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How to manage your debt.


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  • Platinum Contributing Member
Just now, snoughnut said:

Funny but oh so true. Amazing how some American consumers believe they deserve so much more than they can afford. Let them learn the hard way.

The bank has lots of money.

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24 minutes ago, snoughnut said:

Funny but oh so true. Amazing how some American consumers believe they deserve so much more than they can afford. Let them learn the hard way.

What is the hard way ? Rack up 10s of thosends in cc debt then stop paying not even file bankruptcy and in 3 or 4 yrs they start sending you more cards .

 

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Gen Z — Average debt: $16,043
 

Millennials — Average debt: $87,448
 

Gen X — Average debt: $140,643

 

Baby boomers — Average debt: $97,290
 

 

Here's the average credit card debt broken down by generation:

  • Generation Z: $1,963
  • Millennials: $4,322
  • Generation X: $7,155
  • Baby boomers: $6,043
  • Silent generation: $3,177

 

boomers really love that debt imagine being retired or close to it and you are still in debt no wonder a lot of them still work for “fun” 😂 

 

https://www.cnbc.com/amp/select/average-credit-card-debt-by-age/
 

https://www.cnbc.com/amp/2021/10/13/how-much-debt-each-generation-has-in-the-us.html

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Just now, 800renegaderider said:

Gen Z — Average debt: $16,043
 

Millennials — Average debt: $87,448
 

Gen X — Average debt: $140,643

 

Baby boomers — Average debt: $97,290
 

 

Here's the average credit card debt broken down by generation:

  • Generation Z: $1,963
  • Millennials: $4,322
  • Generation X: $7,155
  • Baby boomers: $6,043
  • Silent generation: $3,177

 

boomers really love that debt imagine being retired or close to it and you are still in debt no wonder a lot of them still work for “fun” 😂 

 

https://www.cnbc.com/amp/select/average-credit-card-debt-by-age/
 

https://www.cnbc.com/amp/2021/10/13/how-much-debt-each-generation-has-in-the-us.html

All those stats prove is that millennials have shitty credit.

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1 hour ago, Anler said:

Crazy radical right wing propaganda. Snl has been full libtard for a long time. 

I watched an old episode of SNL from 15 I think last night.  Michael Keaton was the host.  I watched for a good half hour, and I don't think I laughed once.  Just awful.

43 minutes ago, 800renegaderider said:

Gen Z — Average debt: $16,043
 

Millennials — Average debt: $87,448
 

Gen X — Average debt: $140,643

 

Baby boomers — Average debt: $97,290
 

 

Here's the average credit card debt broken down by generation:

  • Generation Z: $1,963
  • Millennials: $4,322
  • Generation X: $7,155
  • Baby boomers: $6,043
  • Silent generation: $3,177

 

boomers really love that debt imagine being retired or close to it and you are still in debt no wonder a lot of them still work for “fun” 😂 

 

https://www.cnbc.com/amp/select/average-credit-card-debt-by-age/
 

https://www.cnbc.com/amp/2021/10/13/how-much-debt-each-generation-has-in-the-us.html

Now show net worth.  It will put those #s into a much clearer perspective.

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6 minutes ago, DriftBusta said:

I watched an old episode of SNL from 15 I think last night.  Michael Keaton was the host.  I watched for a good half hour, and I don't think I laughed once.  Just awful.

Now show net worth.  It will put those #s into a much clearer perspective.

So to be fair you’d have to find statistics from the 80s for you boomers ya know when you were in your 30s. Adjust for inflation and see what it shows.

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1 hour ago, 800renegaderider said:

Gen Z — Average debt: $16,043
 

Millennials — Average debt: $87,448
 

Gen X — Average debt: $140,643

 

Baby boomers — Average debt: $97,290
 

 

Here's the average credit card debt broken down by generation:

  • Generation Z: $1,963
  • Millennials: $4,322
  • Generation X: $7,155
  • Baby boomers: $6,043
  • Silent generation: $3,177

 

boomers really love that debt imagine being retired or close to it and you are still in debt no wonder a lot of them still work for “fun” 😂 

 

https://www.cnbc.com/amp/select/average-credit-card-debt-by-age/
 

https://www.cnbc.com/amp/2021/10/13/how-much-debt-each-generation-has-in-the-us.html

It’s kinda deceptive on the debt. We have cc debt each month but it gets paid off every month for cash credits.

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Just now, akvanden said:

Assuming the debt includes mortgages? If so, they should normalize for it because uncollateralized debt would be much more telling.

It includes mortgages and older people tend to own homes with mortgages compared to the younger generations.  Owing $100k on a mortgage is a lot differe than renting and owing $50k student loans, credit cards, and cars.

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6 minutes ago, akvanden said:

Assuming the debt includes mortgages? If so, they should normalize for it because uncollateralized debt would be much more telling.

 

4 minutes ago, teamgreen02 said:

It includes mortgages and older people tend to own homes with mortgages compared to the younger generations.  Owing $100k on a mortgage is a lot differe than renting and owing $50k student loans, credit cards, and cars.

 

 

not exactly the article I was looking for but here's a breakdown... 

https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/

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33 minutes ago, 800renegaderider said:

So to be fair you’d have to find statistics from the 80s for you boomers ya know when you were in your 30s. Adjust for inflation and see what it shows.

I was in my 20s until 87 but ok.  If he's posting debt levels today of various generations, all that is relevant statisticaly is net worth today.

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6 minutes ago, DriftBusta said:

I was in my 20s until 87 but ok.  If he's posting debt levels today of various generations, all that is relevant statisticaly is net worth today.

Ok so in your 30’s in the 80s ok late 80’s lol idk know your age I just took a guess. Here is the current data I found on wealth.

Baby boomers own 50.4% of the country's wealth ($71.08 trillion), while Gen Xers own 29.9% ($42.16 trillion). Millennials, by comparison, own just 6.6% of America's wealth ($9.38 trillion).

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Shit....I still use credit cards as revolving credit. Just have to be smart about it and use the 0.0 apr for 12 + months promotions.

 Borrowed 30k on  2 credit cards to  help purchase a well undervalued 70k camp in NY. Got the money instantly without applying for a loan. Didn't even set foot in the place and turned around and sold the camp for 115k in 2 days being listed.

Should be closing very soon and will pay off those cards and still have a lofty profit leftover.....which I will probably throw in the stock market....this is my play money. Any stock recommendations?

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