today as compared to the same one year ago. Hmmm..,The finger pointing continues:
Struggling to find a house for sale? Older Americans may be to blame, according to a new report.
Findings published by real estate brokerage Redfin show that baby boomers, who are currently between the ages of 57 and 75, are aging in place, which is fueling both a nationwide inventory shortage and rising home prices.
The typical homeowner spent close to 12 years in their home in 2023, nearly double the average seen two decades ago but down slightly from the peak of 13.4 years in 2020.
"Aging in place" ! ! ! ..... LOL.... Not seeing a plan for us to go age somewhere else....
Blame the baby boomers for the housing shortage, Redfin says
A growing number of older Americans are choosing to age in place rather than downsize their homes, which is contributing to a nationwide housing shortage.
That's how I see it. Remember seeing guys take a trailer to San Francisco, turn in silver certificates and haul back a trailer of silver bars.
The old timer's I was around were all buying gold. I did not catch on until years later.
I do hope you're right. The days of till'n land, plant'n seeds, drill'n wells, are pretty much over for me. I'm lucky I can crawl thru the woods, in search of a savory animal, require logistics for me. My younger/healthier days, didn't ever worry about it.
We are in the same boat. I really don't want, or need for anything. I now take the reasoning, do I just want it? OR...do I really need it? 99% of the time, it's just a want thing. And according to my wifey, all she ever bi$ches about, is a second bathroom in the house
! I just tell her..."I'll get right on that, sweetie!" Mac
It bothers me that she thinks she has to remind me every 6 months that something needs to be done.I do hope you're right. The days of till'n land, plant'n seeds, drill'n wells, are pretty much over for me. I'm lucky I can crawl thru the woods, in search of a savory animal, require logistics for me. My younger/healthier days, didn't ever worry about it.
We are in the same boat. I really don't want, or need for anything. I now take the reasoning, do I just want it? OR...do I really need it? 99% of the time, it's just a want thing. And according to my wifey, all she ever bi$ches about, is a second bathroom in the house
You can put a price tag on the value of a personal finance education: $100,000
Many studies show that there is a strong connection between financial literacy and financial well-being.
www.cnbc.com
If I had to buy my house now instead of 4 years ago when I did my mortgage would be $26,000 a year more than it is now. My income in that same time frame has only increased $3,600 per year and I’m a mechanical engineer, most of my buddies in the trades have not gone up as much.
I bought a new car in 2018 and paid it off prior to buying my house, the only new furniture I bought was my bedroom set, my wife makes her own coffee at home, the only traveling we did was our honeymoon and my house is 30+ years old. I don’t know about you but a 77% increase in the largest yearly payment most people make while their income only increases a few percent at best is not feasible for the vast majority of people.
Not only is it not feasible... It is unsustainable.
Few are looking at the economic "ripple effect" after the purchase of a house, especially by a young couple that does not already own the major appliances. There is always more "stuff" to buy and probably put it on a credit card. Always home owners insurance and taxes to be paid...
Plus + Plus + Plus
I would get a Mickey D's large ice tea everyday when it was a buck, they raised their prices, now I drink water, there is a law of diminishing returns.
I am waiting for all the overpriced automobiles and trucks, the market to CRASH.
I am waiting for all the overpriced automobiles and trucks, the market to CRASH.
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It's a heartbreaking reality where financial burdens often imprison dreams and hope.
I'm still paying off my student debt, hate it!
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DEBT / High Interest Rates are getting to be a high risk arena for the financiers. So risky that they are "re-insured" and guess who is paying to insure the lenders ?
Europe's biggest bank, HSBC, has posted an almost 80% jump in its pre-tax profit which rose to $30.3bn (£24bn) in 2023, fuelled by high interest rates.
It comes after central banks around the world raised interest rates in last 18 months to help curb rising prices.
Last week, rival lender NatWest revealed its highest yearly profit since the financial crisis in 2007.
www.bbc.com
Europe's biggest bank, HSBC, has posted an almost 80% jump in its pre-tax profit which rose to $30.3bn (£24bn) in 2023, fuelled by high interest rates.
It comes after central banks around the world raised interest rates in last 18 months to help curb rising prices.
Last week, rival lender NatWest revealed its highest yearly profit since the financial crisis in 2007.
HSBC: Bank's pre-tax profits soar fuelled by high interest rates
Europe's biggest bank, HSBC, has reported a jump of almost 80% in its annual profits in 2023.
www.bbc.com
I'm a late gen x millennial transition Era. I was taught in school to use credit cards, maintain balances and make payments Yada Yada. School tried to teach me to be a debt slave. My first credit card was a 300 dollar limit and the small fee for starting the card was 275. I learned quick that shit was legalized theft
The rules change, there is always the small print and some sort of trap instigated by the bankers and approved by the politician's. Usually occurs as the country is entering a recession, as it is now.
My longest run without credit cards was after the "Debit Cards" came out. Went 15 years without a credit card until traveling / renting a car. I had always paid car rentals with a debit card. Again, rules change, and the national car rental places stopped taking debit cards and required a charge card. Hertz now says "We accept debit cards for payment at most of our locations."... A roll of the dice, now.
I'm dropping my Costco membership (Costco / Citi card) and it appears that interest rates on cards is hovering around 20%....
Tread lightly on credit these days.
…because of banking changes we can no longer receive just a “ATM” card they all are debit cards too,
we set the debit max at $1.00 dollar.
we set the debit max at $1.00 dollar.
1) "It seems more geared toward Capital One getting ready for the Credit Card Competition Act," he said, referring to the legislation proposed by Sen. Dick Durbin, a Democrat from Illinois, last summer.
2) "This merger is great insurance against that law," he said.
2) "This merger is great insurance against that law," he said.
My advice is to never use a debit card for anything other than an ATM
Things go wrong with your credit card, you dispute and don't pay until it's resolved.
Things go wrong with your ATM card, you are begging the bank to let you have some money back in your bank account.
I always use my credit card then pay it off prior to the payment date. Getting 4.35% on my savings account so it’s worth more keeping it there as long as possible rather than paying the balance off immediately.
I prefer credit cards to debit cards, more protection from fraud which is good as it helped me out with the whole liberty optics debacle. Also helped when the one gas station by me stole my card info 3 times over several months. It didn’t happen every time I went but it took until that was the only payment on a brand new card to realize what was going on.
Had it been a debit card they could have cleaned out my account with little to know way to get it back.
In your opinion, which credit card is best to have and why ?
Cancelled Costco / Citi and Lowes / Synchrony and looking for a catch all card. I carry zero balances but ONE is good to have.
I have a debit card account (not linked to anything else) and I transfer into it as needed and keep a small balance for fuel and groceries.
Never had any problems.
I have the Cabela’s card through Capital One, it gets me 1% on everything and 5% at Cabela’s. Combine that with their various promotions, 10% off discounts and ActiveJunky cash back gets me some pretty good perks. I don’t buy from them all the time but at certain points it all adds up to make it the cheapest option typically for optics and other items that have a MAP.
So far it’s been good enough to get the points to pick up two NX8’s for $225, I would have gotten enough points to get both free but it was getting too close to hunting season to wait for that last $225.
The only downside is that it locks you specifically into using your points at Cabela’s but generally speaking there is enough overlap in what I buy that it isn’t a huge concern.
My largest monthly bill is my electric / utilities. I want a CC that I can pay that bill and build points. Will your CC do that ?
Depends on your provider, I pay my water on the credit card but electric and gas have a 2% fee for credit card payments so that gets taken directly from my bank account to avoid the fee.
I do pay for Sniper’s Hide on my CC so every month I get 20 cents courtesy of Frank.
Consumers are not paying debt down.
On an individual level, Americans carried credit card balances averaging $7,932 as of the end of 2023, per New York Life’s “Wealth Watch 2024” survey. That’s up from an average balance of $6,321 during the same time period in 2022.
While the majority of those in credit card debt are allocating the same or more money toward chipping away at their balances, nearly a quarter say they’re contributing less, per New York Life.
Debt holders say they put around $363 per month toward their credit card debt in 2023, slightly less than the $430 they paid monthly in 2022.
www.cnbc.com
On an individual level, Americans carried credit card balances averaging $7,932 as of the end of 2023, per New York Life’s “Wealth Watch 2024” survey. That’s up from an average balance of $6,321 during the same time period in 2022.
While the majority of those in credit card debt are allocating the same or more money toward chipping away at their balances, nearly a quarter say they’re contributing less, per New York Life.
Debt holders say they put around $363 per month toward their credit card debt in 2023, slightly less than the $430 they paid monthly in 2022.
Nearly 1 in 4 Americans with debt are putting less money toward credit card payments: 'People are really struggling'
Credit card debt in the U.S. has reached a record high but around 23% of Americans are putting less money toward paying it down, per New York Life's survey.
www.cnbc.com
Credit card interest rates have ballooned to record highs in recent years — and the growing portion of the formula that generates profit for card issuers is partly to blame, according to a new analysis by the Consumer Financial Protection Bureau.
The average consumer paid a 22.8% interest rate on their credit card balance at the end of 2023, the highest since the Federal Reserve began tracking data in 1994.
Interest charges, expressed as an annual percentage rate, are up about 10 points in the past decade, from 12.9%. Total credit card debt and average balances are also at record highs.
“By some measures, credit cards have never been this expensive,” wrote CFPB’s Dan Martinez, senior credit card program manager, and financial analyst Margaret Seikel.
www.cnbc.com
The average consumer paid a 22.8% interest rate on their credit card balance at the end of 2023, the highest since the Federal Reserve began tracking data in 1994.
Interest charges, expressed as an annual percentage rate, are up about 10 points in the past decade, from 12.9%. Total credit card debt and average balances are also at record highs.
“By some measures, credit cards have never been this expensive,” wrote CFPB’s Dan Martinez, senior credit card program manager, and financial analyst Margaret Seikel.
Credit card interest rates are at record highs. Cards have 'never been this expensive,’ CFPB says
Credit card APRs are at all-time highs. One reason: Issuers appear to be raising their profit margins, according to the Consumer Financial Protection Bureau.
www.cnbc.com
You do realize that the WEF has identified the Libertarian mindset as the number one threat to Global industrialization, right?Credit card interest rates have ballooned to record highs in recent years — and the growing portion of the formula that generates profit for card issuers is partly to blame, according to a new analysis by the Consumer Financial Protection Bureau.
The average consumer paid a 22.8% interest rate on their credit card balance at the end of 2023, the highest since the Federal Reserve began tracking data in 1994.
Interest charges, expressed as an annual percentage rate, are up about 10 points in the past decade, from 12.9%. Total credit card debt and average balances are also at record highs.
“By some measures, credit cards have never been this expensive,” wrote CFPB’s Dan Martinez, senior credit card program manager, and financial analyst Margaret Seikel.
Credit card interest rates are at record highs. Cards have 'never been this expensive,’ CFPB says
Credit card APRs are at all-time highs. One reason: Issuers appear to be raising their profit margins, according to the Consumer Financial Protection Bureau.
Global industrialization is Translated as “world domination” for your convenience.
You have asked me previously if I "realize"... Yes, I realize. That is why it interest me. But, many things interest me.
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