Credit card defaults in the U.S. have hit their highest level since 2010, with delinquencies rising 50% in 2024. With $170 billion in interest paid over the past year and increasing financial strain on lower-income households, this episode explores the economic impact and upcoming challenges.
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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.
By writing off, do they mean it goes to a collection agency?
I believe creidt card debt went down to 730 ish billion during covid, actually. Imagine that. It took a Worldwide shutdown of epic proportions….and STILL couldn't erase credit card debt better than that. This goes to show nothing can ever bring it under control.
2:10 "time to go back out and play" what an ignorant and classical thing to say.
On my credit card:
– medical expenses
– dental emergency
– bills that needed paid when my spouse could not work
Not all of us are headed back out to play, you goofballs.
People using credit cards as their second job..to help pay their bills!!!
Stop using credit cards. Americans are cash poor…but they have a big house. With 4 TVs
Just wanna say thank you PBD & all members of the podcast. It’s awesome hearing from very smart & informative individuals who talk about real issues & relevant information that most of us can relate to. Big thank you ????????
card companies should NOT be allowed to charge such high rates. once someone hits a certain threshold, they then get stuck in paying interest only, and never make headway on their original balance.
The only credit cards I had were when I was 18. First I had a loan for a dirt bike. It was 2 grand. I fucked that up and I ended up paying +2 grand more in the end. Second I had a capital one card. Fucked that up too and I ended up paying on 800 dollars, $1,200 dollars. After that I never had a credit card, just a DEBIT CARD. If I did not have the money, I just did not buy it. This generation is the cause of most of this. They are all so busy trying to somehow outdo their friends, and this will sound crazy – BUT IN THE END THEY ACTUALLY TRY TO OUTDO THEMSELVES!!!…Do you understand that? I saw one video where a guy went and showed that he bought a 80k ring or some piece of jewelry on a credit card… Immediately after leaving the store, he goes back on line and says "I am never going to pay for this"…And just throws the card in his car's backseat…
I'm glad we paid off our credit cards and cut them up years ago. Working on paying off the little debt that we have left.
Should I buy the flip flops with a credit card?
God forbit people live within their means! Stop the damn credit card b.s. it never ends well when u are robbing Peter to pay Paul!
If the dollar collapses don’t be fooled your debts doesn’t disappear, they add it back to the new currency or mode of barter. best advice get out of debt. make regular investments be debt free and financially stable
I just want to know what the metrics are BEFORE Trump. So we can prove or disprove how good or bad his policies are.
If the rich are paying less in taxes than the middle class and poor, what do you think will happen. FAFO. America is screwed.
PBD is a scammer
I am barely above paycheck to paycheck. I am blessed that my son and I are roommates due to a divorce after 37 1/2 years. But the upside is that neither my Son nor myself have any outstanding debts whatsoever. We have no credit cards, and we don’t own any credit cards. Our vehicles are paid off. And we live in a budget. I cannot stress enough how important a budget is. People seem to think that a budget restrict you know it does not. Budget gives you the freedom to do with your money as you see fit .
Given the current economic difficulties that the country is experiencing, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.
Are you aware that TGI Fridays was bought by a private equity firm. Do you know what they do to businesses they buy. How seriously do you know about the markets? First time viewer
Just like student loans, you make the decision that puts you in poor financial situations. You don't deserve to be forgiven. Those of us who are responsible are doing fine. Sure we may go without but we're not paying 29% interest on a cheeseburger.