ilmscore | Prediction Details
"we just saw in America credit card debt hit a brand new record high what does that mean that means people are spending money they don't have and now when you spend money on your credit card not only do you have to pay this money back but you have to pay this money back plus interest and the crazy thing is you've probably heard of people talking about the credit card perks credit card rewards credit card benefits I get those I use a credit card for pretty much everything I love spending with my credit card I get a whole bunch of cash back I get a whole bunch of rewards I get a whole bunch of perks but I've never paid a penny in interest on my credit card and so if you are paying interest on your credit card you're paying for everybody else's rewards and per not to mention all the perks and rewards for the credit card companies because now when they're flying around in private jets is because you are paying for their interest and this is where you have to make the conscious decision of understanding if I don't have the money to go out and buy something I should not go out and put it on my credit card because when you put money on your credit card you are essentially shackling yourself up you are putting yourself into this financial prison where it is very difficult for you to get out of because I only have to pay that money back back but you got to pay it back at 19% interest"
By Minority Mindset | October 29, 2023 | Pending
From video
These Are Your Biggest Financial Mistakes (Achieve Financial Freedom In 2024) | Jaspreet Singh 00:34:48 - 00:36:01
Interpreted Prediction
High credit card debt, reaching record highs, indicates people spending beyond their means. Paying interest on credit cards effectively subsidizes rewards for others and credit card companies, while the individual incurs significant debt at high interest rates (around 19%).

Prediction Details

Topic
Consumer Debt Impact

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