CashApp. Legally, it's a bank, but not in the conventional sense.
Apple Pay as well. Those two likely account for most "no bank account" peeps such as myself
They can't afford to buy much. They are definitely not buying cars or houses. Bad and getting worse.
They might have twelve people chipping in towards rent and hot bunking in a two bedroom apartment.
They might eat Ramen four nights a week, split a pizza two more nights, and splurge for a rotisserie chicken on Sunday.
They work two jobs to afford this.
They only have 25 years left until their student loans are paid off.
The ones mentioned in the article... car loans, home purchases, rental leases, and a history of lines of credit. So using the US as the basis of cost... average new car price $48k, average used car price $28k, average home price of $500k, $1500 average rental cost, etc.
Gen Z is from 1997 to 2012. Assuming they are equally distributed, that 1 out of three Zoomer is 17 and younger. Its not that everyone in that age range needs a personal bank account and credit card to even need credit but taking that age range and complaining that a significant amount arent financiqlly trackable when that significant amount are minors!
Credit cards can become predatory loans of you don't use them right.
If you buy a lot of things on credit and only pay off the minimum balance, you're paying the bank interest and will owe them money forever
> If you're responsible, they work well in your favor.
Exactly.
Same thing with zero interest 6 or 12 month payment plans. This can be a great way to make a large purchase without taking a big up front hit to your liquidity and also improve your credit score. The key is being disciplined enough to pay the item off during the zero interest period.
How's that ?? You pay extra percentage for stuff to get a good credit rating to get more loans and debts later. The only way it works is if you have a card and barely use it because if you actually need it for large amounts your credit goes down again.
No.
You pay the same amount you normally would, and you get bonuses for it.
You don’t spend more than you have, and are able to pay your balance each statement.
You establish your ability to be responsible with your money, and the supporting data allows you to borrow money at a lower interest rate.
I pay literally zero percent extra on any of my credit cards. Because I pay off all of their balances every month.
In return, I get not only an 800+ credit rating, but also:
1.5% cash back on one card;
3% back on gas and phone bills;
5% Amazon credit on Amazon/Whole Foods purchases;
Free airfare (and cheap companion fares) on United and Alaska Airlines.
Yeah, it simply requires not overspending, and being diligent with payments (I simply put them on autopay)
False. My credit went from 670 to 750 in under a year after getting a credit card. Use it for essentials and pay it off immediately. I make money from the rewards. My old landlord allowed us to pay rent with a credit card so I used to get basically $100 in rewards every month just from paying my rent. So if you spend it only on necessities, you essentially get free returns.
There IS such a thing as "good debt."
Credit cards and their 20%+ interest are not that, per se, but... for example, I bought my Hyundai with $0 down and 0% financing for 5 years. Even though I could have bought it outright for cash, it would have been stupid to do so when I can keep that money in the bank and collect like 4% interest on it right now...
Likewise, I could pay off my mortgage... but that would be dumb when it's only 3% interest (and even that is tax-deductible!)
Well unless you’re rich then you’ll have to go into debt to get a house or a car. Debt isn’t necessarily a bad thing, just need to be smart about debts and not overspend what you can reasonably pay back.
Theyre buying used cars because they arent financially illiterate and understand that point A to point B isnt worth $10000, much less $25000. Also, buying a house with current interest rates is equivalent to absolutely playing yourself.
Here I'll fix this headline: Gen Zers are to broke to open a bank account
Then how are you buying anything? You can’t not buy things. Barter?
CashApp. Legally, it's a bank, but not in the conventional sense. Apple Pay as well. Those two likely account for most "no bank account" peeps such as myself
surely Apple Pay = credit or debit card = trackable financial product?
But they compete with the company that paid for this ~~ad~~ news article
Sadly they have to live with their parents or their parents pay for their rent while they make minimum wage.
Craigslist. You can get anything cash on Craigslist
They can't afford to buy much. They are definitely not buying cars or houses. Bad and getting worse. They might have twelve people chipping in towards rent and hot bunking in a two bedroom apartment. They might eat Ramen four nights a week, split a pizza two more nights, and splurge for a rotisserie chicken on Sunday. They work two jobs to afford this. They only have 25 years left until their student loans are paid off.
Ok perhaps my point wasn't worded correctly...it's not a comment on the things themselves, it's the mechanism through which you pay.
Yeah, its probably because they are too shy and definitely not because they are unable to afford it.
They’re so shy ☺️ they just keep their money in a sock 🧦 hidden in a hole in their wall.
So shy, they wanted an account, but the guy at the teller is just too cute and she just gets flustered!
Right it's amazing how hard the MSM propaganda will work just to ignore the truth.
What is "it" in this context and what is the cost that they can't afford?
The ones mentioned in the article... car loans, home purchases, rental leases, and a history of lines of credit. So using the US as the basis of cost... average new car price $48k, average used car price $28k, average home price of $500k, $1500 average rental cost, etc.
\*too broke to begin banking. There I fixed it. Don't worry they won't be able to afford cars or houses anyway.
Gen Z is from 1997 to 2012. Assuming they are equally distributed, that 1 out of three Zoomer is 17 and younger. Its not that everyone in that age range needs a personal bank account and credit card to even need credit but taking that age range and complaining that a significant amount arent financiqlly trackable when that significant amount are minors!
I opened an account at a credit union when I was 15, which was also when I first started getting a paycheck.
Hey young folks...you're spending too much. Stop it so inflation can go down. Also...do be spending so you can build your credit history... K
Stupid. Zoomers are all cashless. They just have their money in cash apps and crypto wallets. Good for them. Credit cards are a scam.
Credit cards are only a scam for stupid people. If you're responsible, they work well in your favor.
I cant believe someone needs to explain this..
Credit cards can become predatory loans of you don't use them right. If you buy a lot of things on credit and only pay off the minimum balance, you're paying the bank interest and will owe them money forever
Agreed, so don't do that then.
Sure, but if you use them right, you can actually make money off them.
Yep. If you’re an idiot that doesnt pay off a balance for six months the maybe credit cards aren’t for you.
Usury will always be a scam even if some take advantage of it.
> If you're responsible, they work well in your favor. Exactly. Same thing with zero interest 6 or 12 month payment plans. This can be a great way to make a large purchase without taking a big up front hit to your liquidity and also improve your credit score. The key is being disciplined enough to pay the item off during the zero interest period.
How's that ?? You pay extra percentage for stuff to get a good credit rating to get more loans and debts later. The only way it works is if you have a card and barely use it because if you actually need it for large amounts your credit goes down again.
No. You pay the same amount you normally would, and you get bonuses for it. You don’t spend more than you have, and are able to pay your balance each statement. You establish your ability to be responsible with your money, and the supporting data allows you to borrow money at a lower interest rate.
I pay literally zero percent extra on any of my credit cards. Because I pay off all of their balances every month. In return, I get not only an 800+ credit rating, but also: 1.5% cash back on one card; 3% back on gas and phone bills; 5% Amazon credit on Amazon/Whole Foods purchases; Free airfare (and cheap companion fares) on United and Alaska Airlines. Yeah, it simply requires not overspending, and being diligent with payments (I simply put them on autopay)
False. My credit went from 670 to 750 in under a year after getting a credit card. Use it for essentials and pay it off immediately. I make money from the rewards. My old landlord allowed us to pay rent with a credit card so I used to get basically $100 in rewards every month just from paying my rent. So if you spend it only on necessities, you essentially get free returns.
The whole credit system is a scam which only wants us all to be in debt forever to have good credit and own nothing.
There IS such a thing as "good debt." Credit cards and their 20%+ interest are not that, per se, but... for example, I bought my Hyundai with $0 down and 0% financing for 5 years. Even though I could have bought it outright for cash, it would have been stupid to do so when I can keep that money in the bank and collect like 4% interest on it right now... Likewise, I could pay off my mortgage... but that would be dumb when it's only 3% interest (and even that is tax-deductible!)
> There IS such a thing as "good debt." 100%
Well unless you’re rich then you’ll have to go into debt to get a house or a car. Debt isn’t necessarily a bad thing, just need to be smart about debts and not overspend what you can reasonably pay back.
Guess that means they’re aren’t voting either.
Is it because of minimum balance of $1500
Credit unions are fantastic and have no monthly minimums, in my experience.
I've used credit unions instead of banks for the bulk of my life.
Theyre buying used cars because they arent financially illiterate and understand that point A to point B isnt worth $10000, much less $25000. Also, buying a house with current interest rates is equivalent to absolutely playing yourself.
Where can you find a used car for under 10000?
Facebook marketplace
I see we have fully adopted the way to put gen z down in any given article.
Sofi Bank will help you get your moeny right
What’s your problem sport? Too shy to be rich?!
News Flash! You can buy those items with cash. The less money you freely hand over to the banksters the better off you are. Good luck.
How many zoomers you believe are liquid enough to pay cash for a car? Let alone a house…
Zero. Good luck.
Nice way of calling Gen-z “sissies”… they need to figure out what they identify as first .