return2ozma@lemmy.world to News@lemmy.world · 5 months agoAmericans are facing a record credit card debt crisiswww.businessinsider.comexternal-linkmessage-square15fedilinkarrow-up1113arrow-down16
arrow-up1107arrow-down1external-linkAmericans are facing a record credit card debt crisiswww.businessinsider.comreturn2ozma@lemmy.world to News@lemmy.world · 5 months agomessage-square15fedilink
minus-squareiain@feddit.nllinkfedilinkarrow-up3arrow-down1·5 months agoI don’t think financial literacy is the problem. I think the majority of the debt is incurred because people need to spend money on necessities. No amount of sound financial planning can make that go away
minus-squaremalloc@lemmy.worldlinkfedilinkEnglisharrow-up2·5 months agoThis is also true! Increased cost of living combined with stagnating wages. This is partly the reason why “payday loans” exist.
I don’t think financial literacy is the problem. I think the majority of the debt is incurred because people need to spend money on necessities. No amount of sound financial planning can make that go away
This is also true! Increased cost of living combined with stagnating wages. This is partly the reason why “payday loans” exist.