Trumps BIG Plan To Eliminate Your Personal Debt

Debt here in the United States is a huge problem, especially when the average U.S. household debt is $104,200. Total, the American people owe $17.9 trillion in debt. Just credit cards alone, a little bit over $7,200 is what the average person owes. That's a huge concern. But, President-elect Donald Trump has a plan, and this plan is actually backed by many lawmakers. They approve of this, they believe this could work, and could help get you out of debt. So I'm going to break down exactly what is going on in just a moment, explain what Donald Trump's plan is, and how this could actually impact you in a positive way. So I'll break all this down in just a moment, but all I ask is one thing, it takes two seconds, go ahead, hit that like button if you enjoy these daily updates, and now, let's begin. So finally, we're going to see some good news for the American people. And no, we're not talking about cutting taxes, I'm not talking about increasing your wages, which is discussed over and over again. No, we're going to talk about how to pay off debt, but specifically, interest rates. But I want to show you some numbers first. Look at this. It says credit card debt hits record $1.17 trillion, according to the New York Fed. Says down here, collectively, Americans owe a record $1.17 trillion on their credit cards. Says still, credit card delinquency rates improved in the most recent quarter, suggesting that rising debt burdens remain manageable. But here's the concern. The Federal Reserve is expected to cut rates this week. Actually, they're meeting today and tomorrow, and they will discuss this rate cut. But here's the thing. This might be the only rate cut we see for the foreseeable future. Then, the Federal Reserve will likely keep rates pretty steady. That means you're not going to see any decrease in interest rates. But here's where things get interesting. Look at this. Says Gen Z is drowning in debt as buy now, pay later services skyrocket. They're continuing to bury their heads in the sand and spend. This is not just Gen Z, though. Many generations are doing the exact same thing. They're putting things on credit cards. They're cashing out their retirement accounts. They're selling assets that they once owned so that they can have a little bit of cash on hand to go and spend and do things. That's what we're seeing. There are certain stores, like grocery stores, that do extremely well. Then you got the retail stores, your Macy's, your Foot Lockers, your, you know, it doesn't matter what it is, Walmart, Target, they're all the same. But they're bringing customers in, and they're trying to entice them to come back. Because customers left. They couldn't afford shoes. They couldn't afford clothing and furniture. All they could afford was food and the essentials. Now, here's where things are getting interesting. Donald Trump has a plan. This was a campaign promise that he made, and I want to explain what this is. But according to Bernie Sanders, Senator Bernie Sanders, says Donald Trump gets unexpected praise from Bernie Sanders. He says it's a good idea. But what's a good idea? Well, it's the promise that he made. Look at this right here. It says, Senator Bernie Sanders, progressive independent from Vermont, said he will be absolutely, he will absolutely be willing to work with President-elect Donald Trump, especially if the Republican follows through with a proposed credit card interest limit. This is it. Now, what is the limit? Well, look at this. Says if Trump, for example, follows through on his proposal to limit interest rates on credit cards to 10%, which is what he campaigned on, absolutely, I will be there. Here's the thing. Credit card interest rates have just kept going up. Okay. And this is what is causing many people to not be able to pay off their credit cards, not be able to get out of debt. And if you can't get out of debt, especially with the higher interest rates that we're currently experiencing, it's going to be impossible to go and buy a house, to buy a car with a decent interest rate where you don't have just a massive payment of $800 to $1,000 a month. Currently, the average new car payment is over $740 for an average new car payment. That's insane. Look at this. Bernie Sanders says, I think it's a very good idea. I think it's time we told the people on Wall Street, they cannot charge the desperate working class people who have a hard time paying their bills 25, 30, and 40% interest rates. You know what the average interest rate is right now? Look at this. The current average for a credit card interest rate is 21.5%, according to the Federal Reserve. It says this is 6 percentage points higher than the rates were prior to the pandemic. And Bernie Sanders calls this immoral. Now, it says we're going to cap it around 10%. We can't let them make 25% and 30%, according to Donald Trump. It says while working Americans catch up, we're going to put a temporary cap on credit card interest rates. Here's where things are interesting. Donald Trump made a very clear statement. While the working class Americans catch up. That's the key. We're not going to put a cap on credit card interest rates forever. It's just for a temporary period. So that instead of paying 21.5% or 24%, which a lot of people do, you are only going to pay 10% interest rate on your credit cards, on the debt that you currently hold. What that's going to allow you to do is be able to pay off that credit card faster. It's going to bring your monthly payments down. But if you can continue to make the same payment you were making before, you will pay off that credit card much quicker. That's going to be big for millions and millions of Americans. But here's what you need to understand. This is just a proposal. This is his plan. Now, does he go through with this? Well, according to reports over the past week, Donald Trump is looking at different ways to cut expenses from the federal government side. And so by cutting expenses, what this is also going to do, it's probably going to cut certain benefits. There's going to be some benefits that are not going to be there for certain groups of people like illegal immigrants. You're not going to see food stamps. You're not going to get some type of social security payment if you come into the United States illegally. You have no legal standing here. You're not going to get these benefits. So if he can cut or the Department of Government Efficiency can cut some of these expenses, it's going to put more money into the US government's coffers, which means they can go and spend on the American people. Also, Donald Trump wants to eliminate this and pretty much get rid of the war between Russia and Ukraine, end the war between Israel and now Syria, but Israel and Iran, Israel and Hamas, end the wars with Israel. And if the United States can be successful in doing so, then we don't have to send tens or hundreds of billions of dollars to those countries to help them fight in wars that we never really got them into. So if Donald Trump is successful in his plans, and again, I've said this before, it's one step after the other. It's not a huge plan. It's not this massive plan that all has to be passed at one go around. No, it's small little steps. If he can implement these little steps, okay, slowly, then he could have a lot of success. But what is it going to look like? And how long is it going to take? That's what we don't know. All we know right now is Donald Trump is serious about cutting interest rates on credit cards and capping them at 10%, which again, would actually put more money into your pocket, which means you can go and buy food, you can pay for gas and utilities, you can potentially get a mortgage, right? You can do all these things, or you can continue to pay a little bit more on your credit cards so that those hopefully will be paid off very soon. So we'll see what happens. But as of right now, Donald Trump's plan is to help you get out of debt so you can actually survive on your own. So we'll see what happens moving forward. But that is what we know as of today. So again, thank you guys for watching. Consider subscribing, and I'll see you guys on the next one.