American Debt Fiasco as Millennials Sinking Under $1 Trillion in Debt!

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The Money GPS says:

Debt is everywhere, in every shape and size. Today it has expanded to such a level that people are in crisis mode and we're not even in a recession (According to the "official" statistics). What's going to happen when an economic contraction hits?

Louie T says:

Honestly debt is the new normal, you either play the game or stay behind.

A B says:

I hope they don't forgive these peoples debt. Take responsibility for yourselves and own up to the commitement and pay it off. When I was young I screwed up too, but I paid it of and learned my lesson. Banks are out there to screw you over if you let them!

Alex says:


freeyourmind88 says:

What do you expect. The boomers don't want to die or retire. Nothing personal. It takes time to buy a house most kids under 30 work entry level jobs so credit and cash is very scarce. Millennials are driven by being pride only. They are the biggest bunch of lazy show offs due to shithead social media. It's not their fault they don't know any better. I didn't really grow up until 24. But some people are in their 50s trying to act in there 20s.

Yaser khouja says:

Its okay.. buy more… we always can restructure the debts 😀

Dot Com says:

It feels good to be completely debt free. Took not going to college and renting, but hey, freedom.

Bob Riemersma says:

Look at the latest addiction of the aging Millennial population: crowdfunding.

Already in debt so deep they have no comprehension of how to manage finances, they'll blindly commit to monthly draws by Patreon, Kickstarter, etc. etc.

Camelot says:

The old model of graduating from college and having a job waiting for you has ended. Many high school graduates should consider going to a trade school instead of feeling like a university degree is the path to financial stability. So many kids are taking out 50k-100k student loans and working minimum wage jobs after graduation.

WorthyX says:

I am glad I avoid the student loan death trap.

About to earn a 2nd Associates Degree with no student debt.
I have low credit card debt, which is actually normal for me when I paid in full every month.

Might be planning to open a business or find a job. So, I have many possibilities.

Mark Jacobson says:

the "millennials" put themselves in prison. electronic cages. they are slaves now. if you borrowed money that got you a degree from a mediocre college, it may not have helped you in the long run. the pace of change now increasingly goes against taking 4-5 of your most productive years to produce nothing. course work for many degrees becomes obsolete quickly, but the interest on loans keeps growing. if i was a millennial right now i would learn how to weld, how to cook from scratch, how sew, how to wire a house with electricity, how to build a kiln and fire pottery. all of the things that can be done by hand. because the economy is not going to hire people like it used to, due to automation and computers/robots. learning how to do the basics for home and family would be much more important than learning a computer language. you cannot eat code.

Quintin Phillips says:

Capitalists lend their money, they like to get their interest. It is capitalism, if the punter defaults the lender still wins.

Steve Moyer says:

Redefine the free market. Look at people with debt as assets. They are passionate and enthusiastic about something. That's why they went into debt. These people provide us with purpose and purposefulnesss is a virtue! Treasure people who are willing to be slaves to other people because they have a dream ( or desire ). Discern quality. Looking at the market as a QUANTITY ONLY system is the primary problem. Do the other half: QUALITY discernment Imagine millions of agents doing this all the time. Which one(s) will YOU follow?

Stephanie Ellison says:

Here's the problem. On the consumer side, people have gotten greedy for things to have. On the business side, businesses have gotten greedy for profits. This is what I ALWAYS see in Western capitalist economies – there is no stability in growth; a small, but steady pace in growth. People for the most part don't save or invest, as we have seen in your charts in this video. Businesses and consumers get ahead of themselves, and then ride that roller coaster of booms and busts. This is built into this type of economy because there is no "inner science" of the mind (from traditional knowledge systems such as Hind?ism, Sikhism, Jainism, Buddhism) to control the desires and other base emotions of the human mind. If you were able to control these lower animal forms of mental functioning, then you would be able to control your financial decisions, and ultimately, businesses would be able to do the same as well. There is so much to be gained from such a scenario.

I would like to ask you about the government debt chart – in the emerging category, what countries were lumped in with the "other" group? I'm curious to know if India was included in that group.

Pixel Martyr says:

David, thank you for turning me on to the handeeman youtube channel. I live in the southwest and this channel really appeals to me. Love your channel too. Thanks

Julia R. says:

Another excellent video! Thanks again for your ongoing work in educating us.

JRMObrien says:

Ya. Gotta get rid of debt.

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