Premium Only Content

Americans are being CRUSHED by credit card debt and it's about to get worse
📺 Watch Next: This Is DEVASTATING to America's Credit Score: https://bit.ly/3PN3DZN
📞 Ready to buy your first fully done for you rental property? Book a free call with us: https://morrisinvest.com
❓Ask me a 30-second question at https://morrisinvest.com/clayton
🏠 What's Your Freedom Number? Download our free PDF to help you determine how many rental properties you would need to achieve financial freedom: https://morrisinvest.com/freedom
💵 Ready to get your finances in order? Download the FREE 90-Day Financial Empowerment Bootcamp: https://morrisinvest.com/bootcamp
🎓 Want to learn more about creating your individualized plan to wealth with a proven system? Join us in Financial Freedom Academy: https://financialfreedomacademy.com
👨🏻💻 Sign Up for My Webinar: https://morrisinvest.com/webinar
-----------------
Let’s talk about some of the few key factors that are contributing to the issue at hand.
One major contributing factor in the credit card industry is predatory rates. So not only are credit card interest rates rising in accordance with the Fed’s rate hikes the past year, but they’re also exorbitantly high, for no good reason. USA Today recently reported that certain store credit cards have climbed to record high interest rates of 33%.
The sad truth is these companies can charge whatever they want. Store cards, of course, are the worst offenders, but most, if not all, credit card interest rates are extremely predatory.
There’s no protection for you as a consumer, these banks and lenders will do whatever they can to get their hooks into people, and they prey on a lack of financial education.
Another problem, of course, is inflation. The cost of everything has risen, and sadly many consumers are in such a dire financial situation that they cannot afford these price increases – so they rely on credit cards to fund their lifestyle, and then get stuck in a vicious cycle.
We’ve also seen student loan payments resuming late last year. This has put many Americans in a serious financial crunch. The average student loan payment is in the $200-300 range, although some borrowers have much higher payments.
It’s more important than ever to understand the consequences of taking on consumer debt and to know when and how to use credit cards. Credit is a resource and a tool. But it can also cause financial ruin, anxiety, and devastation.
-----------------
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
-
9:40
Morris Invest
9 months agoShould you PAY OFF your home mortgage in 2024? | Morris Invest
7052 -
2:19:32
Badlands Media
1 day agoDEFCON ZERO Ep. 005: False Flags, Cyber Fronts & Global Power Plays
111K43 -
2:35:23
FreshandFit
5 hours agoWhy Black Men Don't Date Black Women Debate
22.1K21 -
2:03:42
Inverted World Live
9 hours agoBigfoot Corpse Coming to the NY State Fair | Ep. 94
94.8K21 -
6:16:23
SpartakusLIVE
10 hours ago$1,000 Pistol Challenge || #1 ENTERTAINER of The EONS Eradicates BOREDOM
71.3K2 -
2:33:37
TimcastIRL
7 hours agoTrump Orders Review of Smithsonian For Being Woke & Out of Control | Timcast IRL
170K55 -
3:09:10
Barry Cunningham
11 hours agoPRESIDENT TRUMP HAS TAKEN THE MONSTER AWAY FROM THE LEFT! HORROR STORIES WON'T WORK ANYMORE!
74.6K77 -
1:29:55
WickedVirtue
5 hours agoLate Night Fortnite w/ Friends
43.3K -
3:34:06
This is the Ray Gaming
5 hours ago $0.55 earnedCould you be? Would you be? Won't you be my RAYBOR? | Rumble Premium Creator
25.7K -
1:46:52
JahBlessGames
6 hours ago🎉Come een' and come tru' - VIBES | MUSIC | GAMES
46K2