This Disturbing New Debt Scheme Is Enslaving Americans!

This Disturbing New Debt Scheme Is Enslaving Americans! ⬇️ NMW ‘Approved’ Services: ⬇️ 🏆 Join Our *AMAZING* Private Community! 🏆 https://bit.ly/3pLyw0O 🧠 Private 1-on-1 Mentoring With Me: https://bit.ly/3bxv3xN 🏠 Create an AirBnB Business GLOBALLY: https://bit.ly/2NNEb9u 📺 My Other Video Channel…

This Disturbing New Debt Scheme Is Enslaving Americans!

Source

0
(0)

This Disturbing New Debt Scheme Is Enslaving Americans!

⬇️ NMW ‘Approved’ Services: ⬇️
🏆 Join Our *AMAZING* Private Community! 🏆 https://bit.ly/3pLyw0O
🧠 Private 1-on-1 Mentoring With Me: https://bit.ly/3bxv3xN
🏠 Create an AirBnB Business GLOBALLY: https://bit.ly/2NNEb9u
📺 My Other Video Channel (Odysee!): https://bit.ly/3kgx9WZ
🪙 Where I Buy Silver/Gold Globally! https://bit.ly/3kbgO61
🇬🇧 Where I Buy Silver/Gold in the UK: https://bit.ly/2Mj7zUO
🇺🇸 Where I Buy Silver/Gold in the USA: https://bit.ly/3drNR2F
🏦 Where I Buy/Trade Crypto (GLOBALLY): https://bit.ly/3khSqzZ
🇪🇺 Where I Buy/Trade Crypto in (EUROPE): https://bit.ly/3dCg74r
🇺🇸 Where I Buy/Trade Crypto in the (USA): https://bit.ly/3hb5Mya
🚀 My favourite Crypto platform for %Interest%: https://bit.ly/3Evqy40

Americans Have A Disturbing NEW Debt Problem!
Here are the current & shocking debt statistics for the USA:

Personal debt is now $15.6T! Per adult this equals $61,000 with 77% of US households burdened by debt

The USA has $850 billion in credit card debt. An increase of $50 billion just in the last few months. This is the biggest increase in 22 years

90% of U.S. adults have at least one credit card on their credit reports, and 75% of adults carry a balance from month to month – 75%! The average APR is 14.5% & the average credit card balance is $16,000

As the second-most popular type of credit, two-thirds of U.S. adults have at least one auto loan. The total now tops $1.4T, an 80% increase in under a decade. Over 85% of new cars are financed with the average monthly payment being $470

The average personal loan debt now stands at more than $16,500
The average balance for a student loan was more than $58,000

And this is without covering HELOCs and mortgages, which dwarf the others

It’s called Buy Now, Pay Later, aka BNPL. The principle behind BNPL has been around for centuries, but it didn’t really become widespread until the American middle classes adopted the scheme in the roaring twenties

As the decades rolled by, it became more and more accepted as a way of financing ‘big ticket’ items, such as kitchens, bathrooms, and large furniture items

Because if you’re able to buy something now and pay later with 0% interest, then it’s got to be a great idea…right? WRONG

The BNPL sector is now HUGE, and it’s only getting bigger day by day, here’s some statistics:
55% of Americans have used BNPL
BNPL Fintechs facilitated 20 to $25 billion in transactions in the US last year
In the UK, Britons have spent a combined £5.79 billion on BNPL, with £4.12 billion still left to repay.
An estimated 7.7 million UK shoppers are now indebted to these providers
Yes, it was a form of credit, but one that was restricted to certain types of items – which in turn meant it was suited to wealthier age groups and not readily accessible by teenagers

And it’s just as bad in the US with teenagers who are, on average, repaying more than $250 per month on BNPL arrangements

At present the BNPL industry is largely unregulated, meaning there are virtually no safeguards in place for consumers

BNPL lenders can literally write their own rules and are under no obligation to be transparent about how they operate or how consumers can be affected financially if they fail to keep up with their payments

But since many BNPL schemes don’t apply interest, how are they making so much money you ask? Hefty FEES. In the UK, £39m in late fees were paid over just one year alone

They also charge admin fees as well as additional charges for debt collection if you don’t keep up repayments. This is where they get you

Many BNPL lenders are also providing the option to ‘extend your payment plan’, beyond the original payment period. This is the point at which they will start to charge interest – some providers are charging more than 40% in interest

Compare this to your average credit card APR at almost 15%, and that credit card doesn’t look quite as bad anymore

Conclusion: So what do I advise here then? The easiest solution is of course to avoid BNPL like you would the plague! But apart from that:
1. If you are struggling right now, can a friend or family member help out just until you get back on your feet?
2. Cut your expenses down! You don’t need the latest fashion or that flashy car if you can’t even afford your basic necessities
3. Share this video with a family member or friend so they don’t become debt slaves to these parasitic companies themselves

DISCLAIMER
This video is for entertainment purposes ONLY & designed to help your thinking, not direct it. These videos shall NOT be construed as tax, legal or financial advice and may be outdated or inaccurate; all decisions made as a result of viewing are yours alone.

Sponsorships: Neil McCoy-Ward may earn an affiliate commission or referral bonus from any product or service listed or discussed.

0 / 5. 0