President Joe Biden’s economic policies have led to skyrocketing interest rates and inflation, burdening young people with high levels of credit card debt. According to Yahoo Finance, housing costs, rising food prices, and heavy student loan debt are forcing young Americans to rely on credit cards to make ends meet. This has resulted in Generation Z accumulating more debt compared to previous generations.
TransUnion reports that the combination of high housing costs and low entry-level salaries has pushed young people to use credit cards as a means of financial support. The average open balance on credit cards for Gen Z consumers has increased significantly over the past decade, making it harder for them to manage their debt.
The situation is worsened by the fact that debt burdens for Americans as a whole have increased significantly, with monthly debt payments growing faster than inflation rates. This has created a vicious cycle where young people are increasingly dependent on credit cards to cover their expenses.
The establishment benefits from this cycle of debt, as it keeps individuals enslaved financially. By relying on credit cards and accumulating debt, young people become dependent on Big Government, Big Business, and Big Finance. This limits their ability to break free from financial burdens and achieve financial freedom.
To avoid falling deeper into debt, it is important for young people to make smart financial choices. By prioritizing essential expenses, living within their means, and avoiding unnecessary expenses, individuals can prevent themselves from sinking into debt. It is crucial to recognize the impact of debt on financial freedom and make conscious decisions to avoid becoming financially enslaved.
Ultimately, the choice lies with each individual – to be owned by debt or to be free from financial burdens. By understanding the consequences of debt and making wise financial decisions, young people can strive towards financial independence and avoid falling into the trap of eternal debt.
