so really, i think what the move is, is, is south africa assuming that these values all engagements of negotiation of respect for human rights are values that we should talk to about about values that we should make practical sports use. now the 1st round of not just the 2024. i think a couple of nations has wrapped up in the ivory coast. well, could you, a list of society ramadi tells us how the event's been going so far. just forget to get permission for me and good 2 days after being much be hosted as we get it and of course it was 3 points. it good, you need be so much the provides since you're upset that one of the way it has drove by mozambie nigeria and they did report voting, vicious way has to it drove by,

it was really done as like size and that'd be probably where heads withdrew by the groups who have been on adults are just going to man, there are plenty of surprise at this task of what for me to be a been doing man the defending ship, to inspect the 0 of it. naples, gun coupon, said you, my niece and teammates closer did that lead to was the common room, and then we never lied the big game in the $11.00 size taking one point from inside. i do that in a and b and what i put on the hang of it as much detail laid out. i was like 071.8. these the resides,

show the high level of a team present at the 34 edition of the tournament. that's a rep, finality, be sure it's checkouts auto dot com for all of the latest breaking news on updates . and we'll see you right back here and somebody out. thanks for the we often say you credit cards as convenient financial tours on allowing us to make purchases and manage our expenses. however, it is crucial to recognize that credit card that comes with the cost a cost that goes beyond the simple swipe of the card. i'm christy i and today we're going to be talking about something that effects millions of people around the world, the cost of credit card debt and how to manage it wisely. the

americans total credit card balance is one point. oh, $8.00 trillion dollars in the 3rd quarter of 2023. and now that is a record high. and the 2nd consecutive quarter in which americans credit card balance has top one trillion dollars and things to record interest rates, stopper and inflation. and a myriad of other economic factors, credit card balances are likely to only climb higher in the near future. most people with an active credit card don't always pay their bills in full. on average, always 35 percent. a card holder say they always pay their credit card balance in full every month was 65 percent of them say they carry a balance at least some of the time. nearly half of those card holders who have cards would say that it takes them at least a year to pay it off. and while you don't pay down the full amount due by the credit card statements, due dates,

you're essentially borrowing money from the credit card companies. and this comes with a price. one of the most significant factors contributing to the cost of credit card debt is the interest rates. credit cards typically have higher interest rates compared to other forms of credit such as loans or mortgages. this means that if you carry a balance, you're not just paying the principal amount, you're also paying interest on that balance. for all credit cards, the average a p, r is around 21.19 percent for new credit card offers. the average today is 24.56 percent credit card interest is often compounded, which means that your not just pay interest on the initial borrowed amount, but also on the accumulated interest. and this compounding can effectively can significantly increase the total amount you owe overtime. credit card companies

typically set a minimum payment requirement, which is often a small percentage of the total balance. and while this may seem manageable, making only the minimum payments can keep you in debt for an extended period of time, leading to higher overall costs. beyond the monetary costs, credit card debt can have a profound impact on your overall financial health. high levels of debt can affect your credit score, making it more challenging to secure, favorable loan term for significant purchases like a home or a car. and now today we're joined by bubble whore was chief market strategist above the trading. com. thank you so much for joining us today. my buddies is ready to be here. absolutely. so by the why do credit cards often have higher interest rates compared to say other types of loans? as well as far as typically credit card gap is meant to be paid off and most don't buy it. and so they use the lot of the legislation thing, some a credit card debt or credit card interest rates much, much higher. in fact,

you can compare and just read time credit cards are usually rates which the all long charge use use. and since a lot of us were able to pass the law that you cannot bankrupt on a credit card, you're really at the mercy. and of course they advertise credit cards, so those are really channel for them. and they allow the goal of these massive amounts of debt, which they can never really pay off. because once you get so deep and it's hard to pay off that balance, especially when you're trying to pay the minimum rate because you never can overcome the interest rate, it's almost like negative finance. and now what are the potential consequences of carrying a high balance on our credit card over an extended period of time? well, i mean, 1st of all, it makes it hard to buy anything else, right? your credit is kind of locked up and tied up to reduce your overall credit score, which is one of the things that allows the outcome of the company is the, the 3 major credit bureaus. they give you our credit score,

your store continues to fall, then if you are able to get a loan from somebody else, that rate is going to be at a much higher rate. and for example, my rate might be like my. busy might be 5 percent, your credit score is higher, might be 7 percent. which of those are the allow for 2 percent is a huge amount of money over a period of time. and now how can only making the minimum payments affect the total cost and the total duration of credit card to as well. i mean, if, for example, if you, if you all are the low limit on your credit card and you pay the minimum, it would take you almost 30 years. busy off that, that total that because basically when you're paying just a minimum, you're really only paying the finance charge if you're paying that much. and so basically you put yourself in a position to be destroyed by credit card yet because it makes everything else costs much more and you only get the use of that product anymore. so you really signed up and get that to be yours. oh, you don't get a chance to reuse again. so you defeated the purpose of buying the money in the 1st

bush. so now can consumers actually negotiate with credit card companies to lower their interest rates? they do, my gosh. yeah, i mean, typically most credit card companies don't negotiate with anybody until they realize that they may not get paid or the extent of the delay in payments. so they'll, they'll restructure the payment out. they're not going to change much. they're not gonna change much. the interest rate, because pretty much those pre determined by your credit score and by what the going rate like in the tenure notes because tenure notes are the, the major benchmark that everything is used to be the, the side, a lending amount or lending rate. so, but they will negotiate if you're too deep in debt, because what does the credit card i'll do? that is why i get paid. and basically, credit cards are actually in effect putting money into the system because people are borrowing very similar to the, for actual a bank in your general bank. and that's really kind of what you're doing. you're

borrowing money that really doesn't exist to buy a debt. and it gets to be a big mess, dr. time. and now from a behavioral finance perspective. why do individuals sometimes under estimate the cost of credit card debt of all of those that i'm are estimating. i think a lot of people going to is thinking that's gonna make the payment. of course life happens and something else comes due and they've got to make the payment. i don't think people in charge strongly get themselves so deep in debt that they can never get out. i just think that they allow themselves, you know, it's like if you go back a number of years that you solve that 90 day saying this cash. and then the small, fine print was, well, if you don't pay a 90 days, you're going to get this entered right. it's going to be ridiculously high rates and it's going to go back to day one. so you're paying interest from day one of the time you don't get purchased. and many people here, the, the, the, the shiny objects in this world. we say that the stuff that we want to get for the

silver ball. and there's a lot of heavy advertising. and of course i have full intentions, are going to be able to make that payment and then i don't have the money. so i put that belt to the side. and now i. busy got an interest rates on that loan or gave you set that i'll pay $10.00. what that actually costs me, but i just paid cash for a now whose fault is that the consumer or the, the credit card companies for advertising, something that they know that people can't even pay for or afford? oh, that's a great question. i mean, you can talk about predatory advertising. i mean, who are they really advertising to their advertising to the people that really can't afford it? and they're making product available to people that might not be able to deal with it. so i think that's a great question. i don't have the exact answer because again, they're the offering a product or a lender. is they being alone? can they really get forwarded? that's the question. and i think that's more irresponsible on the consumer. but yes,

to print credit card company are definitely doing much of predatory lending, you know, advertising to entice you to come in and buy that product. and how can i, those psychological factors influence, spend they habits and that accumulation or? well, i mean, yes, and we all want to keep up with the jones's. we all want a, but we all want to buy things. we all want to have nice things and our homes are in our apartments and we want that new car, whatever it happens to be, we want to buy it and we want it, you know, we're in a society of instant gratification. that's one of the big issues that we, we deal with here and people want it now and knowing that they can borrow that money. and what again, what's the adoption, i think of buying it back on time, but of course most don't. and that's what we have the credit card, right levels that record yet. but again, it's, it's a system that we've created here of spoiled people that don't understand the real meaning of a hard earned dollar and actually going to work. and that becomes the bigger problem because we make money in credit to easy for everybody. yes. but are there

other situations where it's advisable for individuals to use credit cards, even if they have the means to pay and gosh, i was using drugs that i use them all the time, but i pay him back. i've never had a finance charge and a credit card in my life. so yes, it's great to use it because it helps build your credit score. it helps make it easier to buy that home. you might want to buy some days. you don't have one. it builds like pride as far as your billing a history of pay and go to try to you know, certainly here probably there's nothing wrong with it. usually i. busy you're responsibly. there is something fundamentally wrong there and buying things that you know that you're probably getting paid for. because remember, emergencies happen. you know, certainly the foreigners bridge and use your credit card to pay for the punishment . you're never going to pay back and do people get learned by credit card awards like points or cash back? or these perks kind of like a secondary thought. i think that's more secondary. i think that's

a pop edition within the credit card industry of getting the consumer to sign up with that. i don't think that can summer says, you know, they want to credit card. you know, if they get it, they don't get anyone to look at it. but then once they establish credit, then they will look for where they get the best deal. but i don't think anybody spending extra money because they're getting x amount of reward. i think that's just an entire something that's more of a marketing gimmick. and between the 2 companies to try to get you to buy or to use their credit card and sign up. and of course some credit card companies have fees, you know, to even get that part. you know, some of the higher level charge. yeah, there's a $3.00 and $4.00 and $500.00 your annual charges just to have the right to use that for some say the merchants or department stores benefit when customers get the store credit card since it's so easy to open when you're new to credit cards, so is it true? is that a trap?

well, i mean, as i believe any credit is a traffic you cannot pay for it or do you don't have intentions of paying for. but certainly the, but the star, the merchant, you remember they've now eliminated a lot of the fees that they would pay out to another company, the animals fees. we've got to keep the interest rate and they get to keep the money. and they're charging extremely higher rates as well. and certainly they, they, they allow much easier sending and don't watch already as much. so again, if you're going into a department store and getting their credit card, that is real dangerous because every time you go into a walmart or a share, my officers especially marvelous, oh my right of those major stores. i mean, they're basically counting your money. that's not going to be taking away from you . you don't your interest or if you're standing in the star boat. thank you so much by that, but please stick around the bible. harlots will stay with us right here after the break. and when we come back, we will discuss what countries use credit cards the most and how it effects their

economies. so don't go away. the more expensive. and i'm here to plan with you, whatever you do. do not watch my new show. seriously. why watch something that's so different little opinions that he won't get anywhere else. what could i please or do the have the state department c i a weapons, bankers, multi 1000000000 dollar corporations. choose your fax for you. go ahead. i changed and whatever you do, don't my show state main street because i'm probably going to make you uncomfortable. my show is called stretching time. but again, you probably don't wanna watch it because it might just change the way and say

almost every develop in emerging country uses credit cards these days. but credit card penetration very significantly between countries. according to the world bank, canada is real in iceland where the only countries and which credit card ownership is higher than 74 percent. to compare countries such as bangladesh and morocco have a credit card penetration of around one percent in 2021. meanwhile, in china, it's credit card business has been growing rapidly, playing a key role in facilitating payments and consumption. chinese banks have issued a total of 800 1000000 credit cards as of the end of 2021 without standing loans, totaling 1.29 trillion dollars. roughly one percent of the loans are overdue for 6 months or longer. because of the rapid growth china had to unveil title, rules, terrain and, and better regulate it's $1.00 trillion dollar industry,

so that lenders can monitor risks more closely. these new rules also require banks to tighten scrutiny over credit, car loans and strength and risk management controls. while china is total credit card debt is higher than that of the us is the us still has the highest media and credit card debt of $5910.00. this is followed by japan at $2900.00. the u. k. a $2316.00 germany at 2052 and canada at $1604.00. meanwhile, india has the lowest media and credit card debt at nearly $302.00. but that said, it is difficult to compare credit card use in other countries as the cost of living varies greatly. the cost of living in india is 81 percent less expensive than that of the us. so it makes sense that their median usage is also lower. unfortunately

in the us, prices are rising faster than incomes. median household income has grown just 4 percent, while the overall cost of living has jumped 8 percent. and while the rise of fin tech has been rate for convenience, it has created some nasty habits and consumption patterns, or people are encouraged to buy now. pay later to this mentality has created deeper debt for millions as close to one and 5 americans say they have used one of these b, n p l services in the past 12 months. in contrast, these b, n p o users don't have interest fees, but can incur late fees for missed or late payments. so this can result in charges that exceed typical credit card interest rates, causing more harm than a simple interest payment. especially when it comes to gen, the credit card debt is increasing and it's falling behind on payments faster than any other generation. so for this and more,

let's bring it again by the horwitz. so now by law, how do you spending, how does vary across different regions? globally, and what factors contribute to these variations as well as the factors you look at is again, if you're more established, obviously you're more concerned objectively. and you're going to be more careful and you probably make enough money to go ahead and satisfy that. whereas when you get to some of the people that aren't working, some of the younger people that are not using those kind of cards, either for enjoyment or for actual expenses. you know, you, they're, they're much more free. you know, the whole society, the whole, the whole generation is all built on technology. both i'm up to, i pay or apple pie and the different types of the brands which are all linked to credit cards. and of course, it's so easy to get to start using them and don't realize how much you're spending . you know, if you go back to my generation, you had a credit card to get cash in your pocket as well. they didn't have the cash you bought. that you wouldn't make the purchase. now everything is they've made

everything. so streamlined, so easy for somebody to buy something. just show me right. and just plug it against the button, right? everything is easy. the tap involved. and this is one of the problems government because it's easy to stand, just like it's easy to lose money. and i guess, you know, because you don't realize when you're just dealing with chips of how does a different generation span compared to the millennials or gen z as well. i think most of the people of, of miles and minor are very conservative and we'll look to span where they can. and of course, the built up, you know, from working all of our lives, money to, to, that's for, for enjoyment, money that's for our budget. and, you know, we actually have to take care of our homes and our families and you know, the younger people, they don't necessarily care about that and you know, money and living at home. so they, they feel free to spend more immerses, putting in a way i think that the more we create the ability for them to spend and not have to really work for a living. the more we make life easier. just for example,

waving college data or trying to wave challenges yet, is a problem because it makes the ability to think that the debt is not real, don't have to pay it in some way and that, that might get really, which is not the way to be thinking need to be a 4th of yeah, how does that get yourself in a position to pay and now why is cash the king in certain businesses and countries instead of spending money using credit cards? well, i'll make josh as long as james for, you know, a couple of reasons. a, if you are trying to sneak past the russell over even by the cash in your pocket. you know, restaurants are notorious for, for not deploying sales and, and of course servers who get chips. you have in fact, they've gone to the point in our servers attached ahead of time on what the object should be. but you know, cache jam be jamie, both a, it leaves you flush of monitoring spandex, but it also tells you what you have. and again, there it is in many countries,

it may help you in a little over the tax laws because you're not declaring your entire and now are there specific countries or regions that stand out in terms of have a higher levels of credit card debt. and why might this be the case as well? i don't know if there's any more just under here in the united states. i mean, we are in a mass of them, from our government spending to our credit card or spending never in history. have we been at this point in public? i gotten the money is a dollar amount is not important because inflation numbers change. but i mean, there's never been a time in history where there's so many people were at least at the limit on one credit card. okay. and i don't think there's any more right was spending then there is right here in the united states. homer. and how do i, how can i make factors such as g d, p inflation and interest rates, influence credit card usage and debt levels on a global scale? i don't think they have any effect whatsoever. i, i, they actually, most people,

they don't even look at those numbers. they hear him. but when you go to the store, when i go to the store and i are the see guy number of sleep or something, i know that i'm paying 20 percent more of a groceries. it has no effect on me. i but i'm in the business, i understand that the numbers of the report are not correct, but i don't think the average person ever even cares about what that number is, nor realizes. they know when they go, they're going to buy with a lot, whatever it cost. i mean, look at, look at the chain of starbucks. i mean, how often do you think you'd see people think 6 hours worked out a copy? like it was not like it was free and not even thinking about around vacations or how much they're actually spending. and i think that's the bigger issue. there's nobody looks at the bigger picture, nor they care because that's the cost. that's why i'm paying. i got a credit card, let me use that my apple ball in there and take care of it. and i'm all the and now are there instances where economic downturns have led to a significant change in credit cards funding behavior? why is that give? we get a big economic downtime and, and things get recognisably, ugly. i mean,

i would say recognize every now but the average consumers that are affecting them right now. they're still able to borrow money to pay their minimum to their minimum payments. if we get, you know, job layoffs, we get a real recession or real depression or something like that, that will weigh solve the spending, but it will not delete the depth and has already been created. then of course, that will be a hardship for those who are not working. they have these payments building up and up and up because again, the interest rate does not stop because the economy as long got a now in emerging markets. how does the adoption of credit cards influence spending habits and data accumulation, bomb and emerging market you're trying to build a business. people are having money. you know, basically for the 1st time or have the opportunity just to have this, this funding and having some freedom to go out to a store and spend. and again, i think that's a great place to be. you know, when you have an opportunity, you haven't had it in the past, you know, again what you're coming out of,

you know, mostly the dark ages into a real city or a real society. and i think that's a great part of it. but i think that was still the education system globally does not teach people that, that is real and that has to be paid back. and that if you, if you let it get too far away, you know, people think about investing in their irish and borrow engaged. but they may have a 12 percent or 20 percent rate on their credit card. and there are boiling, here's our drawing. ridge 6 percent, it's not a very good trade when you look at the bigger picture and people are looking at that way. and that's a sad situation. but hopefully in the emerging markets, they'll educate them and say, hey, this is a, this is a tool that you can use when you go to buy something that you have to be prepared to pay it off. and you have to understand that the interest rate that you're paying here is pretty high. a yes, and how does a credit card done differ between developed nations and developing nations? well, either in developing energy is much harder to probably get credit. okay?

because they don't have the same history, the same, the same, the same work history and other things that go along with a new autonomy or new patrick. but in, in developed nations, you know, that we've already established the fact and, you know, they, they've already have is wonderful working model for, for the product. our companies they can do to entice dollars to spend more. and of course, spend more that i have to lock them up and that, and that's what we are. one of the big stores in the company was you want of your employees to get that. so they have to work hard and now with the rise additional payments and fintech solution, how does the landscape of credit card debt change? was always get worse because again, the easy you may get this done, those dollars the easier by the region by box and even i can just put it on my phone or i can just, you know, do something else that makes it very easy to make it for people to spend money, but more money they're gonna stop. and i think that's

a better problem that is going to be developed here and do genuine to get worse, which is one of the reasons that we see so much debt among the, the gen zeros is because of course the debt is so easy to accumulate without without hardly even making m. oh right. you have to go in a lot of stores have gone to apple pay all you know a lot of places. i'd rather i don't have a way myself so you can buy from that. you guys are apple barely, but they're advertising that margaret. they want the man down to spend their money and they want to accumulate that interest rate to be. that's just another profit center for the long and now after someone accumulates so much that are there ways to get out of it, or how can people get out of debt as well? the already got done is by paying it off. i mean, this is one of the lobbyist really did a number on the, on the consumer because they got time, where's the pass laws that the credit card debt does not discharge them all by right. right. so they're either gonna have to pay,

or they're going to be in legal trouble and buy the legal bills. and that is something that is, you know, that we've been used to be, but you know, a number of years ago, the lobbyist and the best time was to vote to not to my credit card that did not discharge of all by bankruptcy. so that becomes a much bigger problem because of course, that puts you in debt or, and others present for absolutely. that's of the unfortunate reality. thank you so much. have a heart for all your time today. well, credit cards offer convenience. it's essential to recognize the potential costs associated with credit card debt. there are winners and losers when it comes to finance and credit card companies want to keep you in debt for as long as possible, so they can continue to make money off of interest payments. so even though it is convenient credit card debt can turn you into a big loser if you don't pay and play by their rules. i'm christy. i thanks for watching and we'll see you right back here next time on the cost of everything.

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