The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
@Lucas-t5w4n
28 күн бұрын
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
@Fred-w7t
28 күн бұрын
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years
@WillFred-g7g
28 күн бұрын
Do you mind sharing info on the adviser who assisted you?
@Fred-w7t
28 күн бұрын
Her name is “Jessica Lee Horst ” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
@Theodore-l2j
28 күн бұрын
Thanks, i did a quick web search and i found Jessica, i hope she responds to my mail.
@CameronFussner
Ай бұрын
Since Biden took office, there seem to have been more unfavorable results in America. I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better
@fadhshf
Ай бұрын
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
@leojack9090
Ай бұрын
I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
@hasede-lg9hj
Ай бұрын
In my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
@lowcostfresh2266
Ай бұрын
@@hasede-lg9hj my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
@lowcostfresh2266
Ай бұрын
my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
@msoldate
3 ай бұрын
Finance people are pure artists of “How do we make money from people who don’t have money”
@NatashaEstrada
3 ай бұрын
Notice how the people complaining the loudest about this is the traditional banks. Because the reality is BNPL cuts in to the sub sub sub prime credit card market. K'know those trash card with 35% interest and $100 annual fees. This is the type of consumer BNPL taps into. They don't allow people to have huge limits straight away but the cost of financing is far more reasonable. I've seen it used pretty responsibly too. Workers buying quality workboots that will last them rather than buying the cheapest they could afford with a single paycheck.
@jbalien20
3 ай бұрын
The entire credit system has ruined our economy. Ppl complain that we are printing too much money, In my opinion, that's false. It's the whole loan system that is inflating the prices. That's what's ruining our economy.
@111alexg
3 ай бұрын
@NatashaEstrada spot on. The entire time they were talking about it. This is what I was thinking. Aka credit cards are allowed to screw you over with bank banks but not BMPL. Haha they cutting the middle man taking their profits regulations coming indeed.
@bobmanlarrydude
3 ай бұрын
Suckered will be suckered. Financial literacy ain't a joke, BNPL preys upon the financially illiterate, same way traditional institutions do.
@g.t.richardson6311
3 ай бұрын
@@NatashaEstrada that is a good use of this type of credit good point ! I suspect that those type of purchases are the rarity, and many more of them are people buying five pairs of shoes and fancy handbags, and four more outfits they don’t need I retired from my real job at age 60 I’m 63 now and run a small painting and property maintenance business basically for two clients who own a lot of properties I’m glad Most of the year I only need bum work pants and work shirts! In the summer couple times a week, I’ll wear nice shorts and a nice And my wife and I will go out to dinner at one of our decent local establishments no chains for us
@OneManOnFire
3 ай бұрын
The biggest flex is owing $0 on all credit cards.
@lv1543
3 ай бұрын
You should buy something rn tbh
@kb9826
3 ай бұрын
@@lv1543 Just to be buying something? Sounds like he's responsible and has discipline which is the exact way one should handle spending and credit cards, debt in general.
@lv1543
3 ай бұрын
@@kb9826 no he sounds like a dork who needs to lighten up. He will never be rich just spend everything and max out your credit cards
@OneManOnFire
3 ай бұрын
@@lv1543 I still buy pointless stuff online but pay it off asap
@Radagast49230
3 ай бұрын
It's a good start. But real freedom is having $0 debt at all. My home may be a singlewide in the woods but it's paid off, my truck may be 20 years old but I don't owe any money on it and I can do the repairs myself. I don't buy things I can't pay for in full on the spot. Took me almost a decade of scrimping and hard work, but knowing that the chain of debt is off your neck is profoundly freeing.
@Vivienedouglass
3 ай бұрын
My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
@AmithKaury
3 ай бұрын
As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.
@frankedwardark
3 ай бұрын
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@MickyGlover
3 ай бұрын
I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance advisors you could check out. We have been working with ’MICHELE KATHERINE SINGH , and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@kurtKking
3 ай бұрын
...I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance advisors you could check out. We have been working with ’MICHELE KATHERINE SINGH , and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@frankedwardark
3 ай бұрын
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks
@zhpregistrynet
3 ай бұрын
All of sudden we care about debt? Nope... this is banks feeling left out since they want to be the ones giving the very same loan. .. oh the heartfelt narrative behind is so convincing.
@adammarette2491
3 ай бұрын
There is some truth to this. However you can't go into a bank and get a loan for 2500$ worth of groceries and clothes. Least not easily
@Nonsense116
3 ай бұрын
Holy cow the ignorance in this comment section is wild. I'm a skeptical person too. But please tell me how on earth banks are profiting from BNPL being required to report their data to the credit bureaus just like every other institution that offers credit?
@zhpregistrynet
3 ай бұрын
@@adammarette2491 Yes you can! it is called a (bank issued) credit card. And that's precisely where the business is lost and so there is a fake group is created to pretend that they care about consumers.
@zhpregistrynet
3 ай бұрын
@@Nonsense116 That is not what I said
@StvBnsn
3 ай бұрын
@@Nonsense116Yes credit scores and banks have never been tools of oppression used against minorities and the poor right? Maybe banks should be focusing on lowering the percentage of society that is unbanked before they get annoyed about buy now pay later.
@Aarrenrhonda3
2 ай бұрын
I'm not sure how you've packaged an objective analysis that is more entertaining than the sensationalised section of economic and financial news, but since Biden took office, there seem to have been more negative outcomes in America. Thank you for your efforts to be the signal and not the noise. I realise that the economy is currently experiencing a downturn and that we must wait for things to improve.
@Peterl4290
2 ай бұрын
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
@larrypaul-cw9nk
2 ай бұрын
Although you need to be an experienced practitioner to carry out such a strategy, I believe that the current market may present prospects to maximise profit in the near future.
@Mrshuster
2 ай бұрын
Investments were, in my opinion, far easier to make in the 1960s than they are now. Professionals are the ones that consistently make profits these days, which is why I have been hiring an advisor for the past five years to steadily increase my portfolio in anticipation of retirement.
@sabastinenoah
2 ай бұрын
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
@Mrshuster
2 ай бұрын
Annette Christine Conte'' is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@kenmore01
3 ай бұрын
Halloween must be coming. First I saw a thing about zombie mortgages this morning, now phantom debt.
@otrebla8944
3 ай бұрын
😂
@RayRayWasAGoodBoy
3 ай бұрын
It’s Halloween everyday right now
@ericolens3
3 ай бұрын
Christmas in July Halloween in June
@saleens330
3 ай бұрын
Well it started out being name Bidenomics and just keeps changing…
@Orlando_Steve
3 ай бұрын
Next up: vampire credit cards and werewolf auto loans
@tm7517
3 ай бұрын
The title of this is misleading. The real title is phantom debt haunts banks and lenders because they are worried about not getting an accurate picture of household debt. Why do we as consumers care about that?
@arh1234
3 ай бұрын
People are getting caught in cycles, like with stacking subscriptions, with multiple BNPLs automatically hitting their credit cards.
@mithicash1444
3 ай бұрын
Because institutions would lend to people who can't afford it. If enough people default on their loans bank close which could hurt you and me and the broader economy for that matter. There is a cascading effect
@jerryanyu8467
3 ай бұрын
@@arh1234 You can do all of the same with the credit card. AFAIK BNPLs are tougher to approve than credit card, and don't charge late fees. A big step better than CCs already.
@Zwiqy45
3 ай бұрын
@@mithicash1444 Maybe they should stop scare tactics and focus more on increasing income to match inflation or ways to lower rent so people can afford to not use BNPL.
@Joce123
3 ай бұрын
@@arh1234bmpl??
@kortyEdna825
3 ай бұрын
Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.
@PatrickFitzgerald-cx6io
3 ай бұрын
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
@brucemichelle5689.
3 ай бұрын
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
@Justinmeyer1000
3 ай бұрын
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
@brucemichelle5689.
3 ай бұрын
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
@Justinmeyer1000
3 ай бұрын
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
@frogboyx1Gaming
3 ай бұрын
The only reason this is an issue is because credit card issuers are losing that Sweet interest money.
@noonierune6933
3 ай бұрын
Yep
@frogboyx1Gaming
3 ай бұрын
@noonierune6933 I use afterpay all the time for purchases for my studio no credit checks no stupid interest no questions. I literally cut up all my credit cards when I found afterpay. I think everyone should switch from credit cards over to buy now pay later. Honestly it's made me a lot more cautious about how I spend my money. Before I would just max out my cards and spend years paying it back at minimum payments. Now I pay 4 simple payments, and it's done. Most I have done in 1 transaction is 800 bucks.
@demarcomendes
3 ай бұрын
🎯
@frantzdumosthene6729
3 ай бұрын
Booommmm
@AdityaEnergySolutions
3 ай бұрын
That's not how this works
@MegaThucydides
3 ай бұрын
So, phantom debt = banks NEED to be able to track that debt through credit reports. Gotcha
@233kosta
2 ай бұрын
Government says banks are _required_ to make sure debt they issue is affordable. That pretty much gives them carte blanche to be as creepy as they want to be. It also provides them with the tools to gouge people they consider "high risk". Of course the alternative is they flat out refuse to lend to those people. Maybe that would be for the better in a lot of cases.
@themacker894
3 ай бұрын
Your researcher seems to have missed the fact that Layaway meant you didn't pick up the item until it was paid in full.
@ericabrerav
3 ай бұрын
Sounds like traditional financial institutions are concerned with consumers not using credit cards to pay for products and then cash in on interest or late fees. People that are well off don't need to spread their payments over time, so the real money comes with people who cant clear their balance in full each month. Also Credit Bureau's caring more about me paying off some random product that I purchased once vs my montly rent is silly 😂 Don't be fooled, this is more about protecting credit card companies than consumers.
@DavidGreg-mc2lv
3 ай бұрын
Hi 👋! Your comment are always worth reading..I pray to God to give you a lot of beautiful days and you know God loves us so much!.....So where are you originally from? I am David originally from Spain but currently living in Texas now....
@tsaysfilms
3 ай бұрын
i agree with you. have been using all of those major services for years now and not a single issue so far. also the returns/refunds process is as straightforward as with any other 'traditional' service, if not simpler. i also felt like the big players like banks and the good ole american credit system are just being disturbed by the fact that now not all the money are going their way.
@wafflesaurus_supreme
3 ай бұрын
If you're responsible, it's a very attractive option. Your card balance (if you're carrying one) doesn't take a big hit, the payments are usually on an autopay schedule, and there's 0% interest if you pay within the designated window.
@mithicash1444
3 ай бұрын
The 0 interest is rather rare. Most have interest automatically calculated into the monthly payments. Some do offer no interest, but those are rare and usually for specific items
@redneckhippiefreak
3 ай бұрын
lol If one is "Responsible'', One does not need credit. 8/
@the_investor9836
3 ай бұрын
Zero interest but isnt there a fee? Lol
@NatashaEstrada
3 ай бұрын
@@mithicash1444 Most of the items I've purchased with these services have 0% interest but are all paid within 6 weeks. The price of the item is the same regardless of the method. It would be literally illegal to calculate interest into the monthly payments while also stating it's interest free. Where BNPL works really well is for clothing purchases where you might need to order multiple sizes to find the right fit. Clothing retailers are notoriously bad when it comes to processing returns and refunds in a timely manner. With a service like Klarna if you tell them your returning something they'll pause your payments until it's processed.
@Blades2147
3 ай бұрын
@@the_investor9836 Nope, many are 0 apr and no fee for 4 payments every two weeks.
@jerryanyu8467
3 ай бұрын
This whole 'phantom debt' issue with BNPL is way overblown. The $2 trillion revolving debt from credit cards is a way bigger problem than something that's 1/1000th of the size. Affirm doesn’t even charge late fees, so there's no revolving debt problem like with credit cards. And seriously, if people couldn’t pay back, why are there so many BNPL companies making money, even without late fees?
@aka_pierre
3 ай бұрын
Yes, this!! This isn't even a new thing! Layaways and rent a center were way more problematic!
@NatashaEstrada
3 ай бұрын
@@aka_pierre Yeah and in the 80's it wasn't uncommon to pay for things with post-dated checks. QVC basically invented this version of it too because for mail order there is a lag between ordering and getting it so biweekly payments made sense.
@chcknball185
3 ай бұрын
The problem is that interest is accrued and charged if the full balance is not paid by the end of the loan.
@Radagast49230
3 ай бұрын
The thing is the Banks are the ones loaning money to the BNPL companies, and they're getting very nervous about being repaid because quite a few of them are reporting very concerning rates of failure to pay, while others are clearly cooking their books. So the banks are afraid the BNPL companies are going to go bankrupt and leave them with huge losses on their loan books.
@jerryanyu8467
3 ай бұрын
@@chcknball185 This is the case for credit cards, but not for BNPLs like Affirm. They never charge late fees if you have the entire comment lol
@tomsam1314
3 ай бұрын
I feel this is only a problem for big banks because they're making less on credit card interest. As a consumer, I'm going to pick the interest-free option that makes sure it's paid off within 3 months. I'm not going to stick it on an expensive credit card that get stuck on there for months/years at a time.
@palillo2006
3 ай бұрын
I can tell this is a hit piece from the banks because they are losing a lot due to these pay now, pay later companies. They want the profits for themselves!
@AaronDotZone
3 ай бұрын
Yep! All the experts were from wells fargo
@Nonsense116
3 ай бұрын
Did you watch the video? Tell me how would these banks profit from.... Let me check.... having BNPL report data to credit bureaus????
@rachelesmith3342
3 ай бұрын
They would benefit by going on an anti BNPL campaign because ideally the customers using BNPL would drift back towards getting banking products like loans or credit cards to cover the costs instead. They don’t care about people being in debt in and of itself, they care that those being are in debt with them because they can cash in on interest. Usually the customers who use BNPL are already economically vulnerable or don’t have great credit history and if banks were already to have these customers, they could charge them interest and fees out the ass and justify it by pulling up their credit score or lack thereof. It’s all a business. They make profits from people being indebted to them
@palillo2006
3 ай бұрын
@@rachelesmith3342 Well said. This is exactly why I wrote my comment. You just explained it so well!
@truefranck
3 ай бұрын
I like BNPL, bcuz most of the time u are on installment payments for like 6 months to a year with zero to 5% fees compared to bank loans or credit cards that have a huge interest within a month.
@nimo4335
3 ай бұрын
Inflation and the real debt total is understated.
@nathanmaxtro1
3 ай бұрын
I like the Buy Now Pay Later option. Having 0% APR for a couple hundred dollar purchase is fantastic. They key I found out is to not have more than one BNPL purchase at a time. It's very easy to get in trouble.
@InternetUser._
3 ай бұрын
You get 0% on a cc purchase for 30 days if you pay your statement balance…. If you can’t do that… you shouldn’t be buying it.
@greateats6905
3 ай бұрын
@@InternetUser._ majority of bnpl are set up for ever other week so ever 15 days up to 2 months so that's why people the take it up
@vivisvibrant
3 ай бұрын
My thoughts exactly! I have used BNPL for purchases that I have the money for, but just don't want to spend all of it in one lump sum. As you mentioned, I think the danger is having multiple BNPL AND not having the money/a realistic plan to pay the loan off.
@TheNetflixNook
3 ай бұрын
Agreed. Just like with most things you have to know your limits and where to put a hard stop. Don’t let FOMO rule your life. Not worth it in the end.
@iii___iii
3 ай бұрын
@@InternetUser._ like with PayPal?
@CatWhiskering
3 ай бұрын
Something that I noticed about 100% of the poor people homes I used to go into when I was volunteering with a charity: always ALWAYS an enormous TV. Always a clutter of cheap, useless stuff like throw pillows, stuffed animals, resin statues of sparkly unicorns, lava lamps, "collectible" Barbies still in boxes, ticky-tacky stuff like that. So when they tell you this phantom debt affects "the most vulnerable," they're right. It's affecting the people most vulnerable to marketing ploys to buy tacky sh×× they don't need. It's affecting the dumb people, in other words. Don't be dumb, control your impulses, don't buy stuff that has no lasting purpose, and live within your means, and you won't be vulnerable.
@sophiavega1777
2 ай бұрын
don't buy stuff that has no lasting purpose.....💯💯💯Agree
@djaftermath4313
3 ай бұрын
This was call Lay-A-Way back in the day. The big difference was there was NO interest. It was usually something l$125 bucks or less. I did it when I bought a pair of Jordan 5s in 1990.
@arh1234
3 ай бұрын
Possibly the bigger difference is that with layaway, you didn't get the stuff until you paid in full.
@djaftermath4313
3 ай бұрын
@@arh1234 Very fair point. Actually its a huge one that I missed like a goof. Thanks for pointing that out!
@nathanmaxtro1
3 ай бұрын
Most of the buy now pay later methods don't charge interest. They are broken into 4 payments 0% APR.
@JULYXXIV
3 ай бұрын
I miss those days!
@NatashaEstrada
3 ай бұрын
@@arh1234Sometimes you did though. It wasn't uncommon for appliances to be a buy here pay here type of situation where you got to take it home first and come back for payments but wasn't formal financing. Or as I'd see my parents do they'd pay with post dated checks. Meaning they'd leave 3-4 checks totalling up to the full cost of the item with the agreement the store would deposit them a month apart, This really isn't anything new expect for the fact that it's centralized with one or two services.
@lueker31
3 ай бұрын
I've been using these for 4 years.. In all honesty it's easier to maintain than a traditional credit line. The 4 spread out payments are more simplified than a large single payment. I do gig work full time.. so having that flexibility is helpful.
@TruittONeal
3 ай бұрын
CORRECTION: I believe they are misusing the term "layaway" in this story. Layaway refers to an arrangement where a customer requests a retailer to hold an item or items for a predetermined amount of time until the full purchase price is paid. Typically, the customer pays a deposit and makes scheduled payments over time. Once the total cost is paid, the customer receives the item. If the customer does not complete the payments, they forfeit the deposit used to hold the item. This piece misleads viewers into thinking that layaway allows a consumer to take the item/items before fully paying for them. (4:12)
@immcguyver07
3 ай бұрын
We need a new word for this. Phantom debt historically meant bill collectors making bad faith collection calls on debt that they knew was past the statute of limitations. This is confusing to name 2 concepts the same thing.
@seaneendelong8065
2 ай бұрын
And that type was exactly what I expected to get info about. Smh at these supposed experienced financial talking heads somehow not knowing this term is for a long running problem child in the consumer finance arena. 😑🤦
@christians131
3 ай бұрын
I remember a guy telling me he always carried a balance on his credit card of like $5k because “it helped build his credit score” and he said he was fine with paying a little under $100/mo for that. Many Americans seem to genuinely hate having money. The US makes record profits just by doing everything to avoid teaching financial literacy
@Ella-g2m
3 ай бұрын
Oh damn he's dumb. He's the worst kind of dumb, too, the kind that thinks they're smart.
@antilogism
2 ай бұрын
That's really strange. There's an ideal "revolving utilization" for a credit card score of, from what I can tell, 2.5% ±2. Assuming he's right with his math he probably has a mid 6 figure credit line. Odd thing is that we are always running about 3% with no static ballance. I can't see paying $1,000/yr ($1,200 less maybe $200 from the 1099 INT gains) just to nail the sweet spot.
@hs1296
3 ай бұрын
People in North America need to learn how to spend what they truly have - to not spend availing any type of credit. Shocks me how people here in Canada and the US talk about affordability - they mean being able to 'afford' payments on debt, and being able to qualify for debt. There is simply no savings culture. And wages are incredibly low for the livings costs. And everyone seems to be bought in to the concept of 'credit scores' which really ought to be laughed at. Shocking!
@Apprendrel-eton
3 ай бұрын
i'm stunned too. they live beyond their mean!
@oroville12345
3 ай бұрын
No One makes you buy crap you don't need. Be an adult be responsible.
@flipkoofx1137
3 ай бұрын
To put it simply because big banks are losing business with these buy now pay later loans, it is now a problem. Correct??
@g.t.richardson6311
3 ай бұрын
No, because people are not paying and continue to accrue more phantom debt, which is just a fancy word for debt
@flipkoofx1137
3 ай бұрын
@@g.t.richardson6311 well with or without these buy now pay later loans people will still acrue debt and clearly big babks want these debts for interest, and if they get enough default they can ask for a bailout. So again this is just big banks crying that they are losing their share
@korigocrazy2262
3 ай бұрын
@@g.t.richardson6311in the video they said less than 2% are defaulted though.
@korigocrazy2262
3 ай бұрын
@@g.t.richardson6311 its a new industry that’s booming and other companies are gonna start jump On to get a piece of the pie.
@g.t.richardson6311
3 ай бұрын
@@korigocrazy2262 2% isn’t that bad I missed that
@chiimumango3979
3 ай бұрын
So that's the "Phantom tax" the kids are rambling all about
@Joshpods
3 ай бұрын
Bruh 🥶 😂😂
@rawlvee
3 ай бұрын
Exactly
@RahStarFari
3 ай бұрын
Fanum
@nraexox2599
3 ай бұрын
not at all 😂
@Adanjakub
3 ай бұрын
fanum :D :D
@TechnoArtful-tk2yh
3 ай бұрын
This is a very smart option for people that understand that right now money is worth less in the future than right now - invest what you didnt pay in full on. Of course, this is not at all who they are hoping use this ... its those that will default and get fees. But you CAN benefit from this if you are responsible.
@Emmanuel-ne3oi
3 ай бұрын
You get it
@rustykatt3870
3 ай бұрын
The lady who was working from the front door's hallway is smart. People who don't buy a bigger home (more $$$) to have another bedroom to conduct business have saved the money. Good luck to us all! 😊
@Noonien96-nx6yj
3 ай бұрын
I used to handle returns ar KMart, which was linked to the layaway department. I remember when a layaway item had to go back on the shelf, sometimes the person who originally requested the layaway would get super stressed that the item went back on the shelf, and then become super releived that the item was still available. I could tell that the customer had somehow been fooled into perceiving not-real scarcity. People need to struggle against their scarcity mentality, if we want to get a leg up against corporate dominance.
@MissJen-78
3 ай бұрын
Layaway but the product is provided immediately? No waiting until the full bill is paid. 🤔
@NatashaEstrada
3 ай бұрын
Layaway is a big cost for the retailer in having to hold inventory and take payments etc.
@Orlando_Steve
3 ай бұрын
@@NatashaEstrada Yes. I worked in a layaway department once at a clothing store. People would put $300 ($900 in today's dollars) of new clothes that we just got in for the season and cancel most of it before the layaway period expired, maybe buying $20 or $30 of it. By then it was out of season and needed to be marked down.
@limpnjen
2 ай бұрын
They don't know what layaway is. You don't get the item until it's paid.
@alphaomega1351
3 ай бұрын
Debt! Debt! Debt! And more debt! Imagine if there was a real market based on what consumers actually earned and saved. 🤔
@this_epic_name
3 ай бұрын
Read: credit issuers are mad they can't accurately assess peoples' creditworthiness. It also threatens the viability/usability/reliability/relevance of FICO and the credit reporting agencies, so you can bet your bottom dollar it'll be required to be reported somehow sooner rather than later.
@Nonsense116
3 ай бұрын
Took my way too long to find a comment with someone who actually knows what they are talking about. Not peddling some conspiracy theory on "big banks"
@this_epic_name
3 ай бұрын
@@Nonsense116 Lol. Yet, in a sense, my comment hints at that. These BNPL companies have done an end-run around the effective lock on credit and lending that the "traditional" financial sector has enjoyed for a long time. Now, there exists this small option for folks for whom the existing system doesn't work. The existing credit rating system probably doesn't want its apple cart tipped. And so lenders want to see this "phantom debt" on credit reports, but FICO and reporting agencies probably don't want to have to incorporate that data into their scoring algorithms (they've resisted changes in the past). That would be a win for lenders, but a loss for borrowers (if the default rates of BNPL loans presented in the story are accurate). The conspiracy theorist in me tends to think that big banks want the credit score to reflect only that activity that occurs within the "traditional" lending industry (i.e. the industry they largely control) in order to pressure the common folk to participate in *their* system. That, I think, is one of the reasons why paying utility bills on time, paying cell phone bills on time, and debit card / checking account activity aren't included in the thing that is supposed to represent -- at least in some sense -- how well you manage your finances.
@nextsibling
3 ай бұрын
Totally ignored smart consumers who use BNPL to control cashflow on large purchases so to keep savings in interest bearing accounts for longer.
@antilogism
2 ай бұрын
Super important with today's interest rates!!!
@marvelouslife1309
3 ай бұрын
Those who survived the hosing crash, stopped living beyond their means, started saving money and used cards only in emergencies. Banks started running advisements against savings because they were losing interest on debt in the terms of millions. Don't incurr debt of any kind unless its an emergency.
@UnburdenedLady
3 ай бұрын
This is a massive problem, I can’t tell you how many women my age (early 30/s) are using these platforms and then get overwhelmed by BNPL on multiple items.
@FromMikaWithLove
3 ай бұрын
I’m in the same age bracket and I agree!
@ellens2454
3 ай бұрын
same thing with gen z, everyone is using it, along with accumulating credit card debt as well
@moonfiend9259
3 ай бұрын
I've used them before but not anymore. I'm personally working on rebuilding my credit though. Even if I wanted to get one of these loans they wouldn't accept me anyway.
@babangill551
3 ай бұрын
I remember taking one when buying a couch from Ashley. I thought how hard it could be. Horrible horrible mistake. Never again.
@Emmanuel-ne3oi
3 ай бұрын
If someone is providing me zero percent interest over x amount of months why would I pay everything up front lol. My credit score is over 800 and I have plenty of cash. Spending 500 now vs spreading it over 3 - 6 months which feels less painful. I'm also only doing one of these at a time
@jeffmiesen
3 ай бұрын
I understand times are hard for some people, but many people live well beyond their means. I know car payments aren’t directly related to this video, but the people that pay more than $1k a month on a car payment is staggering.
@rmfinance1781
3 ай бұрын
I use buy now pay later here in there. It's convenient if used right. But then again I have a stable income so there's no issues when the payments hit every couple weeks. That being said I currently have no buy now pay later payments pending at this time. ☺️
@Zwiqy45
3 ай бұрын
It's hysterical this video is essentially making the case for why people should use these BNPL services, dissociation from credit scores which are crazy biased, secretive, and a money making scheme of their own.
@patriciaKnightley
3 ай бұрын
Let’s not kid ourselves… this is another mechanism to prey on certain types consumers… no financial institution does this out of the goodness of their heart
@waynemangiardi734
3 ай бұрын
stop spending on GARBAGE that you DON'T NEED!!!!!!!
@JakeStewart1343
3 ай бұрын
You don't like keeping up with the Joneses? 🤔
@dualexistence
3 ай бұрын
Making phantom payments to a phantom bank cost me a phantom arm and a phantom leg. A constant phantom pain in my phantom bottom.
@nestharus
3 ай бұрын
My BNPL from PayPal absolutely shows up in my credit score lol. Same with Amazon and B&H. None of my BNPL is hidden :'(.
@MrLoobu
3 ай бұрын
I took out a loan for school.....and that's it. Never made payments on any other debt in my life.
@Zapruderfilm1963
3 ай бұрын
The key is to only spend what you have. If you don’t have the money in which to purchase the item, then don’t buy it. This is excluding vehicle repairs, house repairs, etc. I’m speaking of discretionary spending.
@manchuk1d
3 ай бұрын
Easier said then done, America loves having people fall into debt due to materialistic things.
@Trentacus
3 ай бұрын
I did it once a few years ago when buying a rare book. Three monthly payments with no interest was nice. But I can see how some can get trapped in it like a payday loan.
@eryu8263
3 ай бұрын
I don't understand... if these lenders aren't creating coercive environment where consumers get pressured into taking out such loans, why is the onus on the lenders when they're only allowing for easy, 0% interest loans? It is the Consumers who should watch where they spend money. Taking away this mechanism is like taking away loans like credit card or mortgage just because few people have trouble paying them off. It's unbelievable how everything becomes about blaming the big bad corporations, when it is a few consumers who are not exercising restraint. Soon enough, consumers' credit scores will prevent them purchasing via this mechanism if they are irresponsible. Others shouldn't get their options limited just because a few consumers can't be trusted with payment options.
@antilogism
2 ай бұрын
I get where you coming from. To me it's still a bit "un-sporting" since we have a lot of really ignorant people with stagnant work skills. Some were lousy at high-school history, math and finance and will never get it. Among some populations there's even a certain pride in being ignorant of core life skills. I once walked with some friends to get our paychecks cashed and while I felt robbed they were perfectly happy donating a good portion of their check as if it was a charity. It's not as negligent as running a lottery but not exactly squeaky clean, in my opinion.
@eryu8263
2 ай бұрын
@@antilogism you’re not wrong to want a segment of consumers, namely the less sophisticated and vulnerable ones, protected from predatory practices. But like we shouldn’t outlaw kitchen knives just bc some clumsy adults hurt themselves at times, we can’t limit these mechanisms that promote commerce, which in turn helps economy grow and develop and create jobs. I’m not against creating rules to prevent total ruin of an individual but we also can’t bring down the average just to protect a few at the bottom
@Melanie.onFIRE
3 ай бұрын
I’m grateful for buy now pay later. I use it to buy groceries. After I lost my job my finances took a dive & I was living off my credit cards, but my credit cards are maxed. I don’t see how any of these issues you discuss are helping consumers that are not able to survive in this inflated markets. It seems these issues you bring up are just on how to put a leash on it.
@OwnNothingBeHappy519
3 ай бұрын
I left to Germany for a month on a work assignment. I got back to the US and am shocked at how much the food prices have risen.
@djm2189
3 ай бұрын
If you cant pay for it twice, and you dont already have a 6 month emergency fund you cant afford it. This should be the golden rule outside of mortage and car which in either or you have to live within your means. Suffer for a little bit and you'll get ahead so quickly. You don't need most things.
@chrisaycock5965
3 ай бұрын
I've avoided these like the plague.. if I can't afford it I don't buy it
@MCPorter83
3 ай бұрын
I have family that got caught in that desperation. It's sad to see someone owe per month what their paycheck is. It's OK to spread repairs and purchases out over time, and it will save you a lot in interest. Example, if your car needs tires and a new AC and it's fall, wait on the AC, you need tires for the rain and snow. If the windows on your house are old, save up for them. Old windows are not failed windows.
@spatty2589
3 ай бұрын
The credit card companies are upset since they're losing money. Why they act as if they are concerned about consumers.
@jonchalk3855
3 ай бұрын
For many, the pandemic caused a lot of the troubles. High debt, mixed with sudden loss of employment, then the rents and cost of living jumped when people tried to recover. This just pushed people back down into the debt hole. Then the last two years with rents in the 4-figure range sent many onto the streets. Yes, they had jobs, but the income was not enough to cover the sky-high rents and then "renovictions" thrown into the mix. Even if wages go up substantially, the rents will go up to keep people down.
@MitchellEdelman
3 ай бұрын
For your average consumer this doesnt seem like an actual problem. BNPL defaulting doesnt affect your credit score. If you cant afford a BNPL loan just stop. This however is a massive issue for any industry who uses credit scores, and regulations will only come from their whinning.
@Continentalmunkey88
3 ай бұрын
CFPB & taxation linked
@miguelflores8631
3 ай бұрын
Maybe we should push for financial literacy classes in school. I have one BNPL item and owe $30 still with $10 coming out next Thursday. I’ll probably just pay it off next week, so I can focus on other debts. PEOPLE quit signing up for credits that advertise 0% apr on an item that is above $200, and if you must, pay it weekly and quit adding more on top of that. That 0% apr sounds interesting, but what do you think will happen if you’ve only paid the minimum payment monthly? If you sign up for a credit with 0% apr, look at what it will be like after the 0% Apr ends. Please budget. It’s not Biden or Trump or any politician’s fault. Read the “fine print” before you sign.
@oliviao2238
3 ай бұрын
Another potential collapse looms in that market segment, likely leaving taxpayers as the losers. It's hard to believe this situation persists when most consumers are already financially exhausted.
@Starship007
3 ай бұрын
More people raiding their retirement accounts early and taking out home equity loans. Many refusing to downsize . USA use to supersizing now downsizing
@VrkPeru-nw2uv
3 ай бұрын
Broke Now I can’t Pay Later Either is a worldwide pandemic, as this is happening in many countries around the world including USA.
@Martin_Edmondson
3 ай бұрын
Yeah, I think I saw a similar video last year about Singapore... not just a USA issue. The rise of digital payments make it simple to just split the cost over a number of months, which leads to overspending.
@antilogism
2 ай бұрын
It's been with us in the US since the 1930s (maybe earlier) but it's way easier than ever before and includes tiny purchases.
@virginiakingsford2232
3 ай бұрын
I’m not gonna say buy now pay later is a good thing but after a year of short contract jobs it’s been the reason my husband and I have been able to buy food on 4-5 occasions in the last year. We don’t overspend but when one person is making 60k and the other is without a job for the next couple weeks, you have to do what you have to do.
@PTANV-x2g
3 ай бұрын
I’m an example of someone who PROPERLY uses BNPL opportunities. On something I’m going to buy anyway and have the money to pay for it, if I’m given the option to buy it on a three year payment plan with ZERO interest, there is incentive for me to do that. My price remains the same, but the value of those dollars decreases over the three year period due to inflation, so I effectively pay a little bit less for it than I would have if I bought it outright. I save money. Where this goes wrong is when you really don’t have the money, and struggle to make the payment and end up paying late fees or even defaulting on it. Then it becomes very costly. BNPL offers do NOT help you build credit, but they absolutely will negatively affect it if you default, so they really should ONLY be used by people who KNOW they will be able to make every payment on time. Sadly, that is not the majority of BNPL borrowers.
@brennelement6451
3 ай бұрын
I don't normally carry debt aside from a house and car, but I did use Apple's 0% pay over time deal when I got an Apple Watch. Considering the significant inflation since, it's saved me money on the deal.
@leviandhiro3596
3 ай бұрын
Buy now pay later means your economy is hurting
@chrishaddad5362
3 ай бұрын
No it doesn’t, it means people are buying things they don’t need or can’t afford.
@dbased1915
3 ай бұрын
@@chrishaddad5362 Both can be true. People do spend unnecessarily and take on absurd debt, but also the economy and inflationary pressures are crushing the lower class who don't own assets while the rich with assets have never been better off.
@AnotherMartinez
3 ай бұрын
Disagree - you can keep your money paying you returns while you are making small payments for big ticket items
@BTrain-is8ch
3 ай бұрын
@@dbased1915 I've never seen an Afterpay option at a gas station or at a grocery store. This is people buying garbage they don't need. Not everything is a class battle. Most things are just people behaving foolishly.
@MG-Alexandrovich
3 ай бұрын
@@BTrain-is8chnow they have a card, which is essentially cc, you input any store you want and apply. It gets approved in seconds and you hood to pay
@HairyPinkTroll
3 ай бұрын
Companies that offer payment plans at 0% 5 payment installments (such as some Amazon retailers) have identical product but at a markup. Example a computer for $400 paid in full or the identical computer for $540 with a payment plan.
@DavidGreg-mc2lv
3 ай бұрын
Hi 👋! Your comment are always worth reading..I pray to God to give you a lot of beautiful days and you know God loves us so much!.....So where are you originally from? I am David originally from Spain but currently living in Texas now....
@HairyPinkTroll
3 ай бұрын
@@DavidGreg-mc2lv how long have you been reading my comments?
@Kikester
3 ай бұрын
The only pay now pay later I use is PayPal and I take advantage of their no interest if paid in full within 6 months. I mostly use for concert tickets as I don’t want to spend $500+ of my actual money out right and I could just invest that money else where.
@Lh2bme
2 ай бұрын
The problem they don't understand is it's a way for people in the lowest brackets to be able to access credit for things they need but can't afford upfront. I mean why should your credit score drop because you financed a TV and made all payments on time? And why should you be denied the chance to get a credit because of their ratings. That's why it's popular. It does not hit your credit score and gives a different option to get credit. Obviously if you don't pay then yes there should be a pause on the account and other escalations. I think coming in and treating it as a credit card is going to be harmful. Instead maybe have a 2nd type of scoring for these types of loans. It's technically a "store" credit for products. We need a flexible option outside of typical crediting systems.
@chad9971
3 ай бұрын
Never once have I went to the grocery store and BNPL an option lol. BNPL is majority all luxury/non-essential spend. It’s like a worst credit card. All the interest of a credit card without the benefits.
@SomeUserNameBlahBlah
3 ай бұрын
I've never seen this option either at checkout.
@justinwagner8800
3 ай бұрын
I've heard that Walmart has this option, but I don't shop there so I'm not sure.
@caesar9708
3 ай бұрын
How is it worse than credit cards? Affirm, for example, don't charge late fees or additional/compound interests, unlike credit cards. Credit cards make money off people who can't pay their debt. Affirm loses money if people can't pay their debt. People need to start learning about BNPL before making this kind of judgement, lol
@jerryanyu8467
3 ай бұрын
@@caesar9708 Well, it's pretty obvious that no one does fact-checking on the internet.
@chad9971
3 ай бұрын
@@caesar9708 Credit cards offer a host of perks such as purchase protection (we just watched a whole segment on BNPL purchasers struggling to recoup returns), warranties, points/cashback (I can't tell you the last time I bought a plane ticket, I've used points), roadside assistance, free checked bags, etc. The BILT credit card is one of the best on the market right now, pay your rent and you get points for it (pay off the balance like with any other credit card). Wells Fargo is losing money hands over fist because of how good that card is (for consumers). BNPL doesn't offer any of that. That's why it's like a credit card but just worse.
@MissCandy350
2 ай бұрын
I ❤ BNPL and so do MANY other consumers. I’ve never had a problem. The banks and CC companies are ONLY concerned because they’re not financially benefiting from the transactions. “Phantom debt” simply means “We no longer have the credit industry on lock.” Americans are hip to the credit score scam too!
@sleepycalico
3 ай бұрын
My neighbor loves "buy now, pay later." She can easily pay in full, but she takes huge emotional pleasure in not paying for things she takes home and making vendors wait. It's perfectly legit, so whatever floats her boat, but it's the exact opposite of my comfort, which comes from having no debt. Maybe a lot of the phantom debt is just due to that type of personality that gets a thrill from not paying for a while.
@cameronrussell8409
3 ай бұрын
She's not making vendors wait. She is making the bank wait. The vendors get paid by the bank.
@sleepycalico
3 ай бұрын
@@cameronrussell8409 That's fascinating. They aren't both waiting? You think the bank hands over payment in full to the vendor and later is made whole by my neighbor's monthly payments, without interest? That seems very unbanklike. And if that were the case, I would think banks would have a precise bead on phantom debt, because it would be real debt to them.
@elliestewart7770
3 ай бұрын
The scratch-whine sound effect halfway through the video had me pausing to check if there were wasps in my room. What a strange artistic choice.
@WinstonSmithGPT
3 ай бұрын
This is huge now in medical payments
@rebeltheharem7028
3 ай бұрын
Perhaps, and I mean perhaps, we should be teaching kids responsible spending, budgeting, and financially responsible behavior in school. I know, we stopped doing that since they took out account budgeting from home economics (and took out these classes all together), but maybe we should bring these back and make them required.
@Mello675
3 ай бұрын
that'll never happen as long as the objective of the education system is to create a consumer workforce trained to follow orders
@tiberianexcalibur
3 ай бұрын
No that’s bad for the economy, how will corporations get you to spend all your money if you’re too busy saving?
@richguy011
3 ай бұрын
Doing so would be educating the populace that they have to take a decrease in quality of life. How long would put up with living with multiple roommates just to keep rent affordable?
@NatashaEstrada
3 ай бұрын
I think Pay in 4 is probably more financially responsible than putting it on a credit card since the installation loan demands that it's all paid within 6 weeks with 25% being paid up front and 25% every 2 weeks. You can do all kinds of financial shenanigans with credit cards. Pay in 4 is very popular in Europe and I don't see it going anywhere. I think the younger generation is just rejecting traditional banking products.
@richguy011
3 ай бұрын
@@NatashaEstrada I see it as a way for businesses to try to capture more customers. They know there are people who can't afford their product but still want to be able to sell to them.
@sircharlesmormont9300
2 ай бұрын
This is just layaway by another name. It's a good, useful tool for people and it's GOOD that they're being responsible enough to split their payment into manageable chunks instead of going into real debt to pay for something they can't afford. I don't want the credit industry anywhere near this. Consumers are constantly told to be responsible, often amid incredibly unreasonable circumstances like stagnant wages and rising rents, and then punished for making decisions that are the best option under their circumstances. Let consumers have layaway, man. Just let them have it. For God's sake, let them have one thing.
@anthonyluna6750
3 ай бұрын
credit card banks want their chunk of interest money back
@rokhamler3352
2 ай бұрын
I am not from the US, they say this has zero interest but if entire companies run off of this they must be making money from it, so presumably they charge a fee to the buyer for this, or the price paid must be increased if one uses this loan to purchase it?
@cweaver4080
3 ай бұрын
Do we need more regulation to protect people from themselves? If you can't afford it, don't buy it. There are millions of people wanting to take your money, it will never stop.
@Crunch15323
3 ай бұрын
Yeah but the buy now pay later lenders have very strict rules. If you miss one payment your spending amount reduces dramatically and possibly be banned.
@droubal
3 ай бұрын
Layaway did not allow a consumer to make a down payment and take an item home. You made a down payment, to hold an item for you, until it was paid off.
@trainboy192
3 ай бұрын
Simply stop buying things you have no money for.
@shekharmoona544
3 ай бұрын
Layaway went away because stores wanted you chained to their store credit card. Less people were in the debt we see today.
@hyperiondragon
2 ай бұрын
My friend and I use that option when we want to. We’ve never had issues with it. It’s money that has to be paid, and of course we pay well over the minimum monthly amount. If we could’ve pay we simply wouldn’t buy it. It’s that simple.
@davidcurameng
3 ай бұрын
BNPL = 20th Century Layaway.
@jeffg4096
3 ай бұрын
True.. but the difference is they dangle the carrot further by actually giving you the item before paying in full.. as least with layaway, you can't have the item until you fully pay. Layaway is for people who can't handle money.. in a sense.
@antilogism
2 ай бұрын
BNPL = 20th century Installment Plan or "buying on installments". That was super popular in the 20's & 30's for larger purchases.
@mikebostic9518
3 ай бұрын
Ballooning private sector debt combined with higher rates is a financial house of cards that will eventually take its toll on families.
@fhd89234n8f43n7
3 ай бұрын
Hang on…. So I (with an 800+ FICO score) could engage in a BNPL loan, default, and it DOESN’T hit my credit score??? Hmmmm…
@NatashaEstrada
3 ай бұрын
It'll show up as a collection. Potentially also as a late payment. You don't get rewarded if your paying on time.
@fhd89234n8f43n7
3 ай бұрын
@@NatashaEstrada So they won't share credit data with the big-3 UNLESS it's negative??? Was this in the video? That hardly seems fair...
@dadelives1
3 ай бұрын
Ever ordered food on Uber? Look at how they tax you. People are in deep debt right now and companies are robbing us blind. Like how am I paying $14.00 on food taxes and still didn’t get to the tipping yet? What tax system are they using??
@DevoutSkeptic
3 ай бұрын
The entire debt industry is a case study in how poor the average American's basic aptitude for math is.
@lifevest1
3 ай бұрын
This is a brilliant plan. The poors who are materialistic can’t help themselves. Imagine paying for a $30 shein clothing item in installments. How do I invest in these companies??
@KJB-gn8mr
3 ай бұрын
Consumers and the government are in a race who can amass more debt - thank you politicians .
@mydadspulloutgametrash
3 ай бұрын
How is that not the consumer's fault?
@antilogism
2 ай бұрын
Thank you voters!
@nakatominocalamari2969
2 ай бұрын
The word phantom is usually used to describe an illusion of something that doesn't exist. What you are referring to as "phantom debt" is something that surely exists while being unrecognized; it's the opposite of phantom.
@tfe6705
3 ай бұрын
Can’t afford it, don’t buy it. That simple. Another real problem is people’s addictions to shopping.
@jon-christopherpope3246
3 ай бұрын
“Credit reports are objective” Riiiiiiiiiiiiiiiiiiiiiiiight
@limpnjen
2 ай бұрын
That's how yk this argument is crap.
@pmarcusb
3 ай бұрын
Who could've guessed when financial literacy isn't taught in school and corporations give people more and more access to money to create debt, their would be a problem. 🤔
@wildwest1832
3 ай бұрын
lol if buy now pay later was a big issue with house mortgages and payments then you would simply see the result of that play out in mortgage default rates. Why does that amount matter at all if the end result does not show a problem? sheesh
@ThomasFromTN
3 ай бұрын
Americans are resuming "Rob Peter to Pay Paul" consumerism with all dispatch post-pandemic. The prospect of a recession is driven by self-inflicted bad fiscal stewardship, as much as, if not more than stubborn inflation (which, as too many Americans seem oblivious or resistant to countenance, is far less oppressive in the U.S. than in virtually every other country).
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