Millennials and Consumer Debt

I firmly believe that debt is the greatest risk that consumers, businesses and governments face right now. From my viewpoint all three groups are overextend but it hasn’t stopped them. They keep racking up more and more debt while seemingly oblivious to the consequences. I’ve written a lot of articles about debt and today I have another one for you. At the end of the day, the increase in debt doesn’t have to continue. It can stop today and it starts with you saying enough is enough. Continue reading “Millennials and Consumer Debt”

Household Debt on the Rise

The last quarterly gauge of 2016 that looked at household debt saw a near record level. Household debt stood at $12.58 trillion dollars. Debt was up $460 billion year over year and is now just 0.8% off the all time high that was reached just before the Great Recession hit, $12.68 trillion. Mortgage debt was the largest piece of the pie at $8.48 trillion followed by student loan debt at $1.31 trillion and auto loan debt at $1.16 trillion. I know that I’ve beat this drum over and over again but we are a nation and a people with way too much debt. Continue reading “Household Debt on the Rise”

Debt, Debt and More Debt

I know what your thinking, oh great their talking about it again. When will they ever stop talking about that dreaded four letter word, debt? Well, when our nation is completely debt free, government, business and personal, I will cease talking about it. Translation, I will never stop talking about it. This time we are going to focus on credit card debt. One of the worst kinds of debt out there. Continue reading “Debt, Debt and More Debt”

The Impulse Buy and Dumb Purchases

Have you ever bought something that later on, you regretted purchasing? Have you ever spent more for something than you needed too or simply should have? Have you bought something that seemed like a great deal but it turned out to be more of a rip off? If you keep saying no to all of these questions then you either live in a cave or you’re not being very honest with yourself. Anyways, a few weeks ago I had one of these experiences. Continue reading “The Impulse Buy and Dumb Purchases”

Debt Status

A few days ago the IMF came out with an updated number for our worldwide debt. The world has amassed $152 trillion worth of debt. So much for the notion that the world can’t work together on anything. We have succeeded at racking up amounts that won’t be able to be paid off for generations, if ever. Public and private debt accounted for over 200% of all global output last year. If that wasn’t enough, there is an even more shocking number lying in these numbers. Continue reading “Debt Status”

Just What We Need…More Stimulus

Here we go again. The insanity is continuing with the same old worn out tactic. In a stroke of brilliance the Bank of England’s Monetary Policy Committee has decided to lower interest rates in the UK to a dismal 0.25% and as if that wasn’t enough they’ve also decided to flood their economy with 170 billion pounds. We don’t even know what Brexit means yet and already the powers that be are panicking. Not only are they panicking they are using methods that have been proven not to work. Artificial economic stimulus gives you very little bang for your buck. In the end your economy might inch forward but for that inch you will pay for it with several feet of debt. Why is everyone around the world so terrified of free markets? Continue reading “Just What We Need…More Stimulus”

The Two Sided Story of Auto Sales

Early reports show that auto sales will fall below expectations in July. Ford CEO Mark Fields noted that the industry is starting to face headwinds. He noted that he expects sales to continue to decline through 2017. The slowdown in sales isn’t surprising considering the US GDP hasn’t increased as much as hoped. The economy only inched forward by 1.2% during the second quarter. There isn’t only bad news though. Continue reading “The Two Sided Story of Auto Sales”

Ditch Your Credit Score

The Good

The best part of not having a credit report or score is that it means you don’t have any debt. This is becoming a rarity these days but I believe it is necessary in order to set yourself up for a successful financial future. If you fall into the debt free category, congratulations. This is a great thing but because of the way our society is setup these days, there might be some hoops to jump through… Continue reading “Ditch Your Credit Score”

Why Credit Cards Suck

One of the best things about my generation, the millennials, is their rejection of credits cards. A survey by Bankrate showed that 63% of millennials have rejected credits cards altogether. I personally think this is a great thing and long overdue. But I constantly see articles about the pros of having credits cards, why their needed and why the millennials will pay for not using them. Today I want to explain why credit cards suck and why your better off without them. Continue reading “Why Credit Cards Suck”