Financial advice blogger Caleb Hammer went viral on TikTok after interviewing a twenty-year-old who ended up thousands in debt.
Listen, I don’t want you to suffer in debt. But is that helping you? Is that teaching you? I don’t think so. I think they’re done. You get it to zero, and over the next couple of years, maybe even when you start making more money and your lifestyle, inflate yourself, you just bring it right up to the $12,500. That sounds like some form of enablement to me.Well, I mean, they said, ‘Whenever we pay it off, over time, you can pay us back that $4,000.’ I’m like, okay, cool.
However, generally, most adults don’t exactly discuss their financial decisions with their children and maintain a very different level of income. While it can be easy to mock someone for having no idea what a credit limit is, it might also be worth questioning why her parents gave her a credit card without actually explaining how it works.A lack of financial literacy isn’t just some buzzword or abstract concept, it can often be measured in real-world impacts.
One example of this, at least in the US, are the ever-discussed student loans. People who would never qualify for a “normal” loan end up straddled with debt that they pay off for decades to come. There is a segment of society that still blames the loan-takers, but realistically, if we understand that statistically many of them don’t quite understand what they are getting into, can we truly hold them responsible?I am a writer at Bored Panda.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
VinFast’s EV Ambitions Get a Reality Check as Shares Plunge 65%(Bloomberg) -- A 65% slide in VinFast Auto Ltd.’s stock this year underlines the challenge faced by the electric-vehicle maker backed by Vietnam’s richest...
Read more »
VinFast’s EV Ambitions Get a Reality Check as Shares Plunge 65%A 65% slide in VinFast Auto Ltd.’s stock this year underlines the challenge faced by the electric-vehicle maker backed by Vietnam’s richest man.
Read more »
Reality check on Canada’s efforts to curb carbon emissions | Watch News Videos OnlineCarbon emissions in Canada in 2022 were the lowest they have been in 25 years, excluding the first two years of the COVID-19 pandemic, according to new federal data. Ottawa boasts its climate policies are working, so Mackenzie Gray has a reality check on whether Canada is actually on track to meet its emission reduction targets.
Read more »
Pregnant Teen Due For Reality Check After Complaining About Single Mom's Simple Birthday GiftMom who does everything for pregnant daughter feels guilty for not buying a big present for her birthday after overhearing her complain.
Read more »
“They’re Not Volunteers”: CEO Blasts Applicant For Refusing Task, Gets Reality Check InsteadThe Gen Z job seeker made it clear that they wouldn't complete a 90-minute task for free.
Read more »
Person Gets A Reality Check After ‘0 Calorie’ Tic-Tacs Lead To 40lb Weight GainThis man learned the hard way that we can't always blindly trust the nutrition labels on our foods.
Read more »