• came_apart_at_Kmart [he/him, comrade/them]
    ·
    3 years ago

    its batshit. we are constantly told 40% of Americans can't scrape together $400 in an emergency without needing to take on high interest debt.

    nearly half of americans pulling down more than $80k are carrying a credit card balance, which is nailing them at ~19% interest.

    maybe they are imagining all those fast food employees have cashed out their retirement accounts (lmao).

    • NaturalsNotInIt [any]
      ·
      3 years ago

      The reason is because those surveys are complete garbage. They rely on people self reporting data, and people have no fucking clue about anything related to their finances (by design).

      They poll people via Mturk or those marketing survey emails for $0.50, and it's literally just a Qualtrics form that asks "how much do you have in the bank?". "Do you have any stocks?". "If you have a big expensive, how would you pay for it?". Then if they say anything other than "cash", even if it's "pay a credit card then pay the bill in full at the end of the month", that gets counted as "borrowing money".