US Personal Savings vs. Credit Card Loans

3,658 Views | 45 Replies | Last: 2 yr ago by APHIS AG
javajaws
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In reply to UTExan • 11:50a, 11/2/22
AG
UTExan said:
The real scandal is that we completely neglect the financial education of our people.
What do you expect from a country that can't even agree what a woman is?
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lb3
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In reply to The Banned • 12:56p, 11/2/22
AG
The Banned said:
I would strongly recommend getting massively in debt because apparently the government will just give you money if you're financially ******ed
I've seriously questioned whether being highly leveraged might be as much of an asset as the assets purchased with that leverage.

We live in a clown world.
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sam callahan
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1:04p, 11/2/22
I must be looking at that first graph wrong because I don't believe the average savings rate was ever that high
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agracer
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In reply to CDUB98 • 1:25p, 11/2/22
AG
CDUB98 said:
aggrad02 said:
CDUB98 said:
Not all debt is bad. You have to know how to use it.For example: wife and I needed a new mattress. Ours was flat dead and uncomfortable. Mattress Firm was running a 0% interest for 5-years earlier this year. So, we bought a new mattress and were able to string that sucker out at 0%, HELL YES!! With today's inflation, that basically an 8% discount. But wait, there's more, we also got $300 dollars in freebies for in-store stuff, but wait, there's more, we also got some kind of $300 in-store credit on top of that for opening an account. So, we just "purchased" another mattress for our front bedroom because that cheap ass one had worn out as well from in-laws staying.Obviously, Mattress Firm will still make a positive gross margin on the product, but for us, THAT is using debt wisely. We're reducing our monthly real interest thanks to the Fed.


You do realize that the interest on that debt is hid in the upfront price of the mattress, right? Along with all the "freebies" you got.


It somewhat is. Tempurpedic, from my understanding, sets prices on their mattresses, so it doesn't allow MF to game it as much.

So, my purchase is still gaming them much more than if some person were to walk in off the street and buy the mattress outright at that price.
. Ask, MF is counting on people to miss a payment and then all the fees and back interest kick in.
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whoop1995
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In reply to UTExan • 1:32p, 11/2/22
AG
UTExan said:
The real scandal is that we completely neglect the financial education of our people.
I have said for years that a personal finance class should be mandatory in high school and college to getting your diploma.
I collect ticket stubs! looking for a 1944 orange bowl and 1981 independence bowl ticket stub as well as Aggie vs tu stubs - 1926 and below, 1935-1937, 1939-1944, 1946-1948, 1950-1951, 1953, 1956-1957, 1959, 1960, 1963-1966, 1969-1970, 1972-1974, 1980, 1984, 1990, 2004, 2008, 2010
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CDUB98
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In reply to whoop1995 • 2:04p, 11/2/22
AG
whoop1995 said:
UTExan said:
The real scandal is that we completely neglect the financial education of our people.
I have said for years that a personal finance class should be mandatory in high school and college to getting your diploma.


It really is odd how a class to teach someone how to possibly NOT be a gov't dependent is purposefully kept out of the gov't school.
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whoop1995
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In reply to CDUB98 • 2:12p, 11/2/22
AG
CDUB98 said:
whoop1995 said:
UTExan said:
The real scandal is that we completely neglect the financial education of our people.
I have said for years that a personal finance class should be mandatory in high school and college to getting your diploma.


It really is odd how a class to teach someone how to possibly NOT be a gov't dependent is purposefully kept out of the gov't school.
Yeah that makes sense on the high school part but the colleges should mandate it in order to lead to more responsible alumni willing to give more donations and endowments but they are stuck in the short term thinking of government backed college loans to illustrate your point.
I collect ticket stubs! looking for a 1944 orange bowl and 1981 independence bowl ticket stub as well as Aggie vs tu stubs - 1926 and below, 1935-1937, 1939-1944, 1946-1948, 1950-1951, 1953, 1956-1957, 1959, 1960, 1963-1966, 1969-1970, 1972-1974, 1980, 1984, 1990, 2004, 2008, 2010
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tysker
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In reply to whoop1995 • 2:14p, 11/2/22
AG
whoop1995 said:
UTExan said:
The real scandal is that we completely neglect the financial education of our people.
I have said for years that a personal finance class should be mandatory in high school and college to getting your diploma.
My primary regulator FINRA offers this Financial Literacy Quiz https://www.finra.org/financial_literacy_quiz which I think is pretty straight forward but I work in the industry. Average score correct has consistently been around 50% but frankly I dont think many people really understand the underlying fundamentals of their responses.

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Bobcat-Ag
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In reply to whoop1995 • 2:17p, 11/2/22
whoop1995 said:
UTExan said:
The real scandal is that we completely neglect the financial education of our people.
I have said for years that a personal finance class should be mandatory in high school and college to getting your diploma.
I can't star this enough!
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nortex97
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In reply to whoop1995 • 2:23p, 11/2/22
AG
whoop1995 said:
CDUB98 said:
whoop1995 said:
UTExan said:
The real scandal is that we completely neglect the financial education of our people.
I have said for years that a personal finance class should be mandatory in high school and college to getting your diploma.


It really is odd how a class to teach someone how to possibly NOT be a gov't dependent is purposefully kept out of the gov't school.
Yeah that makes sense on the high school part but the colleges should mandate it in order to lead to more responsible alumni willing to give more donations and endowments but they are stuck in the short term thinking of government backed college loans to illustrate your point.
Colleges don't 'think' decades out, any more than a company does. They are all about milking students for every dime of money they can, via loans or any other source; their motivation is to keep as many financially ignorant as possible.
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APHIS AG
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In reply to will25u • 9:38p, 11/2/22
will25u said:
I think we might have a HUGE problem here. Anyone with more financial education want to weigh in?

And this is exactly what the Democrats want.
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