We can blame inflation, but it can’t be denied that credit card debt is the highest it’s ever been in American history. And over 100 million Americans are on car loans. It’s past the point of people having less money, it’s the fact that people are spending money they don’t even have and are taking on debt.
It’s also a problem where people always spend the money they work for and never save it. It doesn’t matter how much money you make. If you constantly spend, you will remain poor forever.
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