Archive for the ‘Debt’ Category

“A survey published by Citizens Bank earlier this year states that almost 75% of Americans wish they had done more to minimize their student loan debt.” -Robert Kiyosaki

“Since we are not taught to strategically accumulate capital, we rely on the capital of those individuals and institutions who do. We borrow from investors, banks, mortgage lenders, credit card and consumer credit companies in order to pay for the things we need.” -Ryan Griggs

“‘If I were given $1 million’
According to the respondents, here are some of the things people would do if they suddenly received an influx of cash…

  • 54% of respondents would spend it

According to Charles Schwab, Americans are paying attention to their friends’ personal-finance choices. Sixty percent of people said they’ve wondered how others on social media were able to afford things like expensive trips… And out of a variety of factors (including family, friends, and co-workers), social media was reported to have the worst influence on money management…

A whopping 59% said they live paycheck to paycheck, and 44% carry a credit-card balance or struggle to keep up with payments, according to Charles Schwab.” -The Crux

“Tom and Kate know they have a serious debt problem…

They spend their lives in a constant state of stress – trying to figure out ways to juggle their debt. They consistently live beyond their means. The only thing that limits their spending is the limit on their credit cards.

Tom and Kate are in the top 15% of U.S. households, bringing home a combined $160,000 per year. Yet like many people, they’re deeply in debt… spending everything they make and borrowing even more.”

-Bill McGilton

“Our credit system is currently sitting at $68 trillion. It’s the largest debt ceiling in the history of the world. It’s more than twice the value of every single home in America put together… More than three times the value of every single U.S. bank’s assets combined… More than 20 times the trillions of dollars the U.S. government collects in taxes every year.” -Van Bryan

“The married couple of 20 years is just a step away from financial disaster….

Millions of over-leveraged consumers – who can’t distinguish between a ‘want’ and a ‘need’, refuse to live within their means, require a certain standard of living, and use most of their available credit without knowing when or how they’ll pay it off – are a big credit risk. They live on the edge of default….

Inevitably, irresponsible lending always leads to a bust….  Credit-card debt is growing so fast, it’s even outpacing strong wage growth….

Trouble is brewing… It’s only a matter of time before this recklessness blows up.” -Bill McGilton

“In the final quarter of 2018, U.S. credit-card debt reached $870 billion – outpacing the recession – according to Bloomberg. The U.S. has added 100 million credit cards to its circulation since the financial crisis…there are nearly twice as many credit cards in use as there are adults to use them.” -The Crux