Join the 90 million MyHeritage users and discover your family origins with a 14 day free trial: bit.ly/HamishHodder2_MH
@pokeypickle37 күн бұрын
Instant gratification is a good friend of credit cards.
@afonsodeportugal7 күн бұрын
In other words, human nature is a good friend of credit cards?
@ClarenceFerland13 сағат бұрын
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Brooke Miller for helping me achieve this
@GrozaGroza-ko7fn13 сағат бұрын
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
@ReuletRikki13 сағат бұрын
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
@lapetiteblonde13 сағат бұрын
Their ...services are very genius and experienced in the market for over a decade and counting, they changed my life from a poor plumber to a better and middle class family man with 2kids.
@sarapalin13 сағат бұрын
I'm new at this, please how can I reach her?
@sole27ore13 сағат бұрын
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
@mjab56527 күн бұрын
"Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants, but debt is the money of slaves" Norm Franz.
@---uc5un22 сағат бұрын
Great quote!
@rustler1607 күн бұрын
credit cards have ruined many respectable households
@HamishHodder7 күн бұрын
sadly yes
@thedude50406 күн бұрын
Then they weren't very respectful to begin with. Respect your future self so much that you say NO, I'm not buying this.
@hariranormal55844 күн бұрын
You don't say. Where I live, we have a service where every transaction can be paid as a long term loan. Such services are just so bad that encourages horrible spending limits. I can't believe how people fall into all of this. No wonder people seem to have way better everything in terms of luxury, and they earn less than us.
@reubenmorris4874 күн бұрын
Their bad habits and relationship with "money" ruined them long before credit cards came across their path...
@COOLARUL7 күн бұрын
Once you learn the lesson that buying more stuff does NOT make you happier you can then start to build a more meaningful life. Treat the advertising industry and online influencers as your enemy not your ally. If you have to use a credit card or debt to buy it, you cannot afford it.
@blade86ca6 күн бұрын
Using Credit card or debt is fine AS LONG AS one can pay it off asap or within a very short amount of time.
@COOLARUL6 күн бұрын
@@blade86ca This it incorrect, it is not ok. The reason is psychological. Once you have extra credit, you spend more and pay more than without credit. Even if you pay it off on time. you end up buying more than if you have to wait, i.e it leads to overconsumption. You also pay full price rather than waiting until the price drops (as often happens with lack of sales). So overall, having available credit is bad for your wealth even if you pay off the credit on time.
@blade86ca6 күн бұрын
@@COOLARUL "Once you have extra credit, you spend more and pay more than without credit" , your statement is illogical. The price of an item does not go up just because you have credit. That why I said it is fine as long as it is paid off asap that is why there is the 0% interest Grace period all Credit cards offer. Price Inflation occured due to Gouvernment terrible decision making and poor decision making by people with credit but that does not mean credit is bad for your wealth.
@COOLARUL6 күн бұрын
@@blade86ca We humans are irrational. It may seem illogical but that is exactly what we do. Our cognitive bias at work. 2 books I recommend, Predictably irrational by Daniel Ariely and Thinking fast and slow by Daniel Kahneman.
@reubenmorris4874 күн бұрын
@@COOLARUL What are you talking about??
@RengersHamesКүн бұрын
You spoil us with great contents on here! You give the very best and spot on advice and ask thought provoking and unbiased questions that help listeners like myself become better. More importantly, thank you for recommending Stephanie Janis Stiefel my investment portfolio with her has been quite sustaining.
@WenmanMalavetКүн бұрын
Hamish really is something special. Please think of supporting him (if you don't already, which maybe you do).
@AicheleZiesemerКүн бұрын
I know this lady, Stephanie Janis Stiefel but only by her reputation at Goldman Sachs; even though she's now involved in managing portfolios and providing investment guidance to clients. I have been trying to get in contact since I watched her interview last month.
@RengersHamesКүн бұрын
@@AicheleZiesemer Well her name is 'Stephanie Janis Stiefel'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@BrianWMooreКүн бұрын
Thanks to Hamish. Following his recommendation, I started researching into Stephanie Janis Stiefel. Thankfully it was a little over a year ago now, I started an Investment with Stephanie's Services and that allowed me to be on much MUCH more stable ground in the face of global financial upheaval. For what it's worth, it made a difference for me and my little family.
@ArataHaru-n1tКүн бұрын
Great share! Out of curiosity, I searched Stephanie Janis Stiefel online, found her consulting page ranked at the top, and scheduled a call session. I've read many reviews about advisors, but none seem as impressive as hers.
@tovsteh7 күн бұрын
The record credit card debt has multiple reasons behind it: - Our education system no longer teaches kids about money/debt, and its consequences (especially when it comes to student loans). - Social media impose the need for luxury goods/lifestyle's on more impressionable kids. - The banks themselves who will literally throw credit cards your way regardless of your financial situation. I have been automatically approved on multiple occasions by my bank and am repeatedly notified of how much credit I can access, which is tempting for the vulnerable person. - Lack of willingness to take personal responsibility in modern generations. - Inflation and subsequent wage stagnation created by our governments/federal bank monetary policy.
@Al-yu6bq7 күн бұрын
And low salaries
@appsbroadhurst55007 күн бұрын
@@Al-yu6bq No. That's commie nonsense. Productivity failure. If you add value. You get paid.
@markneilson10446 күн бұрын
I started out as a responsible user of my credit card. But ran into trouble and maxed it out at $7000. Took me a long time to pay it off. Once I did i took a pair of scissors and cut it up. Never to use one again that was 18 years ago.
@justinmiller71506 күн бұрын
There are so many stats crimes in this video. Not adjusting dollar values for inflation, using averages for individual credit card debt.
@innosanto6 күн бұрын
Agree, average is not a good measure, median is better.
@TK-ek5kp5 күн бұрын
Provide a list of revisions.
@tHebUm186 күн бұрын
Short of a couple utilities, rent, and payments to the gov't that charge an extra fee way higher than reward points using a credit card, I legitimately cannot remember the last time I paid for something not using a credit card. Over 15 years and have not once paid so much as a penny in interest, pay off in full every month.
@devinlowe55055 күн бұрын
Same. I even do the whole credit card shuffle thing where I get 4% for gas, 5% for groceries, etc. Credit cards are great for those who are intelligent.
@reubenmorris4874 күн бұрын
I spend LESS with credit cards because I don't end up with $hundreds of pocket change sitting around. I hate pocket change...
@janentomenkafka3 күн бұрын
Around here (Belgium) people mostly use their debit card. And I only use my credit card for online purchases or when abroad. And even then, I use it as a debit card. Every month the bill is settled. Some people don't seem to realise that a maxed out credit card (and only paying back partly) means they give a fifth of their salary to the bank...
@stugurjar16817 күн бұрын
Awesome video, mate! Really well-researched.
@EatRawGarlic7 күн бұрын
Surprisingly, I side with Trump on this one. I would go even further than he does. Credit availability contributes to positive feedback loops in the economy, making it inherently unstable and leading to boom/bust cycles. Not to mention that it leads to exploitation of human weaknesses. Historically, the (social) cost of these exploited weaknesses will be distributed over the many, while the exploitation itself will only benefit the few. Risk taking is for entrepreneurs, not for consumers, consumer credit should be strongly discouraged.
@MyExcellentOpinion7 күн бұрын
Initially it sounds good but I am against it. First it makes no sense to be temporary, either permanent until a new law is passed or not do it at all. I agree with the disclaimers afterwards would say it would likely be replaced with high fees or some other mechanism for the banks to get their money. I think a better solution would be education of how credit cards, debt, and interest bankrupt individuals. The American education system did not teach that at all much less to people who dropped out of school. I think the town should advertise and have a counselor or something for free to teach this amongst other important things. I say this with an open mind not just as a Trump hater. Trump has legitimately bankrupted every company he attempted except land/real estate and even those are riddled with fraud or crazy lawsuits.
@MyExcellentOpinion7 күн бұрын
I pausedt the video when I replied. Cool that he mentioned financial education is being part of a solution.
@EatRawGarlic7 күн бұрын
@@MyExcellentOpinion I'm afraid that you overestimate the effect of education. As Western Europeans, we do receive such education. However, this doesn't change the distribution of intelligence amongst our population. Nor does it fix the low impulse control in certain individuals. Now take a guess which characteristics set apart the group with problematic debts from the general population... Isn't there an English saying like: "You can't fix stupid."? In some (maybe even all?) EU member states, the interest rates on creditcards are already capped below 15% without it leading to extra fees. I don't see why a law limiting rates wouldn't be able to forbid extra fees at the same time. This seems like a non-issue. I'd still rather see the consumer credit card industry perish altogether. They serve no real economic purpose.
@OopsFailedArt6 күн бұрын
I am almost always on the side of open markets. Interest rates are, however, the area where I deviate. I really like the point brought up in a recent comment though that this makes no sense being temporary. I would add to that. I think we need a permanent rate cap, tied to the fed funds rate. It needs to be introduced slowly, however. If we go cold turkey, the very groups that we’re trying to protect are going to be hurt the most. I don’t agree with the idea that education is enough of an answer. It’s not an education issue. These people are, very often, brilliant and fully aware. The problem is self control and desperation. My parents are a great example. To this day, I can not convince them to cut up the damn things. They went into credit card debt shortly after moving across the country when they caught a bad short term break. That was 27 years ago. They both have their masters in mathematics. It’s always been too easy to push off getting off these leeches until next year to get them out for good. I refuse to touch these. Too dangerous! (At least for going on a balance)
@reubenmorris4874 күн бұрын
Trump wants to limit his interest rates to 10%. Maybe they see him as a high risk, and his credit rating in JNK...
@ChrisLivingInYorkКүн бұрын
I was born on the 18th December 1978 and had no idea it was such a significant date
@mikekelly66036 күн бұрын
Good video. The 1.2T of CC debit numbers don't include the various buy now pay later schemes that have grown significantly in the last few years. I don't think there is good data yet on how big that number is, but if I am wrong it would make for an excellent video :)
@Youtuberkt7 күн бұрын
the problem with these graphs - not adjusted for inflation, growing population/household size. The value of dollar has depreciated, everything costs more. so, it seems natural to have a "larger" debt in non-normalized terms.
@kennethoram42925 күн бұрын
Once upon a time, there was store credit or "layaway" with the alternative being some form of "Shylock". From there to here in time, the poorest are still the most exploited.
@devinlowe55055 күн бұрын
I dunno guys. Most people with credit card debt drive much nicer cars than I do and have an RV to boot parked in their third car garage. I drive a 2013 Honda Civic and have $0 credit card debt. In fact, I'm doing quite alright. It really boils down to living within your means and not spending what you don't have. Most people in credit card debt deserve their fate, they shouldn't have the RV and the boat. Embracing the struggle and saving your money until you get to a certain point in order to 'get ahead' is what you need to do. My overall sympathy is pretty low.
@cautiousoptimist19264 күн бұрын
The credit card debt is bad enough, but the money people have wasted on RVs, boats, oversized trucks, motorcycles and travel is extraordinary. Even if you have the the cash, it doesn't mean you can afford to waste those savings on an oversized toy. We are surrounded by people who are childishly self indulgent, and then they are broke or in debt when they reach retirement age.
@mattm5977 күн бұрын
Approximately $7,500 for each adult in the country. I'm surprised the figure is that low.
@Ferdinand2087 күн бұрын
It is an average. Some people have 0 debt. Others will have 30000 CC debt.
@mattm5977 күн бұрын
@@Ferdinand208 Yes, average.
@tHebUm186 күн бұрын
I found it surprisingly high. It's probably artificially inflated too if it's just total debt, not revolving debt. Because total debt also includes everyone who pays credit cards off in full every month. So for me, it'd count for like $600-1000 in an average month, despite never having not paid a credit card off in full every month for the entire 15+ years I've had a credit card. Total credit available to people drowning in credit card debt is likely not super high on a per person basis.
@jonathantaylor69266 күн бұрын
I have zero. My bother has zero. My wife has zero. Both my parents have zero… that’s a lot of zeros to average in.
@mattm5976 күн бұрын
@@jonathantaylor6926 I have zero!!!
@jonathantaylor69266 күн бұрын
This is why I laugh at the “deflation is bad because people will delay purchases” nonsense… oh then why is there a trillion+ in credit card debt… clearly people are willing to pay more now than wait and pay less in the future.
@Sap3r3Aud36 күн бұрын
People are not econs. Econs would delay purchases, but as you say, humans don’t.
@goobda_6 күн бұрын
I dont get using a credit card without repaying it a month later. Why would you even do it.
@hariranormal55844 күн бұрын
Like, seriously yeah? Are people THAT short minded where you are like "I'll wait a month, that will come next decade" I can't even buy eggs without thinking why am I overpaying for these, could've gone there and got it for cheaper
@chrisupton316 күн бұрын
Debt to GDP is out of control... Solution: %0 interest and money printing... Inflate away the debt.
@cautiousoptimist19264 күн бұрын
Is that possible with this level of debt? I don't think it can be done without dangerously devaluing the dollar.
@Airplanefan4777 күн бұрын
I think another issue is that you are taught to get a couple cards/lines of credit with different kinds of payments to get a good credit score
@tHebUm186 күн бұрын
Taught completely correctly, but having a good score necessitates paying it properly.
@innosanto6 күн бұрын
Credit cards are fine it is the consumer who has responsibility on the usage of credit cards.
@jaredroussel6 күн бұрын
Fantastic, informative video. Thank you for creating this!
@afonsodeportugal7 күн бұрын
Interesting video, thanks!
@cautiousoptimist19264 күн бұрын
I hate consumer credit because it inflates prices. Those consumers who are willing to go in debt and pay usurious interest rates are the customers who set the prices for the rest of us.
@riccardon36857 күн бұрын
Great video!!! Thank you so much 💪
@HamishHodder7 күн бұрын
thank you!!
@thenoodlebuddy6 күн бұрын
Credit cards have destroyed many people's lives. However people also need to be accountable for their actions and do their research and homework first
@optionsdegen86537 күн бұрын
Verse and versus are not interchangeable FYI...
@Naden7 күн бұрын
Love your videos man!
@smh60165 күн бұрын
Get ready… for the greatest rug pull of all times!!
@circuitdotlt6 күн бұрын
There should be rules for getting and continuing to use credit cards. Similar to buying a house, where you need certain income. To me, an european, credit card is a weird thing. Never had one and donmt see a point in it. I mean, if I can't buy something small with cash I already have, I probably should not buy it. From smartphone to pizza. A house or a car is different story, but you should not use credit card for it.
@reubenmorris4874 күн бұрын
There are rules for maintaining credit cards and credit lines. Haven't you been reading about people's credit card limits being reduced, and at times, credit card accounts closed? Financial reviews, constant credit monitoring...they're watching...
@plica064 күн бұрын
I am probably misunderstanding the rationale and several comments below... but surely the idea to reduce interest rates on credit cards would encourage people to put MORE debt on their credit cards? I'm certain that would happen.
@davidwentzel15603 күн бұрын
i got a few cards to get a credit score and i bought a house then i maxed out all my cards and im not paying any of them off, easy 20k
@tarawhite44195 күн бұрын
People aren't paying their bills!!!!!!!!!!
@MrSkitlesFiddlesКүн бұрын
23nme gets bought out, other companies, I wanna sell personal data to a buyer
@tHebUm186 күн бұрын
0:18 In fairness, not having a credit card is objectively bad management of finances because credit card rewards are implicitly paid for by a combo of: cash/debit buyers, business revenue, and card company revenue. Not even to get into it being safer against fraud and whatnot. 100% of people should have credit cards, they should just use them responsibly by paying in full every month.
@darrenhudson55036 күн бұрын
Humans are.programmed to want things we.dont need...that's where credit comes in..u want it?...here's a card that let's u get it...walk down any street..and the chances are u will have spent something on something u didn't want...
@darrenhudson55036 күн бұрын
Mortgages..credit cards....store cards...holidays...deposit now...pay later...car loans...endless forms of credit to satisfy the hunger for stuff which we don't need but gives minutes of instant gratification...then u get it home..put it a cupboard and forget about it
@---capybara---6 күн бұрын
@@darrenhudson5503Up your self discipline son. If you can’t handle the credit card, cancel it.
@curtfromcanada69884 күн бұрын
80% of people why accept the banks giving them a higher max balance will surpass their existing credit card balance at some point.
@garrenosborne96233 күн бұрын
Rebel Economist Professor Steve Keen's analysis of the real cause of the Great Depression exposes this. Private debt excess presages "issues" {other known as "$hit $hit were fkd" 2008 is like WW1 differing to WW2!}
@Josh-zq7pq5 күн бұрын
You can look at lots of problems in our current world as it going from a Christian society to a post Christian society. Usury is a sin for a reason, but obviously as we move away it isn’t obvious to those making decisions why the removal of this from law would be so damaging.
@lohti63997 күн бұрын
Stock market acted like nothing happened.
@ajkristy70267 күн бұрын
Interest rate caps would inevitably make the rich, richer and the poor, poorer. It's "Too Big To Fail" at the consumer level. If you want bigger businesses and bigger government, interest rate caps are a great idea. "Specifically, caps on lending rates lead to a reduction in the overall supply of credit, with non-trivial effects on financial inclusion as banks are forced to reallocate credit from small, risky borrowers to large commercial borrowers and the government."
@michaelmoses87455 күн бұрын
That's a sign that interest rate caps will happen.
@Whanlon5 күн бұрын
It might be more revealing to analyse this as a ratio of GDP or Total debt. The nominal value just isn't very intuitive to look at for humans
@BrigetteWaltershield4 күн бұрын
I am 22 years old, lost my dad about half a year ago and I am going to receive some money soon. Would it be smart to grow my money in stocks for a few years while I am in college and then invest in rental properties afterwards, or should I go for real estate investing first?
@CamdenVanderlaan4 күн бұрын
I would advise the counsel of a seasoned financial pro. It may seem expensive, but as the old saying goes - "you get what you pay for" "Expert solutions require Expert providers" - my mantra
@Phlegethon6 күн бұрын
Credit card companies are your friends
@innosanto6 күн бұрын
Responsible vonsumers know that credit cards are a great and strengthening tool.
@carolynwheaton98844 күн бұрын
Ukraine 1 trillion.Isarel.
@dougsheldon55607 күн бұрын
Yeah. Back in the day(2007) built up a credit line of about 250 k on thirteen cards. Then the companies realized there was a crunch coming. Bank f am. cut my line from 30K to 2K. for no reason. It took my FICO from 807 to 670 in one swoop. The other cards saw that and closed a bunch. A few years later my FICO was back to 823 , so I borrowed a bunch and defaulted. Now I'm at 650 again and in a few months will start it over again. Free money, can't beat it.
@waysofzen7 күн бұрын
😂😂 only if you applied those brains in school... and the stock market
@dougsheldon55606 күн бұрын
@@waysofzen Have a B.S. in Microbiology and had a nice portfolio until I got conned out of it.
@waysofzen6 күн бұрын
@@dougsheldon5560 I've had to start over many a times in my life too. I try to get back up stronger than ever. I also try not to give into being self-serving like these Charltons around me. My edge over them is that they are predictable in their nature of greed and folly.
@ianandersen2657 күн бұрын
As much as I like Trump, I am deeply disappointed that that Trump wants to implement interest rate price controls on credit cards at 10% That is price controls, and has been tried and failed numerous times throughout all human history!
@milkdrinker76 күн бұрын
Are you making a joke or what
@ianandersen2656 күн бұрын
@@milkdrinker7 Are you harassing me over a disagreement on politics or what
@BrigetteWaltershield4 күн бұрын
I am 22 years old, lost my dad about half a year ago and I am going to receive some money soon. Would it be smart to grow my money in stocks for a few years while I am in college and then invest in rental properties afterwards, or should I go for real estate investing first?
@CamdenVanderlaan4 күн бұрын
I would advise the counsel of a seasoned financial pro. It may seem expensive, but as the old saying goes - "you get what you pay for" "Expert solutions require Expert providers" - my mantra