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Young Americans have fallen seriously behind

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Young Americans have fallen seriously behind

Millennials Are Helping to Sound the Credit Card Alarm 

Young Americans have fallen seriously behind on their payments, adding to angst about the true health of U.S. consumers.

 

Bloomberg Article

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Re: Young Americans have fallen seriously behind

RicHowe ... "Don't Leave Home WIthout It" and time to tattle and inform the main banks to troll the MyFico Forum and start chopping limits on the ever inflating credit limit rates of the board posters Smiley Happy!

 

Always glad to "poke the bear" for a good cause Smiley Wink

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Established Contributor

Re: Young Americans have fallen seriously behind

It kind of feels like confusing times right now. With the unemployment ratebeing the lowest it has ever been. Housing market it on the rise, and once again a sellers market. As well as the stock market doing well, it all seems to point to a good economy.

 

Yet on the flipside, we hear all these stories that debt is at staggering levels. 

 

Also of note, all the business that have been closing stores left and right, not to mention filing for bankruptcy. Seems to tell a different story.

Wouldn't rising debt indicate increased shopping on some level?  

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Valued Contributor

Re: Young Americans have fallen seriously behind


@Janus wrote:

It kind of feels like confusing times right now. With the unemployment ratebeing the lowest it has ever been. Housing market it on the rise, and once again a sellers market. As well as the stock market doing well, it all seems to point to a good economy.

 

Yet on the flipside, we hear all these stories that debt is at staggering levels. 

 

Also of note, all the business that have been closing stores left and right, not to mention filing for bankruptcy. Seems to tell a different story.

Wouldn't rising debt indicate increased shopping on some level?  


I think the economy as a whole is in good shape, but there's an increasingly obsolete minority within American society that cannot accept or doesn't realize they're obsolete. I can see why they'd think the economy isn't so good, but they're also too blind to realize it's not the economy, it's them. There's plenty of jobs out there, but if someone insists on being an assembly-line manufacturing worker, coal miner, fast-food cashier, or some other job easily replaced by a machine running Linux, they're going to see the economy as bad since their individual prospects are grim.

 

I would apply a similar line of reasoning to the closing stores scenario. Some stores are closing because they didn't adapt to the changing ways in which goods and services are sold, while others are getting steamrolled by the uncontrolled Amazon behemoths in the market. They see it as mom-and-pop shops are being crapped on, whereas the reality is that the market they tried to be a mom-and-pop shop in either is no longer conducive to mom-and-pop shops or was unable to make themselves unique/prominent enough to rise above the other businesses.

 

For the debt situation, in my opinion there's two factors:

1. Student loan debt - it's increasingly necessary and increasingly expensive.

2. Living beyond one's means, so yes, increased shopping/consumerism. People who claim to have to live paycheck to paycheck and also attend a Black Friday sale are lying to themselves about something.

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