[Wall Street Journal] Jay Z and Nas stans are broke af. “Over 3.8 trillion in Debt”

[-DMP-]

American millennials in their 30s have racked up debt at
a historic clip since the pandemic. Their total balances hit more than $3.8 trillion in the fourth quarter, according to the Federal Reserve Bank of New York, a 27% jump from late 2019. That is the steepest increase of any age group. It is also their fastest pace of debt accumulation over a three-year period since the 2008 financial crisis.

The debt buildup could worsen a generational wealth gapthat was already on the rise for millennials. Many started their careers during the 2007-09 recession with no bargaining power, crimping their earnings ever since. Even when the economy is doing well, some have said that they feel as though their financial gains are fragile. That can leave them hesitant or less able to take risks that would power the broader economy, such as starting a business or investing.

"For millennials, it's felt like being hit from every side,"said Charlotte Principato, a financial-services analyst at the research company Morning Consult who covers younger consumers. "They're not feeling in control of their financial lives."

It could also be a worrying sign for those who are coming up behind them.

"Gen Z will likely follow in their footsteps," Ms. Principato said.

Us Losing again

 

[RennisDeynolds]

What about 50 Cent stans ? Surely they're doing even worse in this the year of our lord 2k23?

 

[CouldntBeMeTho]

Lucky for me I'm a Pac Stan

 

[-DMP-]

Lucky for me I'm a Pac Stan

fukk Jay z he broke and I smoke daily

What about 50 Cent stans ? Surely they're doing even worse in this the year of our lord 2k23?

50 cent Stan’s all over seas, this about Americans

 

[Standing on business]

That article is bullshyt, when I look in IG everyone always on vacation, or eating out at nice restaurants. Jay and Nas fans got monay

 

[-DMP-]

That article is bullshyt, when I look in IG everyone always on vacation, or eating out at nice restaurants. Jay and Nas fans got monay

They got flash now but time will reveal money

 

[King Poetic]

How many have expensive cars? Too much expensive clothes and shoes? How many average rent is $1200 a month? How many is taking trips wit those passports?

Guarantee majority who are in debt is living above they means to compete wit others

 

[Tres Leches]

Just following the lead of the government

 

[Hater Eraser]

Lucky for me I'm a Pac Stan

 

[Standing on business]

How many have expensive cars? Too much expensive clothes and shoes? How many average rent is $1200 a month? How many is taking trips wit those passports?

Guarantee majority who are in debt is living above they means to compete wit others

Yea some of them are. At the same thing everything in life right now is priced at an all time high, everything except wages

 

[DatNkkaCutty]

That article is bullshyt, when I look in IG everyone always on vacation, or eating out at nice restaurants. Jay and Nas fans got monay

Cuz when it comes to "fakin it, to make it...", no other generation can touch, millennials, or Gen-Z.


When it comes to, "Makin it look good..." again, we're undefeated.























"Fakin it to make it...." becomes emotionally, and mentally draining after awhile, tho.

 

[Software]

Housing isn't affordable anymore and a bunch of millennials just bought their first houses during this inflated housing market. Car prices are insane too.
It's isn't all just credit card debt and buying expensive unnecessary things for everybody.

 

[Ed MOTHERFUCKING G]

How much is revolving debt? Because that age bracket had solid jobs during that time period and many finally purchased homes before rates rose, causing total debt to go up significantly. All debt is not created equally.

 

[Ed MOTHERFUCKING G]

Housing isn't affordable anymore and a bunch of millennials just bought their first houses during this inflated housing market. Car prices are insane too.
It's isn't all just credit card debt and buying expensive unnecessary things for everybody.

Said it at the same time, props

 

[Wink Beaufield]

Housing isn't affordable anymore and a bunch of millennials just bought their first houses during this inflated housing market. Car prices are insane too.
It's isn't all just credit card debt and buying expensive unnecessary things for everybody.

There was an extremely rare window during the start of COVID where housing prices were somewhat affordable and interest rates were stupid low at 2.3% to 4%. They snatched that carpet up with the quickness when folks got hip.