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miss_demeanour@lemmy.dbzer0.com to Fuck Cars@lemmy.worldEnglish ·
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4 days ago

Even households earning $150,000 a year are struggling with credit card and car payments

www.cbsnews.com

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Even households earning $150,000 a year are struggling with credit card and car payments

www.cbsnews.com

miss_demeanour@lemmy.dbzer0.com to Fuck Cars@lemmy.worldEnglish ·
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4 days ago
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More high-income Americans are falling behind on their loan payments as the market for white-collar jobs cools.

cross-posted from: https://lemmy.world/post/33704049

Wanted to add, “Fuck Cars!!”

Car payments for decades of one’s life are not the way to go.

  • flamingo_pinyata@sopuli.xyz
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    4 days ago

    I remember talking with some Americans a few years ago, they worked in the tech industry, so definitely on the upper side of the income range. And even they said they were feeling the crunch around 2022-2023. I can only imagine how it felt for the regular people.

    Quite the contrast with the official numbers which claimed the American economy is growing. Let’s just say that the election outcome was not surprising.

    • Zizzy@lemmy.blahaj.zone
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      4 days ago

      Well the rich are gaining obscene amounts of money. So many of the large companies are pulling in record profits. So in that sense, the american economy is growing. The peoblem is theyre squeezing the rest of us for that.

      • sunzu2@thebrainbin.org
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        4 days ago

        60% of Americans living pay check to pay check for whatever reason. In 2008 this number was 40%.

        There is no way to tell why this is happening. 🤡

        • sp3ctr4l@lemmy.dbzer0.com
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          4 days ago

          Its actually up to 68% now.

          • Pulsar@lemmy.world
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            2 days ago

            Source?

            • sp3ctr4l@lemmy.dbzer0.com
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              2 days ago

              Article:

              https://www.financialexpress.com/world-news/us-news/living-pay-cheque-to-pay-cheque-you-are-not-alone-68-of-americans-are-too/3923390/

              Source Study:

              https://www.pymnts.com/wp-content/uploads/2024/02/PYMNTS-New-Reality-Check-February-March-2024.pdf

              Oh hey, Forbes says nearly 72% of those living paycheck to paycheck have less than $2,000 in savings!

              https://www.forbes.com/advisor/banking/living-paycheck-to-paycheck-statistics-2024/

              Yeah, this is what an economic collapse looks like, Great Depression 2.0, hold onto your butt, and good luck.

              EDIT:

              We also have a massive negative net worth problem.

              Negative net worth means you have more debt than assets.

              Because this is difficult to measure accurately, unless you are a credit bureau…we’ve got anywhere between 1 in 10 and 1 in 3 Americans with more debt than assets, ie, they are de facto debt slaves.

              https://www.creditkarma.com/about/commentary/americans-have-a-net-worth-problem-and-its-not-positive

              https://www.nasdaq.com/articles/whats-your-net-worth-25-of-americans-say-theirs-is-%240-or-less

              https://www.aspeninstitute.org/blog-posts/thirteen-million-us-households-have-negative-net-worth-will-they-ever-move-from-debt-to-wealth/

              These are all from 2 or 3 years ago, I imagine its now closer to 1 in 3 than 1 in 10.

    • This is fine🔥🐶☕🔥@lemmy.world
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      4 days ago

      Every time you hear about ‘the economy’, replace it with ‘rich people yacht money’.

      And it only works when ‘the economy’ is strong, rising, booming, zooming, etc.

    • some_guy@lemmy.sdf.org
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      Quite the contrast with the official numbers which claimed the American economy is growing. Let’s just say that the election outcome was not surprising.

      Between that and Biden refusing to take action regarding Gaza, the election was forfeited in 2023.

      • Blue_Morpho@lemmy.world
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        Biden refusing to take action regarding Gaza, the election was forfeited in 2023.

        Which is bizarre because Trump promised the extermination of all Palestinians.

        “Don’t vote for Biden because he won’t stop genocide. Let Trump win because he promised to help genocide.”

        • Fluffy Kitty Cat@slrpnk.net
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          3 days ago

          Being anti Genocide isn’t a “purity test” it’s a absic requirement. If a candidate for offices fails that and loses it’s their fault 100%

          • Blue_Morpho@lemmy.world
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            3 days ago

            But the weirdness isn’t that Harris lost by not saying she would stop the genocide. It is that Trump win by promising genocide.

            • Fluffy Kitty Cat@slrpnk.net
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              2 days ago

              By making it bipartisan they removed it as an issue to differenciate cannidates

        • some_guy@lemmy.sdf.org
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          4 days ago

          Just ignore what I said about the economy and blame everything on people who are anti-genocide.

          • Blue_Morpho@lemmy.world
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            4 days ago

            I only meant to point out that one weirdness.

            But “the economy is bad” was another.

            “Don’t vote for Biden because the economy is bad now. Let Trump win because the economy was worse than when Trump was last president.”

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