Half of the US can't afford to pay rents??? Hmm..tough to believe!.

[mervyn]

https://www.cnbc.com/2024/02/06/cre...ating-financial-stress-new-york-fed-says.html

Credit card delinquencies surged in 2023, indicating ‘financial stress,’ New York Fed says

• Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Fed reported Tuesday.
• Total debt rose by $212 billion in the quarter, a 1.2% increase quarterly and about 3.6% from a year ago.

 

[Frederick Foresight]

Rent is very expensive, especially in NYC and nearby. But how many of the same people buy all their meals out, pay for coffee and water while at work? $20 of food and drink a day is about $5000 a year ($20*5*50). Then, go to bars after work and gamble on sports. Most of these same people do not know how to save. I got married young, around 24. I lived home with my parents until then to save money. I brought my lunch to work and keep my expenses low so I could save money and still enjoy going out with friends. My first full time job only paid $16,000/year back in 1982- good for the time. I quit that job to take a job on the floor which I started at $250/week. We all have to make choices.

https://nowbam.com/rent-prices-vs-inflation-and-income-growth/

 

[Real Money]

The real problem is that households with a single earner are being forced to compete with dual-income households with no real mitigating policies. Actually, the lion's share of economic policy and tax law is designed to benefit the dual-income household...

Add in the fact that so many poor are content to just to pay their bills and little else, and you have a race to the bottom. And that bottom is very, very low in quality of life terms. Single earners are being fucked over.

 

[murray t turtle]

https://www.cnbc.com/2024/02/06/cre...ating-financial-stress-new-york-fed-says.html

Credit card delinquencies surged in 2023, indicating ‘financial stress,’ New York Fed says

• 
  
  
  • Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Fed reported Tuesday.
  • Total debt rose by $212 billion in the quarter, a 1.2% increase quarterly and about 3.6% from a year ago.

%%
LOL no wonder\ credit card borrowers LOL
Lotto buyers have gotten bigger also \ like Dave[Realtor+ radio ] Ramsey says ''a stupid tax on people that can't do math ''...............................

 

[mervyn]

%%
LOL no wonder\ credit card borrowers LOL
Lotto buyers have gotten bigger also \ like Dave[Realtor+ radio ] Ramsey says ''a stupid tax on people that can't do math ''...............................

come on, i play lotto when the pot is over 250m, which is very routine these days. one can dream.

 

[murray t turtle]

come on, i play lotto when the pot is over 250m, which is very routine these days. one can dream.

%%
LOL
Sure can dream, amen ;
as far as stupid tax on people that cant do math LOL, no thanks.
NO matter what they say i'Ve done/i aint never had to much fun/D SingleTary Song
>4,077,777 Video views...................................................................

 

[expiated]

It is possible to live beyond one's means—often for a relatively extended period of time—especially if relying on credit cards and/or loans from family/friends.

 

[S2007S]

View attachment 333493

Yep. I don't know how consumers do it but they always have money to spend. Over a trillion in credit card debt and only going higher....and these folks should but they probably don't care paying interest of 17 to 30% on outstanding balances.
But it doesn't matter if credit card debt is 1 trillion...2 ...3 ...5 trillion as long as they are spending is all that matters since spending makes up 70% of US gdp!!

 

[murray t turtle]

ABSOLUTELY agree. People today do not how to budget and do not know how to plan to spend. They let peer pressure and media dictate how they live and spend instead of living according to how much they have. I did the same thing when I first started out as well. My first job paid $23K a year and that was a good pay for college graduates back then. There was no way I could afford to rent on my own at the time so I lived with my parents to save until I saved enough for a downpayment on my first home and I moved out of my parents' place. When I was living on my own in my first house, my living budget for the entire month was $150 besides mortgage payments and that included food, clothing, other living expenses and occasional entertainment expenses. And I didn't find it difficult at all.
If you can't afford it, you just don't buy it. Simple. DO NOT let others tell you what you should or should not buy. You should be the one who decides that.

I find renting to be a total ripoff unless you are in one or more of the following situations:

1) You are ultra-rich and really don't care about money
or
2) You are renting to own
or
3) You are in a very temporary living situation where you are only in that place for a very limited amount of time like traveling
or
4) You can make extremely high returns in the asset market that far exceed how much your owned property can appreciate in the real estate market and you are making much more than the rent you pay

otherwise you are throwing away money for nothing. Everything that you spend money on, eventually the thing that you spent your money on comes back to you except renting. When you rent, you are spending money on something that will never come back to you; at the end of the day, you spend all that money and yet you can be kicked out at any moment, none of an inch of a square of the place that you so painstakingly decorated that you call "home" is yours. All those money that you have spent are just gone and gone forever!! And for what? Just a bed to sleep on at night? Cuz that's really what you really need a home for if you think about it, is just a place for you to rest your head when you are tired at night; everything else, you can get it somewhere else. This is why I either stayed with my parents or just bought outright.

%%
Good points;
except some ''extremely high returns'' had high risk + went bankrupt, like many union companies have .
[5-7.777]Another advantage of renting, short term , nothing like boots on the ground to test a a neighbor hood.[BIG Disadvantage OF RENT\ IF LANDLADY is a DRAMA QUEEN '' [lol=laugh a little/ i like owner occupied RE better. ]
EVEN a home owners assoc - condo sounds better than rent;
condo=among the more risky + volitile RE solutions.
Great view in Miami+ i enjoyed the palm trees+ view @ the inn LOL
[edit 6%hit rate on credit cards=94%sucess on what/ 20-30 % apr ??]LOL

 

[expiated]

And from what I understand, there IS a story that's unfolding under the surface, but it's not the case that no one has a clue about it, because I've heard from various individuals who pay attention to such things of a number of warning signs that an eventual "collapse" is eminent.