If you actually click through the links, it’s 53% have “added a credit product” where that credit product is a bank credit card. Says nothing about their debt increasing.
So, 53% of a bunch of 20-somethings opened at least one credit card in a 3 year span when almost all commerce went online and the retail stores that remained stopped accepting cash.
Maybe there’s concerning data out there but this isn’t it.
Gotta spin that narrative of irresponsible kids spending money recklessly tho
Although, the study showed that the biggest loan payments were actually for Gen X and up.
Gotta save up all that latte and avocado toast money for my aspirational mortgage payment
The bottom of that “study” is all you need to know about that study:
To better understand how a student loan payment shock may impact a consumer wallet, lenders can leverage TruVision Premium Student Loan Attributes, TruVision Trended Usage Payment Ratio Algorithms and TruVision Trended Liquidity Algorithms.
All that shit was basically just an ad to sell products to financial analysts. CNBC took the bait and advertised the products for them.
It’s not just 20-somethings. I’m 50 and still have $53k in student loan debt.
Yeah I struggled to find anything in the article or linked citations that debt was added, only cards. There was a bit about mortgages and loans but I don’t know how that compares to normal YOY to know if it really means anything.
A very telling omission.
Isn’t it great how we as a society sabotage a lot of our brightest minds by saddling them with predatory debt? This definitely won’t cause any issues.
Don’t forget pointing at them for the rest of their lives and condemning them for the crime of “making bad decisions” ie trying to better themselves and prepare themselves for a fulfilling vocation that either doesn’t exist or pays poverty wages (teachers, paramedics, counselors, etc, stuff decent societies actually value) in the US, all to drink in that sweet, sweet schadenfreude of the suffering of your fellow citizens.
The oligarchs used their bully pulpit of all major media that they own to train us to undermine one another, compete against one another, and root against one another so we’d never unite against our common enemy, them. This is merely the result of that, all the peasants blind after stabbing each other’s eyes out, with the owners looking down at their livestock and laughing.
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I hope it crashes honestly. Sharp short term pain is a far better than this engineered, perpetual state of tens of millions barely subsisting to meet the growth/metastasis expectations of our plutocrat owner class. It’s never enough for them, and today will look like paradise if they continue to get their way.
That’s wishful thinking, but make no mistake, this exploitative economy cannot be repaired. It is too corrupted, too controlled by the tiny class of beneficiaries at the top through governmental and regulatory capture. The worst case is that it survives this and survives the climate apocalypse it caused, because that just means generational misery without end.
I’m sorry you and your family are struggling, it’s wrong, and it speaks ill of me and all my fellow Americans to allow it to continue.
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How much student debt did you get and what degrees did you get? Any reasonable degree and as long as you didn’t just waste time at college for 10 years on a bachelors, you should be completely fine.
You don’t seem to want to know the answer.
“should be” doesn’t account for the realities of the hiring process, the intense credential inflation, or being positioned well enough to take advantage of opportunities when they arise.
People didn’t go out and get useless degrees, they were trained for fields that were rendered obsolete by the time they graduated and are facing intense competition with absurd requirements.
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Right? I have yet to hear any of these “patriots” mention the national issue of no longer being able to compete on the world stage because American students can’t afford to be students anymore… or to, you know, just live.
Housing, education, cost of living are shameful. Richest country in the world and it’s all sitting at the top permanently out of reach. I’m highly educated, and I still just want to shut down constantly.
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students get 50k in debt to make 1-1.5m more in their careers. It’s an investment, how is that predatory?
I understand some practices are, and it’s been spurred by the government releasing the flood gates of loans, letting 18 year olds rack up 200k in debt while encouraging universities to bloat the costs of college, but for the most part, getting a degree and going in debt is worth every penny.
Didn’t credit start the Great Depression? Seems we need to rethink credit as a whole
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Or at least teach teenagers how it works. Interest too. Oh, and while we’re at it, taxes.
Yes, but even more important, start teaching the social contract again, because the majority of Americans seem to take joy in the struggling and suffering of their own neighbors.
Abraham Lincoln said “a house divided cannot stand,” and we got Americans scamming other Americans, laughing at them for it, and calling it rational self-interest instead of sociopathic greed.
Even more better actually fight for affordable education
Fuck the social contract. It’s only the have-nots that are encouraged to follow it, meanwhile the others do whatever they want, at the expense of the poor.
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Because society is not a monolithic hive mind and there are plenty of people who will be good to you if you’re good to them.
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So treat everyone like shit because some people will do it to you? Really?
Can’t believe you’re being downvoted for encouraging financial literacy.
lol. Right?
It doesn’t matter. I was taught all that, it meant nothing at the time. I was quizzed on a 1040-ez, which doesn’t exist anymore. Also about half the graduates could understand it in the first place, reading comprehension and mathematical literacy are shockingly low.
Because it isn’t relevant. It is lecturing people on the statistics of how dangerous driving it is and then sticking their place of employment in an area where car is the only way to get to it. Just because you know how badly you are screwed doesn’t make you unscrewed. Also the tone implies victim blaming which fuck that noise.
JFC you REALLY have a victim hood complex don’t you? Seriously, calm down.
Yeah you don’t have kids.
How does pausing Student loan debt cause more credit card debt? Shouldn’t it cause less because people have more money?
The first rule of financial literacy is to stay from credit card debt like the plague. Have we failed as a society to teach this?
When your life is already irrevocably fucked for listening to what you’re told for 18 years and attempting to better yourself by pursuing a vocation you’re passionate about, in a country that doesn’t value the most important professions like teaching, you can eat saltines in a rented room and wait to die while your fellow Americans insult you for “making bad decisions,” or you can buy a nice thing with a credit card and then continue to eat saltines in a rented room waiting to die while your fellow Americans insult you.
At least with the latter you have a nice thing to die with. Sure as shit won’t get any “nice” from your fellow Americans who gain pleasure from your misery.
I think it has more to do with why student loans were paused, the pandemic. Think of the number of people who lost their jobs and what the job market looks like now.
The first rule of financial literacy is
Not taught to most Americans, unfortunately.
The article doesn’t go into how much debt anyone took on nor if anyone factored in student loans before taking on more debt.
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Should it, in theory yes. Did it, according to this article no.
No, no, no, no. You’ve got it all wrong. With the payments on pause, that meant they would never have to repay the loans. So, of course, that means go buy ALL the things.
There are probably plenty of people who got screwed by Covid, and had no choice but to pay for stuff with credit, but I’d guess a lot of people thought the pause meant it was gone.
Probably?
What is your fucking damage? Do you have the slightest inkling what it was like for parents for those two years? How about essential workers? How about you fucking redhats screaming about masks and vaccines?
Jesus. Calm down. lol you couldn’t be more off base.
I’m pretty sure the person that flipped out about a sarcastic post on a social media site is the one with “fucking damage”.
You’re telling me that instead of taking their excess cash from interest payment freezes and paying the principal of the loans, people spent it and spent even more and are still going to complain how they have student loans?
