Ramsey stated that people’s continual reliance on consumer debt has kept him in the financial advice-giving business for the last several decades, and will give him job security for several more. Rather than cut back during inflation, consumers chose to make up for the shortfall by borrowing money to maintain their lifestyles. Yet instead of paying back debt, consumers seem to be using credit cards and other loan methods to continue funding their daily spending, Ramsey said. It’s now a huge obstacle for those seeking to save money and put that cash towards retirement. Ramsey went on to state that debt has become normalized in this country, if not throughout the world. “All you do is work for these stinking banks that have better furniture and bigger buildings than you do,” Ramsey said. You can’t have a student loan that’s been around so long you think it’s a pet.” You can save enough for retirement by putting $100 per month in a conservative growth fund from age 25 to 65, Ramsey said, but for that to work, “You can’t have a $750 F-150 payment. “The debt is because you wussed out and refused to cut your freaking lifestyle to offset inflation.” What Ramsey says is holding people back The debt is not because of inflation,” Ramsey said. In a recent episode of The Ramsey Show podcast, Ramsey stated that household debt is at an all-time high - not because inflation is increasing the price of essential goods like groceries, but because of how consumers have responded to these price changes. Here's how to get your head above water ASAP Millions of Americans are in massive debt in the face of rising rates. 'Hold onto your money': Jeff Bezos says you might want to rethink buying a 'new automobile, refrigerator, or whatever' - here are 3 better recession-proof buys Here's how much money the average middle-class American household makes - how do you stack up? Record-breaking inflation rates may have throttled Americans’ budgets over the last year, but Dave Ramsey says you can’t blame high costs for all your financial woes. 3 simple steps to secure your financial foundation 'You wussed out': Dave Ramsey reveals the real reason Americans are going broke - and it's not because of hot inflation.
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