“No Buy 2025” – Americans pledging to consume as little as possible?

[as seen on tv]

Photo above - To Skim, or not to Skim? Is "No buy 2025" a real thing, and will it threaten the Kardashian's social media endorsement money train?

The original article originally appeared behind the WSJ paywall. The link below is to MSN's repost.

I admire the impulse to buy less. It’s sort of like a New Years resolution. Same eating less, drinking less, or posting less trash talk on social media. Thousands and thousands of people took to Instagram and TikTok urging their friends and strangers to buy as little as possible.

Of course, millions of Americans already buy next to nothing. They are among the 60% who live paycheck to paycheck, in an overpriced apartment. But those people don’t read the Wall Street Journal, and the Journal's reporters apparently missed the opportunity to interview THEM for austerity hacks.

I was particularly impressed by Rachel Holdsworth, interviewed in the link below. She finally realized her $10,000 credit card balance (revolving at 25% APR, probably) was an existential danger. Rachel’s new strategy? She’s “cutting back on visits to the hair salon, nail bar, and purchases of new water bottles.” This would be like the Federal Government tackling the $36 Trillion national debt by suspending foreign aid to dictators. A start, but it's just a rounding error in the larger scheme of things.

Instagram, which lives and dies by ad revenue from followers of celebrity influencers, might be catching its breath here. What if people actually DO stop buying Skims, endorsed by Kim Kardashian? This might cool off the economy faster than the Federal Reserve jacking mortgage rates up to 7%.

But I fail to see the threat. Cutting down on Skims, hairstylist visits, and new water bottles is morally correct, but probably won’t make a dent in that $10,000 credit card balance. The monthly interest charge alone is north of $200.

The WSJ was evidently unable to find anyone who promised not to replace their dying Toyota Corolla. Or pass up the chance to upgrade to a new Mini-QLED 75 inch screen. In fact, Best Buy and Amazon are actually raising prices this month, in anticipation of the Super Bowl. Presumably all the food at those parties will be charged to credit cards as well.

Rachel . . . good luck with your New Year’s resolution. But if you’re going to start slow like that, you could add Starbucks, Door Dash, and skipping the iPhone upgrade to your list. I bet you spend more than $50 a month on each of those line items.

I’m just sayin’ . . .

The Americans Pledging to Buy Less—or Even Nothing

 

[Boltlady]

View attachment 81060

Photo above - To Skim, or not to Skim? Is "No buy 2025" a real thing, and will it threaten the Kardashian's social media endorsement money train?

The original article originally appeared behind the WSJ paywall. The link below is to MSN's repost.

I admire the impulse to buy less. It’s sort of like a New Years resolution. Same eating less, drinking less, or posting less trash talk on social media. Thousands and thousands of people took to Instagram and TikTok urging their friends and strangers to buy as little as possible.

Of course, millions of Americans already buy next to nothing. They are among the 60% who live paycheck to paycheck, in an overpriced apartment. But those people don’t read the Wall Street Journal, and the Journal's reporters apparently missed the opportunity to interview THEM for austerity hacks.

I was particularly impressed by Rachel Holdsworth, interviewed in the link below. She finally realized her $10,000 credit card balance (revolving at 25% APR, probably) was an existential danger. Rachel’s new strategy? She’s “cutting back on visits to the hair salon, nail bar, and purchases of new water bottles.” This would be like the Federal Government tackling the $36 Trillion national debt by suspending foreign aid to dictators. A start, but it's just a rounding error in the larger scheme of things.

Instagram, which lives and dies by ad revenue from followers of celebrity influencers, might be catching its breath here. What if people actually DO stop buying Skims, endorsed by Kim Kardashian? This might cool off the economy faster than the Federal Reserve jacking mortgage rates up to 7%.

But I fail to see the threat. Cutting down on Skims, hairstylist visits, and new water bottles is morally correct, but probably won’t make a dent in that $10,000 credit card balance. The monthly interest charge alone is north of $200.

The WSJ was evidently unable to find anyone who promised not to replace their dying Toyota Corolla. Or pass up the chance to upgrade to a new Mini-QLED 75 inch screen. In fact, Best Buy and Amazon are actually raising prices this month, in anticipation of the Super Bowl. Presumably all the food at those parties will be charged to credit cards as well.

Rachel . . . good luck with your New Year’s resolution. But if you’re going to start slow like that, you could add Starbucks, Door Dash, and skipping the iPhone upgrade to your list. I bet you spend more than $50 a month on each of those line items.

I’m just sayin’ . . .

The Americans Pledging to Buy Less—or Even Nothing

People should buy almost nothing if their purchases have to be charged on their credit cards. If not there will be a lot of bankruptcies coming up.

 

[Zam-Zam]

View attachment 81060

Photo above - To Skim, or not to Skim? Is "No buy 2025" a real thing, and will it threaten the Kardashian's social media endorsement money train?

The original article originally appeared behind the WSJ paywall. The link below is to MSN's repost.

I admire the impulse to buy less. It’s sort of like a New Years resolution. Same eating less, drinking less, or posting less trash talk on social media. Thousands and thousands of people took to Instagram and TikTok urging their friends and strangers to buy as little as possible.

Of course, millions of Americans already buy next to nothing. They are among the 60% who live paycheck to paycheck, in an overpriced apartment. But those people don’t read the Wall Street Journal, and the Journal's reporters apparently missed the opportunity to interview THEM for austerity hacks.

I was particularly impressed by Rachel Holdsworth, interviewed in the link below. She finally realized her $10,000 credit card balance (revolving at 25% APR, probably) was an existential danger. Rachel’s new strategy? She’s “cutting back on visits to the hair salon, nail bar, and purchases of new water bottles.” This would be like the Federal Government tackling the $36 Trillion national debt by suspending foreign aid to dictators. A start, but it's just a rounding error in the larger scheme of things.

Instagram, which lives and dies by ad revenue from followers of celebrity influencers, might be catching its breath here. What if people actually DO stop buying Skims, endorsed by Kim Kardashian? This might cool off the economy faster than the Federal Reserve jacking mortgage rates up to 7%.

But I fail to see the threat. Cutting down on Skims, hairstylist visits, and new water bottles is morally correct, but probably won’t make a dent in that $10,000 credit card balance. The monthly interest charge alone is north of $200.

The WSJ was evidently unable to find anyone who promised not to replace their dying Toyota Corolla. Or pass up the chance to upgrade to a new Mini-QLED 75 inch screen. In fact, Best Buy and Amazon are actually raising prices this month, in anticipation of the Super Bowl. Presumably all the food at those parties will be charged to credit cards as well.

Rachel . . . good luck with your New Year’s resolution. But if you’re going to start slow like that, you could add Starbucks, Door Dash, and skipping the iPhone upgrade to your list. I bet you spend more than $50 a month on each of those line items.

I’m just sayin’ . . .

The Americans Pledging to Buy Less—or Even Nothing

From the Wayback Machine:

38% of Americans Pledge to Spend Less in 2022. Here's How
January 05, 2022 — 09:00 am EST

38% of Americans Pledge to Spend Less in 2022. Here's How | Nasdaq


In other news, many Americans say this is the year they're going to exercise more and eat less junk food.

 

[bdtex]

People should buy almost nothing if their purchases have to be charged on their credit cards. If not there will be a lot of bankruptcies coming up.

Where have you been the last 25 years?

 

[Boltlady]

Where have you been the last 25 years?

I spent most of it dealing with the small business that I built from scratch after spending years supporting a family with very little help from anywhere. Although the Dem way seems to encourage people to "buy now, pay later", I learned to be very judicious in my expenditures. I do advise people to do the same if they want to stay secure.

Why did you ask?

 

[bdtex]

Why did you ask?

"People should buy almost nothing if their purchases have to be charged on their credit cards. If not there will be a lot of bankruptcies coming up."

Because that's one of the big reasons we ended up with the Bankruptcy Reform Act in 2005. It's certainly not new behavior.

 

[as seen on tv]

People should buy almost nothing if their purchases have to be charged on their credit cards. If not there will be a lot of bankruptcies coming up.

i can definitely see more corporate bankruptcies. the malls are starting to "thin out" again, as they did during the height of Covid 19.

Banks are reporting rapid increasing delinquencies on credit cards.

when we see vacant florida houses and alligator infested pools again, we will have arrived at our destination, passengers . . .

 

[as seen on tv]

From the Wayback Machine:

38% of Americans Pledge to Spend Less in 2022. Here's How
January 05, 2022 — 09:00 am EST

38% of Americans Pledge to Spend Less in 2022. Here's How | Nasdaq


In other news, many Americans say this is the year they're going to exercise more and eat less junk food.

best reply of the thread. wish i'd thought to look for this myself.

healthy living is the most cited new years resolution, and the least successful.

the allure of doritos, budweiser, double stff oreos, beefy 5 layer burritos, and Subway foot longs is just too powerful . . . .

 

[as seen on tv]

"People should buy almost nothing if their purchases have to be charged on their credit cards. If not there will be a lot of bankruptcies coming up."

Because that's one of the big reasons we ended up with the Bankruptcy Reform Act in 2005. It's certainly not new behavior.

i'm unfamiiar with this act. What did it do?

America almost immediately had a housing/default/eviction crisis (in 2008). Was the Bankruptcy Reform Act something that helped people, or made it worse?

 

[as seen on tv]

I spent most of it dealing with the small business that I built from scratch after spending years supporting a family with very little help from anywhere. Although the Dem way seems to encourage people to "buy now, pay later", I learned to be very judicious in my expenditures. I do advise people to do the same if they want to stay secure.

Why did you ask?

Congress definitely is enmeshed in "buy now, pay later" (or never). But there is scant evidence that the government wants us to borrow money which we can't repay.

after all, the FDIC is on the hook to bail out any bank that stumbles due to bad loans.

 

[middleview]

i'm unfamiiar with this act. What did it do?

America almost immediately had a housing/default/eviction crisis (in 2008). Was the Bankruptcy Reform Act something that helped people, or made it worse?

Are you at all familiar with the Mortgage Downpayment Assistance Act of 2003? It gave home buyers a loan to make the downpayment and did not count the loan as part of household debt....the extreme rise in foreclosures matched the increases in interest rates being charged on variable rate loans...and quickly pushed payments above an ability to pay.

 

[Halo]

From the Wayback Machine:

38% of Americans Pledge to Spend Less in 2022. Here's How
January 05, 2022 — 09:00 am EST

38% of Americans Pledge to Spend Less in 2022. Here's How | Nasdaq


In other news, many Americans say this is the year they're going to exercise more and eat less junk food.

Maybe then they'll buy hiking boots, tents, tennis rackets, trail mix, MRE's, pets, pet food, pots and pans... No need to crush the market, makes it better actually.

 

[Zam-Zam]

best reply of the thread. wish i'd thought to look for this myself.

healthy living is the most cited new years resolution, and the least successful.

the allure of doritos, budweiser, double stff oreos, beefy 5 layer burritos, and Subway foot longs is just too powerful . . . .

Spending less is a worthy and noble goal, especially if you take some of the money you save and donate it to charitable causes.

Most folks, however, ultimately fall back into old habits, despite their good intentions.

Human nature, etc.

 

[bdtex]

i'm unfamiiar with this act. What did it do?

America almost immediately had a housing/default/eviction crisis (in 2008). Was the Bankruptcy Reform Act something that helped people, or made it worse?

It made it harder for debtors to abuse the bankruptcy process. It created time limits and number of times dismissed cases could be refiled. It made it harder for unsecured debts to be fully discharged. It made it harder for debtors to "cram-down" the value of assets. That's just some of the things I remember.

It didn't help people who lost their jobs and didn't otherwise have funds to pay their mortgage, homeowners insurance and/or property taxes or rent in the case of evictions.

 

[TBLee]

best reply of the thread. wish i'd thought to look for this myself.

healthy living is the most cited new years resolution, and the least successful.

the allure of doritos, budweiser, double stff oreos, beefy 5 layer burritos, and Subway foot longs is just too powerful . . . .

I never make New Year’s resolutions. But this year I did. I decided to go one month eating less carbs and doing intermittent fasting. Day 29 and I have lost 10lbs. Not really needing to lose any more weight, but I will say I am starting to get use to the intermittent fasting and I am liking it. But…I am missing my carb loaded beer!

 

[Addy]

I just thought of a quote... I have forgotten the literary work it came from.

It goes something like -- getting and spending we soon lay waste... etc...

My quote is not exactly the correct one. Here it is. I looked it up
______________________________

"The World Is Too Much With Us" is a sonnet by the English Romantic poet William Wordsworth. In it, Wordsworth criticises the world of the First Industrial Revolution for being absorbed in materialism and distancing itself from nature. Composed circa 1802, the poem was first published in Poems, in Two Volumes (1807).

The World Is Too Much With Us

The world is too much with us; late and soon,
Getting and spending we lay waste our powers;
Little we see in Nature that is ours;
We have given our hearts away, a sordid boon!
This Sea that bares her bosom to the moon,
The winds that will be howling at all hours,
And are up-gathered now like sleeping flowers,
For this, for everything, we are out of tune;
It moves us not. —Great God! I'd rather be
A Pagan suckled in a creed outworn;
So might I, standing on this pleasant lea,
Have glimpses that would make me less forlorn;
Have sight of Proteus rising from the sea;
Or hear old Triton blow his wreathèd horn.

 

[RepubBub]

People should buy almost nothing if their purchases have to be charged on their credit cards. If not there will be a lot of bankruptcies coming up.

You definitely should, if you can actually afford it. Much better than debit. Cashback and airline miles along with purchase protection and protection if your card gets stolen.

 

[TBLee]

You definitely should, if you can actually afford it. Much better than debit. Cashback and airline miles along with purchase protection and protection if your card gets stolen.

We put most everything on our Credit Card and pay it off by the due date. We do earn perks.

 

[Colorforms]

We put most everything on our Credit Card and pay it off by the due date. We do earn perks.

That's what I do. I try not to have a balance on my cards by the end of the month.

 

[Dawg]

Majority will buy less
New record: Biden’s swamp uncorked $1.8 trillion in regulations

they have no other choose