Rantings and tirades of a frustrated economist.
To millennials, credit card debt is immediate. They get a monthly bill and they have to allocate some of whatever income they earn to paying it. Younger folks think death is far off in the distant future and is not immediate. It's just human nature.
I guess it is because many of them do have student loan debt that they are obsessing over that credit card debt is just one more anxiety. To be fair to the millennials, who was going to teach these kids personal finances? Their Baby Boomer or Gen X parents who are way more crappy with their finances than they are? The federal government who is now over $20 trillion in debt?
I skipped the credit card so I wouldn't get caught in the debt trap. Got a debit card instead, you only spend what you have in your checking account, no worries. 😆
According to the article, these jobless or underemployed snowflakes have an average credit card balance of $5290. WHAT THE FUCK? I am 62 years old and have had credit cards since age 20. I carried a balance for two months when my car ate a transmission while I was laid off. Those two months are the only time I carried a balance. Do I have balls of steel that repel debt? Sadly, no. I just decided to pay the fucking credit card off in full every month. I ate rice and ramen a few times when I was a young man. That motivated me to use the card smarter next month. I worked for credit card banks. Don't the snowflakes know that you pay double or even triple for items bought on credit? Why in the Hell isn't that little detail taught in schools? Knowing how to avoid debt traps would be more useful than studying "Social Just Us " Rant off.
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