Millennials on average are in 28k in Debt. VOL Credit Cards

[moderndarwin]

I was one of those. Had 27k in debt on credit cards on top of student loans. It’s truly a lack of not having long term thinking, being too smart about how cards work, and living a “fun” life. I actually didn’t buy any material things except 5k to fix the car out of necessity one time. Almost all of my debt was travel and going out to party and drink related.

I’ve paid it all off and never felt better about anything. Took 7 years. Refinanced my student loan into something with a much lower interest rate after and now am on that upward trajectory toward stability.

It’s truly predatory lending practices mixed with American mentality on consumerism and frye festival hype. I was a dumb kid that didn’t stop myself and credit card companies that kept increasing limits or allowing me to do balance transfers.

 

[frshstunna]

Millenials are all either in our 30s now or close to it. When you're already in debt from student loans but still gotta be an adult on stagnant wages that aren't tied to inflation or the CPI, yeah you're gonna rack up some CC debt since you weren't gonna be economically stable anyways.

Yea its def alotta ppl wildin out here with the credit cards...but the pay aint hittin right and cost of living steady going up, sometimes you might need to spend on credit just to get by

Your plan for paying it off is all on the individual tho, you can sacrifice and try to get ahead of it or try to be extra comfortable with the minimum or even skipping payments

 

[(*Fin)]

 

[boris]

Yet for many millennials, the slide into debt goes beyond just lifestyle creep. Wages are not keeping up as day-to-day costs continue to soar, according to Alissa Quart, executive director of the Economic Hardship Reporting Project and author of “Squeezed: Why Our Families Can’t Afford America.”

The average paycheck only has the same purchasing power it did 40 years ago, a Pew Research report found. Almost two-thirds of millennials say they’re living paycheck to paycheck and only 38% feel financially stable, according to Schwab’s 2019 Modern Wealth report.

 

[pdino]

Scary. CC debt is high interest. I collect my points/cash back from CCs, pay off in full and keep it moving. Still got 28k in student loan debt though

 

[wr]

Good perspective listening to his show. A lot of smart dumb ppl call in. Not just poor folks struggling with debt. Ppl making lots of money suffering the same woes as well.

 

[ninjahood]

trade schools ladies and gentlemen trade schools that is all...

 

[debso]

increase wages and move these gatekeepers out of the way.
ijs.

 

[illwill8710]

I am proud to say that I am completely debt free as of July of this year. I quite frankly carved my own lane and ignored all of the terrible financial advice that I received from my elders and peers.

I noticed that elders were often reflecting their own financial insecurities on to me rather than giving me sound advice. The only good advice that I would recommend is keeping a nest egg of money somewhere for a rainy day. That can literally be anything from a 401K, stocks, ESOP, general savings etc. Other than that all the advice I've gotten was BS. You really don't need a credit card, a house by a certain age, live in squalor, keep up with the Jones's, support anyone financially without some kind of compensation, invest in blah, blah, blah etc.

Also, if someone isn't in a similar field as you and making the exact same amount as you then they don't need to be giving you financial advice unless that is their profession.

 

[alchemist iq]

live with your mother ladies and gentlemen live with your mother that is all...

Fixed.

 

[lamekilla]

I'm looking at about 300k of debt by the time I finish pharmacy school. Straight terrified of playing around with my CC.....I'm bout to swipe for this Chick-Fil-A though in a min lol

 

[moderndarwin]

I wonder if there’s any correlation between credit card debt and being a fatty? It certainly did correlate for me and I was getting increasingly out of shape and my CC debt kept just going up.

Earn > Spend
Calories Out > Calories In

Life’s so simple when you stop making excuses.

 

[pitman13]

This is why personal finance (credit, taxes, etc) needs to be a bigger part of every High School curriculum.

I've said it in other threads and I'll say it here because I'm a firm believer in speaking things into existence: As a Financial Advisor, it's my mission to teach financial literacy seminars in high schools across the country. I've been actively pursuing this for almost two years now. Unfortunately, the DOE has put excessive hurdles in front of me but I'm persistent and believe I'll make headway soon.

 

[MakeNTGreatAgain]

It's only going to get worse

 

[heatpinoyboy]

Trade schools/community college/living at home (if you can) can all help lower the potential to fall into crazy school debt.

What's not being talked about is the increase in relatively low barrier of entry type of jobs in tech. Contracting coordinator/sourcing/recruiting roles in tech companies pay out.

The lowest paid contracted coordinator is ~26/hr
The lowest paid contracted sourcer is ~32/hr
The lowest paid contracted recruiter is ~38/hr

These jobs require only a bachelors (in anything) with minimal work experience and depending on the company provide a fast track to full time (+equity, +healthcare). Look into Nelson Jobs/Adecco they are the largest partners with tech companies that hires contracted work.

 

[Grine]

$27K balance.

Yikes.

 

[solewoman]

only debt is student loans. and my AMEX but thats because i just used it to book some family travel. will be paid off before bill is due. The AMEX perks are gold.

 

[ninjahood]

It's only going to get worse

I don't think so only on da strength that eventually people will become hip to how important your credit score and overall FICO is in relation to your employment opportunities and viability.

 

[ggarvinxx3]

$0 credit card debt, just paid it all off, my car and student loans are next

Edit: oh yeah and two home mortgages but those are investment properties lol

 

[3900stabler]

I've said it in other threads and I'll say it here because I'm a firm believer in speaking things into existence: As a Financial Advisor, it's my mission to teach financial literacy seminars in high schools across the country. I've been actively pursuing this for almost two years now. Unfortunately, the DOE has put excessive hurdles in front of me but I'm persistent and believe I'll make headway soon.

Good luck.

 

[bendover]

Not me
But my biggest one is student as well

 

[MakeNTGreatAgain]

I don't think so only on da strength that eventually people will become hip to how important your credit score and overall FICO is in relation to your employment opportunities and viability.

I would hope so, but I'm talking about the up and coming high schoolers who see stuff on Instagram they can't afford without using credit far as I know high school still ain't teaching this

 

[ninjahood]

I would hope so, but I'm talking about the up and coming high schoolers who see stuff on Instagram they can't afford without using credit far as I know high school still ain't teaching this

consumers gon consume, you would hope solid financial literacy accompanies it.

 

[southernhospita]

trade schools ladies and gentlemen trade schools that is all...

Community college >>>>>>> trade schools


Most trade schools are shut down due to no funding after being exposed of not being accredited

Don’t let these people fool you while watching Maury you can save that 16K
and spend a fraction of it at a community college that employers will honor

 

[MakeNTGreatAgain]

Community college >>>>>>> trade schools


Most trade schools are shut down due to no funding after being exposed of not being accredited

Don’t let these people fool you while watching Maury you can save that 16K
and spend a fraction of it at a community college that employers will honor

U can still go to a 4 year just be smart and get scholarships