Broke Millennials Are Financing Things They Can't Afford Nor Need to Go Deeper Into Debt 8/21/17 - A Whittle Bit of Commentary

A Whittle Bit of Commentary with Chad Whittle

Below is a rush transcript (may contain errors):

Millennials that already have student loans they’ll never pay back have decided to go deeper in to debt by financing a lot of stuff they don’t need. Yep, my generation is making a lot of smart financial decisions. Not!

Marketwatch reports that millennials are taking out loans for everything from concert tickets to handbags, to expensive pots and pans, vacations, and bracelets that range from $5,000 to $6,000.

One company that is in the millennial financing business is Affirm that offers installment plans on items with rates ranging from zero to thirty percent APR. The average loan is eight hundred dollars.

I’m not sure my fellow millennials know this exist, but there is this thing called cash, that isn’t plastic and that offers no interest and if you use it, you won’t have to worry about paying back the loan that you probably cannot afford.

There is also this other thing called not buying stuff you don’t need. If you cannot afford a $5,000 bracelet, don’t buy it. Buy a cheaper one, or none at all.

I’m Chad Whittle on A Whittle Bit of Commentary.                

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© 2017 Chad Whittle

Background Material:

http://www.marketwatch.com/story/millennials-are-financing-everything-from-bed-sheets-to-concert-tickets-2017-08-14/print

 

Posted on August 18, 2017 .