Americans have racked up a lot of debt because they don't know how to manage their money or practice financial discipline. Household debt had climbed by $2 trillion since December 2019 as of August 2022.
Source: Quarterly Report on Household Debt
In addition, the following balances increased from the first quarter of 2022 to the second quarter:
Source: Investopedia
- Credit card balances: Up by $46 billion
- Auto loans: Up by $33 billion
- Consumer loans and store cards: Up by $25 billion
- Total non-housing: Up by $103 billion
- Mortgages: Up by $207 billion
)
The amount of debt Americans take on to finance purchases is expanding at an alarming rate, making personal financial management more important than ever, especially at a time when prices are going up and inflation is eroding purchasing power.
The secret to getting our finances in order is to use abilities we most likely already possess. It's also important to realize that the same ideas that help us succeed in business and our jobs also apply to how we manage our personal finances. Prioritizing our finances, weighing the costs and advantages, and controlling our spending are three crucial abilities.
One of the least frequently discussed subjects in educational systems is personal financial management. The majority of us will need to learn about personal money, either from our parents or on our own, because many college degrees involve some financial education, but it isn't focused on individuals.
Thankfully, learning how to handle money better won't cost us much money. Online and in library books, we can find all the information you need for free. In almost every media outlet, personal money advice is frequently given.
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It's pretty wild the debt rate right now and feels like one massive issue that's going to blow up in our faces here soon. Keep stackin that silver!
The numbers are very alarming. @bitcoinflood !!!
We can only save for now, increasing our emergency funds, saving in cash and physical precious metals.
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You happen to have a lot of Knowledge I'm grateful to learn
I've learned everything I'm sharing.
Experience is the best teacher, @mukoro!
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Why, thank you, @voidd!
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It is very alarming @silversaver888 ..... I am surprised that schools do not teach personal finance, but on the other hand big business is encouraging everyone to get in debt and stay in debt....
It's actually quite scary where things could go wrong from here my friend!!🙄
In times of excessive inflation, central banks are forced to take aggressive action to combat price pressures by increasing interest rates or enacting contractionary measures like lowering bank reserve requirements or liquidating assets, or both. Long-term inflation beyond the desired level can cause the economy to enter stagflation, which is characterized by both high unemployment and high inflation. This twofold issue is unsolvable for the central bank, and the only way to end it is by enforcing vigorous policy tightening to reduce pricing pressures and reduce aggregate demand in the economy. However, this can bring on a new downturn, @silvertop.
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Very well stated @silversaver888 , the central banks only have these tools to fight inflation. Raising interest rates can slow inflation, but it can have negative effects as well.
So we continue to stack to protect our wealth!😊
You must be killin' it out here!
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It's a lot of debts. And interest added on to it, that's more money !
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About 30% of it and more due to compounding.
Save, @olympicdragon !
People get in way over their head before they even realize how far they've gone. A re-assessment of spending habits is good to do, plus really asking yourself, 'do I need this or just want it?'
You are right; there is tons of free information out there, but folks need to take that first step in getting control of things.
Thanks for sharing sis.😘🤗🌸💞 !LADY
Yes. If they just stop and ask the right questions before buying, like you said, perhaps they won't spend so much on unnecessary things.
Hugs and kisses sis 🤗
!LADY 😍🌺🤙
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I spent like an average American this year lol. I need to manage my budget better. !LOL !WINE
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Hahaha! Well, if you can afford it why not!
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It is truly incredible the enormous amount of money that people borrow with credit cards. It is something that is difficult for me to understand.
Some (NOT ALL) young adults are made to believe that they can have anything they want if they have a credit card. They grow up as adults racking up credit card debt at a rate of almost triple what they earn, at the mercy of consumerism and product advertisements. These Americans are bankrupt, paying only the minimum (mostly interest only), and living paycheck to paycheck, with no savings. It's not their solely their fault.
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I love to read and learn more about gold and silver because my gold business in Pakistan and gold prices increases day by day in Pakistan.
Good for you! I save in silver and gold. The #silvergoldstackers is the group here in the Hive blockchain.
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decisions decisions
A simple decision to save, @latinowinner .
It won't cost us much money to learn how to manage money better. We truly become rich when we find the solution.
Just live below your means, save a little each time you get some income, and try not to get into debt, except for a major purchase,.i.e., your house, @songfreehua.
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Ms. Saver @silversaver888
Banks are Toast !
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Interesting Stuff
These collections of coins are really amazing
Thank you, @royalevidence!
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Extremely lean years face many, taking stock a necessity, going into overdraft on bank cards lands one into deeper problems, interest rates sky high on pay back you pay far more than product is worth.
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Oh gracious, my heart aches to see so many beset with so much money problems, when life is simple, @joanstewart! 🤗
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Don't worry, they say you won't own anything, and you'll be happy...
Hahaha, @fat-elvis !
Even the High School Home Economics class barely touches personal finance. It's as if TPTB deliberately whats to dumb down the working class to keep them in spending and eventually debt burdened.
It's not rocket science.
Always, with love 🤗🌺❤️
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Exactly, sis! I think that is the intention!
Hugs and kisses 🤗
!LADY 😍🌺🤙
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Financial and economic education is as important as learning to read or write in my opinion. Unfortunately, Romania is the 2nd least educated country in this field which is a shame but the results speak for themselves...
It is a lot of common sense, but the attraction of material things and consumerism is so pervasive. It is the exercise of virtue that is needed!
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If only many of us realise the importance of financial management
It never too late to learn, @royalevidence!
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I think the system failed us the schools don't do much in education on financial literacy, but now a days it's a lot more accessible with the Internet you can learn almost anything for free it's just a matter of having the right direction and avoiding the temptation of society promoting meaningless consume
It should be taught in high schools and in the first two years of college or trade school. I would be considered as a life skill.
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Ms. Saver Loves Silver @silversaver888
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I !LUV silver
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The rewards earned on this comment will go directly to the people( @silversaver888 ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Use this site vamo.vn/vi/vay-tien-online-nhanh/, you can borrow money from them. I borrowed money from this organization, they do not require a certificate of income, the conditions are favorable and they give out the amount. I repaid my debt quickly and at a minimal cost, so the loan is proven and reliable if you have anything in mind.
Thanks for rehive, @pixresteemer !
!PIZZA