Inflation is us, earnings are down, but personal spending is WAY, WAY Up! Massive credit card debt is killing a generation of workers.
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Hey everyone welcome back to the Poplar Report it is getting bad out there it Doesn't seem bad on the surface because Everyone's kind of spending money uh We're getting reports that uh personal Spending was up 1.8 percent in January That sounds good 1.8 over December now that's kind of a Little concerning because you're like Wait a minute they spent more money in January than they spent on Christmas Presents and all that kind of stuff in The holiday season that sounds a little Suspect of course you're kind of like What in the world is going on with that Is that more adjustments or something Like that but it's up 5.4 percent year Over year so last January versus this January up 5.4 percent Now inflation's up so things cost more So if you buy the same stuff Well then um you know you'd be paying What 10 15 20 percent more than you did last Year so uh people are getting less stuff Overall but still with the downturn in The economy you would kind of Imagine Especially with what we're seeing with Wages people are not making that much More money and yet they're spending a Lot more and when you start digging into The numbers and you start seeing what's Going on out there you start seeing Numbers like this
Half of Millennials or people basically In their 30s now Have more credit card debt than savings Half of Millennials have more credit Card debt than savings Credit card debt grew 7.3 percent in January So what's happening here Pretty simple People are spending more money Trying to keep the same kind of standard Of living even though they're Inc their Real income is down Their spending is up Because they're still trying to buy the Same stuff And they're just racking it up on credit Cards Um you know they say you know like with Friends like these we don't need enemies Who needs enemies well with With us like this do we need anyone Coming in from the outside it seems like We we as a nation here in the United States and a lot of our Western allies And such are like Aaron same boat people In UK and Australia are we're seeing Similar type numbers coming out of those Countries We're we're just committing National Suicide that's what we're doing Nationally we're just Just destroying ourselves We talk a lot about being
Self-sufficient here on this channel Where you are becoming less dependent Upon the system Racking up credit card debt is like the Direct opposite credit card debt is is Creating dependency it's creating Dependency when you start spending But then it also creates dependency Until you make that final payment back The Creditor Um you right belongs uh or whoever the Creditor is anyway the person loaning The money owns the person borrowing the Money that's just the way it is They they can demand it and your Situation in life can change Dramatically and yet you still owe that Money I'm not saying there isn't good uses of Debt out there But what I am saying is credit card debt Is basically just no nope nope nope Unless you unless you're like a zero Percent interest you know I got my cards That that you know allow me to play some Games with that you know where I'm Getting loans out for zero percent Interest that's okay okay if you like Your points that's cool you know but When you start paying 16 18 20 30 Interest Okay on on your purchases You're going to end up paying more in Interest than you did on your purchase
I Hopefully once again I'm preaching to The choir here but you got to be aware Of the self-destructive Tendencies of All the people around you If you're in a city if you're in a Suburbs if you're in a town This is the kind of craziness that's Happening around you You know there's this urge to kind of Keep up with the people down the street But when you realize that 50 of Millennials or people in their 30s Have more credit card debt than savings And we're not even talking about their Student loans we're not even talking About their mortgages we're not talking About their imploding uh out of control Auto loans When we start talking about the debt That people in the United States have it Is just downright unmanageable Credit card debt grew 7.3 percent in January or about 7.2 billion dollars What's 30 interest on 7.2 billion Dollars Rough the back of the envelope I would Just imagine that's a little over two Billion dollars per year Of Interest You get into that type of situation There and it's just There it's a hard time clawing out now I'm going to throw a Lifeline out there
To you guys Um and not sponsored or anything like That but if you do find yourself into a Credit card hole where you have a lot of Credit card uh interest building up on Loans and stuff like that and you're Trying to claw your way back out of that You might want to talk to someone like Trinity Debt Management they don't like Forgive your debt but what they do is They negotiate with your credit card Companies to lower the interest rates Significantly and in return they close Your accounts so you can't put more Charges on them but they can lower it Down to five percent ten percent I got Myself in trouble and needed to use that A number of years back so uh You know it's an honest thing to do all You're doing is you're you're Negotiating basically with a third party To negotiate with your credit card Companies and sometimes they say 10 Sometimes they say five percent or Whatever or at least that was way back When Um I I talked to them about that and uh They get you on a payment plan as long As you make the payment plans uh you Know you you're still current with your Credit cards but it's a lot lower than Interest rates so if you if you need a Little help kind of Um getting getting
Back over that uh that's probably a good Way to get yourself going in the right Direction instead of you know if if the Interest is like killing you it's it's Rolling over you and you're you're Falling further and further behind don't Don't be there Talk to your credit card companies Negotiate with them negotiate talk to Them and uh get yourself out of debt do What you got to do and and they don't Want you to default on stuff so talk to Them but When you start talking about half of Millennials Have that much credit card debt and that Little of savings We're not talking about a small group of People some obscure uh population out There we're talking about the people That are supposed to be like the Lifeblood of our economy the people in Their 30s I mean they're supposed to be the ones That are going to turn into mid Management or if they're not already in The mid management by that point I mean where's the future of our country If we I mean you can't have much Retirement savings if there's that much Credit card debt right So Be be aware the people that you may be Trying to keep up with maybe just
Putting on a front and they may be up to Their eyeballs in debt and if that's the Case you probably don't want to follow Them over the cliff Don't do what your neighbors are doing Do what you need to do to get through The coming crises Do what you need to do become more Self-sufficient more independent and Less dependent upon the system It's just that simple I didn't say it was easy though all Right there's a lot of cool stuff I I Don't even know how they do it you know I see some of these things as like People have Vacation homes I'm like how do you even Do that like I don't even get that People have these boats and they have All these expensive toys and just like Like how do you afford that I don't even I don't even understand the math and Really when it comes down to it the Reason why the math doesn't work is Because they're just making it up Through loans They're gonna they tick on a loan they You know now some people here obviously Have boats and whatever I'm not Insulting you in any way a shape or form But I'm I'm talking about the people who Are up to their eyeballs in debt because They are are trying to have all the toys And yet they don't have the income they
Don't have all that to to back it up so Um You may see me at some point with a boat But it's probably going to be inflatable Okay I've always wanted a kayak so uh if I get an inflatable kayak that would Make me happy to go out and paddle Around on a lake somewhere but probably Uh more more cost effective probably Just to rent a kayak once or twice Because that's about all I probably end Up using it for real because there Really isn't too many places around here To use it on anyway if you found this Video useful or helpful you might want To check out another video right here I'll see you over there or I'll see you Later Steve Poplar out
