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Even households earning $150,000 a year are struggling with credit card and car payments (www.cbsnews.com)
submitted 1 year ago by to c/aboringdystopia@lemmy.world
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[–] 2 points 1 year ago (4 children)

Yeah, lifestyle inflation is a a problem that so, so many people put themselves into.

They are living paycheck to paycheck, get that nice new job earning 3x as much. And instead of paying off their debt and getting into a very cosy financial space; they instantly start spending 3x as much money on stuff, and now they are suddenly living paycheck to paycheck again.

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  • [–] 5 points 1 year ago (3 children)

    There is also a cultural lifestyle inflation that has infected society in the last 5-10 years. Everything that can be has been moved to subscription basis, and people all want to have the latest and greatest of everything. Hire a taxi for your burrito delivery and such.

    It's hard to watch people that I know are struggling financially continuously blow money on stuff like daily food delivery and $200/month cell phone plans. I'm just fortunate to have the perspective that comes with growing up before all that was "normal"

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  • [–] 3 points 1 year ago (2 children)

    monthly cell phone plan bills pales in comparison to eating out daily. if your spending 70-100/day on eating alone that is more than any utility bill/cell phone plan combined.

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  • [–] 3 points 1 year ago (1 child)

    Are people really spending that much on food delivery? That would be totally absurd.

    In my part of the USA, a family can easily obtain take-out meals for $10 per person or less. That's not including a taxi for the food, but picking it up yourself. Takes me about 5-10 minutes in the car to do so.

    But also nobody needs a $200 phone plan. Mine is under $50/mo with unlimited data.

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