STOP IT!!
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
18 min
4 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Daniel. Thanks for listening to DIY Money. If you haven't already, be sure to give us a five-star review on iTunes so your friends know that they can learn from the show. Now, enjoy the show.
Welcome back. Ladies and gentlemen, you're listening to another edition of DIY Money. DIY Money. All right, Logan, we're going to take a break from the script. First of all, thanks to our new sponsors, the state of Ohio. That's pretty awesome. I don't know if the state of Ohio ran before this, but I was listening the other day, and I was like, ooh, I want to go to Ohio. I live in Kentucky right down the road, but I'm like, that's a pretty good ad. I want to go to Ohio. But anyways, so for those of you that are just joining us, we're running ads now because we're pretty excited about this. We're going to be revamping our YouTube channel, all of our social.
Why are Quint and Logan urgently telling listeners to ‘stop’ overspending now?
The other day as I was traveling, I was like, I need to jump into the tribe and see if there's anybody still around the fire pit. And? It's like Lost, like when you show up back on the island. Anybody here still? You're not allowed to talk about Lost anymore. I'm still not done with it. I hate it. I curse myself every time I turn that stupid show on. It's gotten weird now. I'm lost in the show. All right.
Before we go there, I want to just say we got to get questions. Send those questions in. Podcast at DIYMoney.org. That's podcast at DIYMoney.org. $25 Amazon gift card if we use the question on the show. So make sure you send those in.
And candidly, even if you don't send in questions, we have so much to talk about right now. I mean, our queue is not empty by any stretch of the imagination, but we like to have the queue filled because Allie has done such a wonderful job of kind of coursing through these questions and picking out some of the best. Atta girl. So keep them coming, especially the DIY Money Juniors. However, it's not what we're talking about today. Right. We are not... answering a question today we are going to get on the soapbox a little bit and if you are listening if you're new to the show or you've been a fan forever or someone forwarded this on to you uh first of all thank them or if you're end up listening to this and you think i really need to send this on to my brother or i need to send this on to my friend do it please do it do it because what we're going to talk about today i think is a great reminder for so many people
and a freaking wake-up call for others. Set the stage a little bit for us, Logan.
Yeah, well, we're now, I mean, this is the stage of the current environment that we're in. We're at the highest debt levels that we've ever had from consumer and personal debt.
Ever.
Ever, ever. $17 trillion when we're talking about consumer debt. That's your student loans, your auto loans, your credit card loans. It's unbelievable. It's off the charts right now. And we've gone through a period of time where COVID happened, people got a lot of checks, and then inflation went off the charts. I mean, prices of things have gone bonkers. However, what we are seeing in all of the data that we're watching, Quint, people haven't changed their habits at all to adjust for those additional prices. And now that people aren't getting checks in the mail or they're not getting large bonuses or they're not getting continual raises, a lot of that's going on a credit card or they're taking out debt or they're buying a car they can't really afford.
And it's snowballing.
So thank you for that. That's exactly right. I want to set the stage a little bit more and share with you that while we are $17.3 trillion in debt—you can go look that up. It's out there. But— Who cares? Like, why did we not bring this up when we were $16 trillion or $15 trillion? It's sort of like the national debt. Right now, it's a very hot topic to talk about the national debt. And the reality is the reason it's such a hot topic to talk about the national debt is because the interest expense on the national debt is creating havoc in our annual budget for the government, our annual spending budget.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–0:51
2
Why are Quint and Logan urgently telling listeners to ‘stop’ overspending now?
0:51–10:18
3
How high is U.S. consumer debt and which loans contribute to the $17+ trillion total?
10:18–15:20
4
What do rising 90‑day delinquency rates reveal about household finances?
15:20–18:53