Struggling In Debt We Can Help : It's Getting Worse

[@derekcox6531]

I got my first credit card at the age of 30 in 2001. By 2004 I was 40k in credit card debt. It took me 8 years paying more than I could really afford,to pay that debt off. I sold almost every possession I had and it was the lowest I ever felt in my life. Once the cards were paid off,closed all but 1. I pay the card off every month now. No exceptions. And I tell anyone who cares to listen,to stay FAR away from this most expensive joy stealing trap.

[@ThisIsOurRetirement]

Wow Derek thanks for sharing your story , we learnt the hard way too just like you 🍻🙂

[@Savannah-ed4rv]

Yes, you got into a great amount of debt but you also had the courage to sell your possessions in order to get out of it. I congratulate you on your hard work to be debt-free! I need to do the same thing but I don't really know where to start I'm selling my things! It's a process....

[@KittyKat-vb1nd]

I can't wrap my head around why so many people can't simply manage their money. Granted I know Americans are besieged from birth to spend but given the amount of debt so many carry there you'd think k logic would prevail at some point. And if you see you're debt is rising why on God's earth would you simply not stop. Given the majority is spent on wants rather than needs people appear to enjoy self sabotage.

[@KittyKat-vb1nd]

Cards do not spend themselves. The same people who can't manage a credit card can't manage their own money either. The words Americans hate. Personally responsibility.

[@Quince828]

@@KittyKat-vb1ndI think a big part of the problem is as Tina and Norm point out. Paying by credit card is invisible. You don’t see the money going out so the impulse is to buy whenever you see something. I’ve read that American retailers are getting worse in that some will no longer accept cash payments. If you want to buy something you have to feed cash to a reverse cash machine which gives you a card to spend with. Of course there’s a service fee so they get you either way!

[@Itsme-vo4fx]

Simple: Don’t put on your credit card more than you can pay at the end of the month. PERIOD!

[@ThisIsOurRetirement]

Very good advice 💰👍

[@marilynrybak9154]

Exactly. Criedit cards are very convenient especially when paying for gas and groceries and online orders IF you only charge what you can pay when the bill is DUE! Never ever carry a balance because that’s when you get hit with finance charges and the balance starts to snowball out of control!

[@Quince828]

When my daughter turned 18 the bank offered her her first credit card as they closed out her children’s bank account. She didn’t want to take it but I encouraged her to as she was going away to university and also I felt she needed to start building a credit history. She used it very little and always paid the balance in full. Now in her forties she still has no credit card debt. Good habits start young.

[@ThisIsOurRetirement]

Great advice Cheers 🍻🙂

[@marilynrybak9154]

Exactly. I did the same with my sons. Only use it when you must and make sure you have the cash to pay the credit card bill IN FULL. It’s all about CONTROLLING YOURSELF!

[@dobiechic]

We are retired and debt free and have always paid our credit cards off each month. We use a credit card for everything… groceries, dining out etc and get 5x points on our purchases which we transfer to Aeroplan and enjoy free or upgraded flights and free lounge access at the airport. Used properly, the benefits add up. The key is to pay that balance each month. The interest rate they charge is crippling!

[@RetiredLovingIt]

So many people are drowning in debt. So sad and a very stressful way to live.

[@ThisIsOurRetirement]

It seems to be a sign of the times these days have a great weekend guys 🇺🇸☕️🇨🇦

[@alancane1482]

Lifestyle choices I guess. My sister and her husband were bailed out of $50K in credit card debt by his parents. Three years later they were seriously underwater again. They never made a budget that I knew of and with four kids, going to McDonald's every other day and driving to the corner store can be expensive.

[@RetiredLovingIt]

@@alancane1482 we think budgeting and financial management should be taught in schools. It’s essential in life!

[@stevenhull5025]

They choose to do so.

[@markbajek2541]

I like that Idea of putting your credit card in a block of ice. Gives a new meaning to the phrase "Credit Freeze"

[@ThisIsOurRetirement]

😂😂

[@CogenMan3]

My wife and I have paid off our credit cards every month since 1984. We saw a tv show about how credit cards came into being. The guy they had on for the credit card companies said that they call people who pay off there cards every month dead beats. And they call people who don't pay them off every month revolvers. They love those people. We decided after watching that show we were going to be dead beats and be hated by the credit card companies.

[@ThisIsOurRetirement]

Wow guess they were just after the interest on the money 💰 great decision guys Cheers 🍻🙂🌺🍷

[@terrimoore6161]

We owed almost $90,000 in cc debt in 2011, when we bought this home! We have been moving this debt between no interest cc's for the last 13 years, some have been a 1% or 2% transfer fee.... anyhow today we are down to $9000... and have been living very well every year, and still going on multiple trips a year. Our house is now worth almost triple, and our mortgage is less than half, so early retirement here we come.... of course, not in Canada, but somewhere warm, good health care, cheaper cost of living and "La Dolce Vida"!

[@annberquist7101]

Great video Tina and Norm! More emphasis needs to be put on financial literacy in school.

[@ThisIsOurRetirement]

We agree! don’t know why they don’t teach all about Financial things to prepare you for the world Ann 🌺🙂💰

[@GaryNaples]

The lender owns the borrower… Too many Americans are trying to keep up with the Jones’s. That’s a very dangerous game to play.

[@ThisIsOurRetirement]

Very true Gary!

[@fjohn8985]

I just watched a video about a guy who underestimated the cost of living in the Philippines (supposedly low cost of living country) and returned to the USA to head back to work. Video title - *We Lost Another Expat In The Philippines May He Work In Peace* So, living below your means would apply everywhere in the world.

[@JBoy340a]

@@fjohn8985 Ouch! The cost of living is lower in the other places, but bad money management is bad money mangement everywhere.

[@marietaylor5174]

What they don't realize is that the Jones are broke too.

[@sjbutler2330]

I subscribed to money Sense magazine for 8 years! Loved that magazine! And the stories and info! Learned lots from this magazine. Cried when they discontinued it. I am in my mid 60s and am totally debt free!!! 😊

[@ThisIsOurRetirement]

Yes we had a subscription for the longest time, Moneysense and the Wealthy Barber financial education.

[@pensacola321]

I get about $2,000. annually cash back on my credit cards. I never pay interest. I love it.. Retired and travel quite a bit.

[@johnnyboyvan]

I got my first card in university. It was an American Express and I had to pay the balance off every month. So glad I got that card and not one with circulating credit. My maximum was 1k!! It is hot here in glorious Vancouver. Your honesty is refreshing.

[@ThisIsOurRetirement]

Guess that’s a great credit card 💳 for teaching discipline Johnny have a great weekend Cheers 🍻🙂

[@sct4040]

I applied for the Green Amex card right after graduation, and you are correct, it was paying the complete balance each month.

[@GrantMcLeod-u2r]

In reference to your prior video about carrying $100 in the wallet. When I was young in the early 1970's I always had $100 in my wallet. Back then, $100 was a lot of money. Co-workers always thought I had money !! All of my life I've always carried $100 with me, but lately I upped it to $200 cash.

[@ThisIsOurRetirement]

Great story see it works ! guess it’s more now with inflation 💰😂😂

[@tomf9292]

I use my credit card for everything and pay the balance every month. I get points and use that for purchases I need. I also look at my statements and know where my money is going. I paid cash on something from Lowe’s and when I tried to return it, I had lost the receipt and they wouldn’t let me return it. So now it’s credit card for everything. Gotta be disciplined that’s all.

[@thomaschew2191]

Every dollar sent to a credit card bank is one less dollar that can go into a retirement account. At one point in March 2018 we had $28K in credit card debt. If that was all there was to it that would be one thing but alas that was just the tip of the debt iceberg. Today 100% debt free and putting 50% of our income into retirement savings.

[@ThisIsOurRetirement]

Congratulations 🥳 on being 100% debt free and on track for saving for retirement just awesome 👏 Thomas Cheers 🍻🙂

[@calr4459]

I’m surprised no one is outraged by the current 19.9 to 29.9 interest rates. A long time ago when Mortgages were 15%, I don’t recall 30% on credit cards.

[@ThisIsOurRetirement]

You are right it’s outrageous levels of interest rates.

[@calr4459]

15% mortgages were really outrageous. Also, if you had a low interest rate mortgage the bank would “call” the mortgage and force a refi. 1980s

[@todddunn945]

I got into some credit card debt when I took my first job after grad school. Basically I was almost broke when I finished school and had to use my card to cover travel costs to my new job and basic furnishings for the apartment I rented. The job did cover moving expenses, but on a reimbursement basis and that took nearly two months. I was making pretty good money, but I barely had enough to cover food until I got paid the first time. It took a few months to pay off the card balance. Since then I have never run a balance on my card. Unfortunately, these days you pretty much need to have a card just to live since more and more businesses won't accept cash. I refuse to use a debit card due to the risk involved. I do have one, but I only use it to get cash at the bank. I do that less every year these days. I was making pretty good money, but I barely had enough to cover food until I got paid the first time.

[@ThisIsOurRetirement]

Thanks for sharing Todd definitely hard time when you get your first job Cheers 🍻🙂

[@sharischmidt4712]

Great subject!!!!😊 It's just a lesson in don't spend money you don't have!!

[@ThisIsOurRetirement]

So true!

[@bruceprentice6441]

I have two credit cards. One card has a fairly low limit. I like to use this card in situations where I half to do things like book a hotel over the phone. Always pay of balance owing each month. My biggest problem is because I use the cards so seldom, I have trouble remembering what the PIN number is and for which card, lol

[@ThisIsOurRetirement]

That is a great idea having a card with low balance for buying over the phone 📞 or booking hotels Bruce Cheers 🍻🙂

[@murraytown4]

I got my first credit card in university in 1986, with a $1500 limit, which I have never increased. I never carry a balance and have been living completely debt free for almost six years. I live comfortably on a pension, but not extravagantly…definitely below my means and have a credit score of 871. It can be done with a bit of discipline. My credit card is always locked when not in use, so no impulse purchases. There is no reason to drown in debt.

[@ThisIsOurRetirement]

Thanks for joining the conversation Murray have a great weekend Cheers 🍻🙂

[@patriciawallace957]

I did put my credit card in the freezer when I was younger!! I hate credit card debt. I always pay my monthly amount and the interest charged!! Hope to pay off the 4K in a year and half!!

[@ThisIsOurRetirement]

Yikes 😱 maybe it needs to go back in the Freezer Patricia, good luck paying it off 🌺

[@sct4040]

I was surprised to see you doing so many videos. Didn’t they used to be very Saturdays. Be sure not to burn out, take it easy.

[@ThisIsOurRetirement]

Thanks for watching Cheers 🌺🙂

[@marciarelouw2522]

You talked about paying down your credit cards by finding a lower interest card or better yet, a line of credit. Not everyone qualifies for a line of credit, and to take advantage of a low rate interest rate, such as 6%, you are looking at securing that line of credit. Many people are not aware of the importance of building a good credit rating, which is the key to borrowing at a lower rate. Better than borrowing, consider consuming less.

[@ThisIsOurRetirement]

Often balance transfer low interest rate credit cards are quite easy to get. unsecured line of credit is preferred but more difficult to get.

[@marcoprolo1488]

Never, never ever borrow money against a credit card unless you decide willfully to become a slave. The interest rates are insane. Learn to live within your means. If you will have no more money to repay your account for this month, delay your purchase and wait for the next pay. My rule is to always buy goods in cash, second hand if necessary. Lots of stuff is free too when you look around. Your place may not look like they do in those designer magazines but you will be free of debt and that is invaluable.

[@ThisIsOurRetirement]

Thanks for sharing 🍻🙂

[@ddavidson5]

The only thing worse than borrowing against a credit card is going to one of those payday loan quick cash places. Interest rates at those places approach 50%.

[@ThisIsOurRetirement]

Yikes 😱

[@stevenhull5025]

And store card's interest is criminal. Banks get away with daylight robbery.

[@terryevp4084]

WOW. Another top-notch video. Congrats on 71K subs...!!! Have a great weekend Norm & Tina.

[@ThisIsOurRetirement]

Thanks so much Terry enjoy your weekend too Cheers 🍻🙂

[@sammie44]

Hi Tina and Norm 😊 You are right about credit cards. “It’s like putting a band aid on the problem”. We felt the pain too, until we yanked out that band aid! 😆 Credit cards can really be a trap! On my children’s university and college orientation days the atrium was full of reps from different financial institutions luring students to sign up for credit cards. How sad is that? School tuition, books and accommodation and food are sky high expensive. At this rate how are young adults able to start saving money for their future retirement? They already leave school with debt and with a credit card debt on top of of it, it just makes their financial situation much severe. Hope the weather is nice at your trailer camp! ☀️ Have an awesome weekend! 🍺 🍷 Take care! Sam

[@ThisIsOurRetirement]

Weather is mixed Sam next week is looking really nice we agree lots of problems start with that first Credit card at university Cheers 🍷🌺🙂

[@johngaddye1719]

My unsecured line of credit has creeped up to over 12%.

[@ThisIsOurRetirement]

That’s getting near low interest rate credit cards.

[@BRPeterYoga]

New subscriber here. Enjoying your content. When I was younger, I was somewhat financially irresponsible. However, for over 20 years, I changed my financial behavior. Now at age 72, I’m completely debt free, including the house. I use my credit cards with discretion. The card used for online purchases is paid off 2x monthly. When the balance reaches $500, I make a payment. Also, I use a monthly budget and the envelope system. Yes, carrying those envelopes around can be a pain at times, but I know where my money is going. As a retiree, I also work part time as a yoga teacher. The extra income really helps. Thanks for your thoughtful videos.

[@ThisIsOurRetirement]

Thanks for subscribing we really appreciate you. You have some great budgeting tips, thanks for sharing them.

[@christopherbarker976]

Hi Tina & Norm good to see you both again it is a terrible situation for people and the other co which are buy now pay later i think are very bad as well . Thanks Christopher Barker

[@ThisIsOurRetirement]

Totally agree Christopher buying buying furniture etc on the never never are just as had Cheers 🇬🇧🍻🇨🇦🙂

[@sandihunter1260]

We have one credit card that we use for aeroplan points and it is paid off monthly. I have one in my own name and use it just to keep my own credit but I'm lucky if I use it 6 times a year and it is always paid off when used. It's the only way to stay out of debt.

[@ThisIsOurRetirement]

That is awesome! it’s so important Sandi to have one in your name to keep your credit history, if you have a card on hubbys account it’s his credit history not yours . Have a great weekend Cheers 🌺🍷🙂

[@The0Patt]

Same, It occured to me a couple years ago that I didn't personally have a credit card. So I applied for one. Took me a while as I don't work any more. :) Got one finally with a 1k limit. Don't really use it much, however after about a year they increased my limit to 2.5k. So at leaste I'm now covered, just in case. :)

[@OvertheHills]

I have about a dozen credit cards but never carry a balance on any of them. My current favourite is the US Bank Altitude Reserve card. With an effective annual fee of $75, offering 8 airport lounge visits, rental car primary collision coverage, and 4.5% cash-back, what's not to love?

[@ThisIsOurRetirement]

Sounds like a great credit card 💳 Cheers 🇺🇸🌺🇨🇦

[@JBoy340a]

I hate CC debt. It is an unsecured loan so the rates are so high, 22%+ is US. I have always made sure to pay mine off every month. Also, I only use one CC so I am not tempted to buy something on another card and be tricked by the "Oh, that card's balance is not too high" thinking.

[@ThisIsOurRetirement]

Thanks for sharing have a great weekend Cheers 🍻🙂

[@raydemers5669]

People. The issue with most starts with the reflection in the mirror. I know. I am grateful that I have a very healthy balance sheet not funded solely by having to sell a home. We own our spending habits. Once people stop blaming the government, their employer, the "Master of Coin" whomever, only then can you move forward in a productive way over time. Not saying it's easy. If it were there would be many who are not encumbered with this type of debt. And like the song, I am a believer to Tina and Norm. I am a subscriber. Your welcome.

[@ThisIsOurRetirement]

Thanks for sharing and your support as a subscriber sometimes life isn’t easy and you have to work through problems Cheers Ray 🍻🙂

[@honnorjustice]

Putting your credit card on ice is a good idea except if you have it set up on these marketplace sites. Or if you have your credit card memorized you can still use it. I know because I’ve done it. Many years ago when I was younger.

[@ThisIsOurRetirement]

Yes we think technology has superseded the old ideas.

[@Uno-u9o]

As times continue to change a person almost has to have a credit card or miss out on doing a lot of things. The days of paying cash or just sending a check to buy tickets, reserve rooms, etc., is long past the norm. More places require credit cards used. Some accept debit cards but they tend to lack protection. Back when check registries came with checks, I'd list a credit card purchase, same as a check and subtract it from the total. Used "CC" to denote it. Worked great. When the credit card bill arrives, It's always paid it in full every month. For those who say no one taught or told them about finance, there's plenty of places, like libraries, internet to learn about it, but to many don't care about anything but getting money.

[@TeresaS-q7x]

The problem with transferring cc debt to a lower interest (such as line of credit), the person still has the credit card and before you know it they have that line of credit that they had transferred the balance to and the credit card itself once again full. I lent someone money once, with payments, interest free, over the course of six months for them to get it paid down - then they just continued to use the credit card afterwards. Lesson learned.

[@joachimgoethe7864]

I divide my credit limit in half. Then consider that number my limit.

[@ThisIsOurRetirement]

We refuse credit limit increases and have called the company to reduce the limit.

[@RoseGrace100]

Another great video.

[@ThisIsOurRetirement]

Glad you enjoyed it

[@MrGearoid65]

Ur so honest, Tina and Norm. Credit cards are a menace. They should be more strictly controlled by financial regulators. Looking well guys. 👌 😊

[@ThisIsOurRetirement]

We agree! but they aren’t and many us included learn the lesson the hard way 🤔🤔

[@MrGearoid65]

​@@ThisIsOurRetirementMe too!!!! 🤦‍♂️

[@FreaksSpeaks]

House price crushes it even more madness, not very many winners. Sad.

[@ThisIsOurRetirement]

Thanks for watching 🍻🙂

[@glennsmith6622]

hi both, you mentioned your great cruise round Australia .. we are looking to do the same can you share any details, info, hints, advice on how you did it please?

[@ThisIsOurRetirement]

It was really around New Zealand then Tasmania and Three ports in Australia. We flew to Wellington NZ had two days in a hotel and after the cruise had three nights in Sydney. It was a Holland America cruise.

[@Nrustica]

Pay it off every two weeks to get a more accurate view. Credit causes overspending

[@sandramaki7819]

Great video! ❤❤❤ thanks for what you do!

[@ThisIsOurRetirement]

You are so welcome! enjoy your weekend Sandra 🌺🍷🙂

[@DfChen-c5m]

I dont do this myself but you can also use a debit card

[@stevenhull5025]

LIVE WITHIN YOUR MEANS INSTEAD OF TYING A NOOSE OF DEBT AROUND YOUR NECK.

[@ThisIsOurRetirement]

Agree

[@waffles1ca]

Self inflicted pain…

[@ThisIsOurRetirement]

It can be or a necessity such as Divorce, too higher morgage , bringing up a family , disability …….the list goes on 🌺

[@leozeek]

Tina, you look great in brighter colored tops ~ you should always wear them!

[@ThisIsOurRetirement]

Thank you 🍷🌺

[@barbiec4312]

I know 24 year old with credit card debt that has kind of put her life on hold while paying off that damn debt.

[@jovicrazed]

I'm very thankful that I have $0 debt. I charge everyting I can to credit cards to earn the points and pay them off every month and my condo is paid off. I have always lived within my means as a single income household. I bought the condo I could afford not the one that the bank said I could afford, or the nicer, bigger one that I mght have wanted, etc. I'm in my early 50's and am dreaming of semi-retirement.

[@ThisIsOurRetirement]

Very good advice thanks for sharing.

[@Johnny53kgb-nsa]

Good advice.

[@ThisIsOurRetirement]

Glad you think so! 🍻🙂

[@glennet9613]

There is some excuse for young people to take out debt, credit card, loan or mortgage, to furnish their home or buy a car but by the time you are middle aged you should have caught up and be accumulating. I can't see any reason for retirees to have debt unless they are living on a large work pension rather than their savings.

[@Savannah-ed4rv]

2nd comment. I don't see your other video linked here. Are you able to post it in the comments? Thank you!

[@ThisIsOurRetirement]

It is in the video but here it is hope you enjoy 🌺 kzbin.info/www/bejne/kJuWcneYpsane8U

[@Savannah-ed4rv]

I finally got back to see your response! Thank you very much 😊

[@desiv1170]

I remember getting my first credit card way back on my first day on campus in College... I bought a computer with that... And then paid the minimum. For ages... Can't believe how much that computer actually cost me... Sheeesh!!! That was a great lesson about credit card debt for me... Although to be fair, I did get a FREE frisbee when I signed up for the card!! :-) LOL

[@ThisIsOurRetirement]

Hope you enjoyed the Frisbee have a great weekend Cheers 🍻🙂🍷

[@deserttrainguy3235]

Credit card companies give the cards out too easily. Many young people carry numerous cards and don't understand the damage you mention of paying only the minimum and being hit with usurous interest rates. I blame this on lack of sound basic financial education in the schools and parents who don't educate kids about basic finance. Credit cards as addictive as IPhones.

[@ThisIsOurRetirement]

It’s too easy to run up debt on credit cards, they don’t want to teach finances in school……such a shame.

[@johnristheanswer]

Usurous - I had to look that up. Nice word.

[@RickLumb]

Tina: You certainly look like the English actress Anne Reid, who played Ken Barlow's first wife in Coronation Street.

[@ThisIsOurRetirement]

Thanks great to be in good company Rick 🍻🙂

[@nancyesposito1020]

Thanks for this video. Can you guys talk about how you have your investments allocated at your age? What is my age too!

[@ThisIsOurRetirement]

We are split some in stocks and some cash 💰

[@williamwelbourne2029]

🤣👍 you guys " ROCK"🎶🎶

[@ThisIsOurRetirement]

Thanks William 🍻🎸🙂

[@Andrew21882]

The solution to this dilemma is very simple, stop using credit cards and any credits, use cash only. That way you have a total control over your spendings and that would also prevent The Central Banks from getting rid of it and introducing digital currency and enslaving the society that way. Cash is the king.

[@outdoorsman1140]

The powers that be want to do away with cash, so it will be all e-payments, which includes credit cards. We will see much more debt when they do way with cash.

[@ThisIsOurRetirement]

Interesting thanks for sharing Cheers 🍻🙂

[@sjbutler2330]

I hope that they Never Do Away With Cash, especially if they want my business!!

[@dklauf]

The sooner borrowers realize they can't get out of debt by borrowing money the better.

[@jimmyhvy2277]

Good Lord , if you are Retired , DON'T have a Credit Card . IMHO .

[@ThisIsOurRetirement]

It’s necessary for a lot of travel, also with discipline paying off every month you can collect points.

[@abu-aliz]

The cost of living has become very high for Generation Z 😢

[@ThisIsOurRetirement]

Yes we totally agree 🌺👍

[@abu-aliz]

@@ThisIsOurRetirement 🤍

[@pcsteve6072]

These "Tina & Norm Read The Paper" are my least enjoyed of your content. The Internet is so cluttered by folks repackaging news releases, other people's articles or interviews. It seems to be a lazy way to generate content. You have a great style so it is less offensive than most, but I would encourage you to keep it personal as that is where you truly add value. All the best!

[@ThisIsOurRetirement]

Thanks for your feedback 🙂

[@pensacola321]

It is all about the clicks. Sadly, content has now taken the back seat.

[@ThisIsOurRetirement]

Not really our title describes what we are talking about and debt is a huge problem at the moment so we wanted to talk about it 🤔have a nice weekend 🇺🇸🍻🇨🇦

[@The0Patt]

Canada: Zed America: Zee

[@ThisIsOurRetirement]

Glad we love both 🇺🇸❤️🇨🇦

[@charlesvanderwoude8745]

You cannot retire with credit card debt.

[@lw1405]

Finance should be taught in school.

[@sunflowermarcia7277]

Lots of Temu addicts out there.

[@jimmyhvy2277]

Bankster are Legalised thieves IMHO .

[@estefanamanrique3317]

Merci !

[@ThisIsOurRetirement]

Thanks so much Estefan

[@elterrifico9522]

Try not to be so smug about other people’s misery. It’s rather off-putting

[@ThisIsOurRetirement]

So you missed the comedic reference to Moneysense magazine it’s not smug at all , they were fictitious stories 😂😂