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If you actually click through the links, it's 53% have "added a credit product" where that credit product is a bank credit card. Says nothing about their debt increasing.
So, 53% of a bunch of 20-somethings opened at least one credit card in a 3 year span when almost all commerce went online and the retail stores that remained stopped accepting cash.
Maybe there's concerning data out there but this isn't it.
Gotta spin that narrative of irresponsible kids spending money recklessly tho
Although, the study showed that the biggest loan payments were actually for Gen X and up.
Gotta save up all that latte and avocado toast money for my aspirational mortgage payment
The bottom of that “study” is all you need to know about that study:
To better understand how a student loan payment shock may impact a consumer wallet, lenders can leverage TruVision Premium Student Loan Attributes, TruVision Trended Usage Payment Ratio Algorithms and TruVision Trended Liquidity Algorithms.
All that shit was basically just an ad to sell products to financial analysts. CNBC took the bait and advertised the products for them.
It’s not just 20-somethings. I’m 50 and still have $53k in student loan debt.
Yeah I struggled to find anything in the article or linked citations that debt was added, only cards. There was a bit about mortgages and loans but I don't know how that compares to normal YOY to know if it really means anything.
A very telling omission.
Isn't it great how we as a society sabotage a lot of our brightest minds by saddling them with predatory debt? This definitely won't cause any issues.
Don't forget pointing at them for the rest of their lives and condemning them for the crime of "making bad decisions" ie trying to better themselves and prepare themselves for a fulfilling vocation that either doesn't exist or pays poverty wages (teachers, paramedics, counselors, etc, stuff decent societies actually value) in the US, all to drink in that sweet, sweet schadenfreude of the suffering of your fellow citizens.
The oligarchs used their bully pulpit of all major media that they own to train us to undermine one another, compete against one another, and root against one another so we'd never unite against our common enemy, them. This is merely the result of that, all the peasants blind after stabbing each other's eyes out, with the owners looking down at their livestock and laughing.
Right? I have yet to hear any of these "patriots" mention the national issue of no longer being able to compete on the world stage because American students can't afford to be students anymore... or to, you know, just live.
Housing, education, cost of living are shameful. Richest country in the world and it's all sitting at the top permanently out of reach. I'm highly educated, and I still just want to shut down constantly.
Dolla dolla bill
Didn’t credit start the Great Depression? Seems we need to rethink credit as a whole
Or at least teach teenagers how it works. Interest too. Oh, and while we’re at it, taxes.
Yes, but even more important, start teaching the social contract again, because the majority of Americans seem to take joy in the struggling and suffering of their own neighbors.
Abraham Lincoln said "a house divided cannot stand," and we got Americans scamming other Americans, laughing at them for it, and calling it rational self-interest instead of sociopathic greed.
Even more better actually fight for affordable education
Fuck the social contract. It’s only the have-nots that are encouraged to follow it, meanwhile the others do whatever they want, at the expense of the poor.
Can’t believe you’re being downvoted for encouraging financial literacy.
It doesn't matter. I was taught all that, it meant nothing at the time. I was quizzed on a 1040-ez, which doesn't exist anymore. Also about half the graduates could understand it in the first place, reading comprehension and mathematical literacy are shockingly low.
lol. Right?
How does pausing Student loan debt cause more credit card debt? Shouldn't it cause less because people have more money?
The first rule of financial literacy is to stay from credit card debt like the plague. Have we failed as a society to teach this?
When your life is already irrevocably fucked for listening to what you're told for 18 years and attempting to better yourself by pursuing a vocation you're passionate about, in a country that doesn't value the most important professions like teaching, you can eat saltines in a rented room and wait to die while your fellow Americans insult you for "making bad decisions," or you can buy a nice thing with a credit card and then continue to eat saltines in a rented room waiting to die while your fellow Americans insult you.
At least with the latter you have a nice thing to die with. Sure as shit won't get any "nice" from your fellow Americans who gain pleasure from your misery.
I think it has more to do with why student loans were paused, the pandemic. Think of the number of people who lost their jobs and what the job market looks like now.
The first rule of financial literacy is
Not taught to most Americans, unfortunately.
The article doesn't go into how much debt anyone took on nor if anyone factored in student loans before taking on more debt.
Should it, in theory yes. Did it, according to this article no.