Could This Trigger the Next Recession...Or Worse?

[@HB-yq8gy]

No debt in retirement is the key to sleep good.

[@reginabruner8903]

My Dad said to me many times, "Never owe anybody anything." He was a child of the depression. I say, "debt is bondage." Paying off high interest debt is key to financial freedom. Getting oneself debt free is freedom!

[@poonpoonsmith399]

Articles like this come out every New Year. Spenders will be spenders and Savers will be savers. Our economy will be fine.

[@saintsandsin3885]

Our society is built on debt. I retired at 50. I have very low bills each month. You can retire younger on a lot less if you just stay out of debt and keep your expenses low. Took me to middle age to figure this all out.

[@user-lq6wc3ci3q]

I haven’t had any debt for five years when I paid off my home. No credit card. No car payments. The only obligations I have beyond taxes is insurance.

[@bigshoe84ify]

I’m in the not borrowing camp hopefully for the rest of my life. Got everything paid off finally and don’t want to go back.

[@terryB4713]

Josh its easy to say that people who are retired have little debt. Its our children aren't so lucky. Housing costs kids have student loans. Its hard for the young people these days!

[@univibe23]

Yeah, I'm sure there are a lot of people who feel this way, but not enough to implode the economy.

[@michaelschmeling7431]

I think that maybe a lot of young people can't or are afraid to afford things they'd use debt for, like houses and expensive cars.

[@ticc2354]

Great informative video! Thanks.

[@celticspirit1]

I know numerous Gen Z and millennials. Most of them are doom spenders who spend without concern for tomorrow. They may offset and frugality movement by baby boomers, Gen X and older millennials. In addition, marriage and birth rates have tanked. Those singles tend to travel and spend “precipitously” on consumer discretionary goods. Just my 2 cents. Cheers.

[@thomasmoshier3920]

I don’t know. We’re a nation of consumers. We always have been. Easier said than done. You would have thought after 2008 people would have made a conscious effort to reduce debt. Didn’t really happen.

[@JoeMama-gx5gw]

The only debt i ever had was a mortgage and paid off my last mortgage in 2019.

[@denisep.98]

Smart couple!

[@ghostl1124]

Hey Paplo.

[@bwhite9993]

Totally could be an issue, isn't that some of the issue for Asia as they are big savers and none of the money is in circulation. Maybe it would be awesome once people were debt free because then at that point spending could resume and even bigger because they wouldnt be paying interest. OR They would get used to saving and continue not spending...

[@AndrewRod-c5v]

So how do you create growth when you have a debt free society ??

[@saintsandsin3885]

Your spending power increases greatly when you don't have debt. You don't have to have a large portion going to interest.

[@bigshoe84ify]

Does debt really create growth? I would argue that it mostly makes a few at the top of the lending institutions very wealthy but does little to actually create anything. More money in your pocket to spend with no debt is what would create more growth in my mind because the money isn’t concentrated to lending institutions.

[@andrewulrich6612]

You have to do the math. I bought a new truck. I was originally going to pay cash. My wife ran the numbers, and we looked at returns and what we'd pay in interest. It made sense to finance it and see what the market gives us. If things go negative, we'll pay the loan off. Right now, it doesn't make sense pulling that money out.

[@Mahan1914]

An interesting thought....but I'm not sure I'm convinced. I think social media, marketing, peer pressure, etc. are driving many young folks to take on heavy debt in car loans, the latest mobile phone, attire, etc. Instead of a mortgage, they are renting, and their debt is in credit cards and car loans. Maybe I'll live long enough to see what happens. Boomer out....