BREAKING: Median asking rent for a US home rises 1.4% in May to $1,995/month.
Meanwhile, the average new car payment is now $800/month.
On top of this, the average American is paying $430/month in credit card debt.
This means the average person is now paying $3,225/month for…
— The Kobeissi Letter (@KobeissiLetter) June 12, 2023
Credit card debt is now less than $10 billion away from surpassing the $1 trillion mark pic.twitter.com/OfZrjVWn1A
— Game of Trades (@GameofTrades_) June 20, 2023
🇺🇸 United States debt
Government debt: $32 trillion
Household debt: $17.1 trillion
Mortgage debt: $12 trillion
Auto loans: $1.6 trillion
Credit card debt: $1 trillion
— Win Smart, CFA (@WinfieldSmart) June 19, 2023
Investors are growing more bullish on the ~$300 billion public market for U.S. car and credit card debt–a wager that American consumers will keep flourishing@mattgrossman @WSJmarkets t.co/Oo0Bj3Iktx pic.twitter.com/Xfk0nAf0Bk
— Gunjan Banerji (@GunjanJS) June 20, 2023
Imagine you're $17k in credit card debt, owe $37k on a car that's worth $25k, get 3% raises a year for 7 years, do minimum contribution to your 401k, but your house is temporary worth $150k more than you paid and telling everyone how smart and successful you are.
— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) June 18, 2023
‘Broke Generation:’ 64% Of Gen Xers Have Stopped Saving for Retirement
Gen Xers are facing a retirement crisis, with 56% having less than $100,000 saved and 22% having no savings at all. Factors like economic challenges, student loan debt, and the housing crisis have hindered their ability to save. Inflation has further impacted their retirement plans, and the majority carry significant debt. It’s crucial for Gen Xers to start saving, prioritize debt repayment, cut expenses, and consider investment options. Taking action now can improve their retirement prospects and reduce reliance on government programs.