Experts say a significant amount of this debt can be explained by what they call "money disorders."
Brad Klontz, author of "Mind Over Money" and co-founder of the Financial Psychology Institute, says that money disorders is an umbrella term for recurring and self-defeating issues that people have with money. According to Klontz, money disorders are often the result of underlying psychological issues like anxiety, depression or trauma. He says that treatment requires that people think about their behaviors and feelings toward money.
Klontz finds that most disorders fall into three broad categories: Money avoidance, money worshipping and relational money disorders. Each category can be broken into more specific disorders like overspending, workaholism and pathological gambling.
acorns So being poor is a money disorder now
acorns Interesting, but I would say it was depressed wages, astronomical student and medical debt, and the gutting of affordable housing....
acorns “Money disorders”? I’m going to put this along side of “affluenza”. The Left has created a society of ZERO responsiblity.
acorns This is what happens when people rely on government instead of themselves- teach a course in debt
acorns I say Live BENEATH YOUR MEANS. Works for ME.
acorns These are all headline responses. Did any of you actually watch the video? (the bald guy seemed kind of smart 😉)
acorns so what are you trying to say
acorns Its called laziness! Everyone thinking they will be the next Rap Star or Youtube wonder instead of learning actual skills... Getting Gender Studies degrees instead of becoming a lawyer, electrician, Dr, Nurse, Architect, Welder, Engineer.....
acorns Much of this situation has to do with 1. The targeting of women. 2. Public/private school failing to teach financial management and wealth building. 3. Too many people living pchk to pchk due to low wages.
acorns Maybe RepublicanElites and DemElites allowed 70,000 manufacturers to leave the country taking millions of jobs AND at the same time allowed millions of low wage immigrants in to force labor rates down. Both parties did this for their own reasons
acorns Aren't we blaming Trump for everything in life?
acorns When did this start I know Americans are always in debt but for me to be hearing about it on tweeter devices would have apart in it
acorns it’s probably a rational choice... real inflation in the USA is high (check NY rent increase or subway price hike)... savings account pay close to zero interest rate ... young people are smart!
acorns Bad arithmetic skills
acorns Money disorders? Another Fed story?
acorns ‘money disorders’ you mean crap wages...
acorns Also called living above of your means.
acorns Americans are in debt. That's why we need cheap labor from other countries to undercut wages and soak up welfare, right? Hand waving it away as a 'disorder' isn't going to win you any adulation.
acorns Money disorders remedy: Don't spend more than you earn!!!
acorns USA Pentagon 💕💕💕alıcam kızınızı 😁❤️❤️❤️aldım alıyoruz günler sayılı affedin 😁❤️❤️❤️❤️❤️❤️❤️❤️
acorns Booo
acorns No, predatory lenders, student debt, unaffordable healthcare, and low and stagnant wages are to blame.
acorns But I thought we were winning?
acorns “Money Disorders” is the new term for STUPIDITY?
acorns Americans say its the OUTRAGEOUS cost of living
acorns women are terrible spenders around beauty...and fashion.. and a lust for designer names... sit down and create a budget and stick to it. tell yourself no.. move to a cash spending only system not cards.
acorns compulsive spending is an addition . i think to mainly to show off to friends.. it's immature.. look what i am wearing.. look what i drive.. see what i live in.. people are competitive in nature not to mention immature... look at me.. attention seeking
acorns Surely couldn't be the disparity between labor and executive pay.
acorns I see people getting late payment notices in the mail but then they'll be ordering stuff from Amazon everyday
acorns Money disorders? How about budgeting and living within your means? This generation of I’m owed everything is the problem
acorns I call it easy money syndrome as long you can pay the minimum on the credit card well why not spend it, credit card companies pray on this behaviour
acorns Too many people have zero sense of personal responsibility.
acorns Next world financial crisis: the american households and students debt crisis.
acorns It couldn't be that wages are stagnant and the cost of living has gone up. No! In America we always blame the victim of rigged system
acorns Not the Fed?
acorns Happy Sunday dear Christian I need Supporters to help boost my new book.🙏❤️ Note: This can only be a great book if people read it. And leave an honest review. Will improve.
acorns Money disorders... You mean the fact that the entire country - even the main religion of the country - has been coopted by capitalism, so that the ONLY thing that CAN matter to Americans is money. Medical problems? Money Legal problems? Money Education? Money Etc.
acorns Like your government!Unfortunately!
acorns debt is normal , but default make you lose your valuable asset. Next period your life without have valuable asset. As men impossible, fun without having asset. For women their beauty are asset.
acorns The system has been rigged for generations.
acorns They also have more assets than ever
acorns I admit I have a money disorder. I don’t have enough.
acorns Trump spending our money like a drunkard. We are in debt to the eyeballs.and now he wants to buy Greenland. Big business living off of us not pulling their load. Trump has to go.
acorns 'Your debt is because of your mental disorder.' The dystopian nightmare rages on.
acorns A new diagnosis for ICD 13...?
acorns The issue is called Neoliberalism!!!!!!!!!!!!!!!!!!!!!!!!! The only fault of the people is allowing themselves to be bamboozled into voting for it again and again.
acorns They trust that all of their debt will be forgiven by the likes of BernieSanders ewarren et al. No responsibility.
acorns Possibly we shouldn’t bail out companies or people with college debt instead we may educate people about debt
acorns Money disorders? We need the pharmaceutical industry on top of this right now.
acorns Trump 2020
acorns That's the new psychological disease.
acorns Or asshole ex husbands 😡
acorns Spending more than you make is to blame.
acorns Nah it's because we don't get paid enough money to get the things that we want and in order to make that kind of money we'd have to work 60+ hours a week.
acorns acorns requires not less than $400 to break even. anything less, and you will lose money (statistically speaking). It it doesn't outperform a good savings account until (about $1500).
CNBC Poor stewardship is at the core to this issue with credit cards. If you review the average spending, it’s more associated with frivolous spending, clothes, shoes, dining out etc. Medical bills are the exception not the norm.
rleuty CNBC Experts? There's like one 'expert' in the story and he's bonkers.
CNBC I believe that is called “capitalism exploiting consumerism”
CNBC I'm not poor, I'm financially challenged.
CNBC how stupid, now if you leave a pan in the subway you can be arrested, beware, new york fear city
CNBC Debt is like 'eating today for tomorrow', living and working for tomorrow. A vibrant economy would live on present savings and not on future earnings. This is a serious flaw in the economy, which economists can easily address.
CNBC 'Money disorders' = drunken internet shopping.
CNBC That is insane!! Credit card debt that high is unimaginable
CNBC But it was on sale! 3 years ago, still paying
CNBC The average US Government owes 21.3 trillion gun debt...
CNBC It's called poverty.
CNBC It’s called “living beyond your means”.
CNBC Money disorder = non adulting, instant gratification, and lack of self control.
CNBC Does this include mortgages?
CNBC Who does your photoshop
CNBC As a person who thinks and listens to others, I can explain a good portion of this debt by what I call 'insanely exorbitant and relentless medical bills'. Any intelligent questions?
CNBC lol you poor americans, I got a surplus of over 10K in the bank and my country has a surplus too no 22T in debt and still we can afford universal healthcare for all of us LOL USA = third world. GOD BLESS NEW ZEALAND!!!
acorns Buying things you don't need, with money you don't have, to impress people you don't like. Stores closing used to save people from themselves. Now, everything is open 24hrs and no one can say, 'NO!'
acorns Because employers aren’t paying realistic salaries.
acorns I believe the student loans were wrong, and that all interest on those debts be forgiven to those unemployed. They can not drink beer, but they can borrow $50K?
acorns That is why many vote for Democrats, so they can irresponsible all their lives.
acorns So what happens when consumer credit limits are exceeded? They are only thing thats been keeping this economy afloat.
acorns I take personal responsibility for the actions I have taken to find myself with very little debt. Noexcuses
acorns Money disorders? No. It’s straight up usury on the part of the banks and credit card companies
acorns
acorns Its the gotta have everything now generation.
acorns
acorns Credit Repair. Working again.
acorns I blame Amazon.
acorns The banks / credit card companies are also to blame here. Irresponsible lending (2008) Labelling individuals is damning
acorns When gov't pushes irresponsible student loan borrowing only 2 say American taxpayers can just take care of it, that's a problem.
acorns They tweet out their support for somebody else to pay for their student loans on a $1000 smartphone. And wonder why they’re short on funds
acorns Sure glad they’re teaching LGBTQ history rather than Personal Finance
acorns If you think you are doomed to death under Trump, you will spend like there is no tomorrow. It is not poor money management as much as wanting to die happy.
acorns I have this. A money disorder, that’s it.
acorns Or just bad decisions. But this gives them an excuse.
acorns We live in a social media society where we compare each other constantly and go into debt doing it. We live on credit and it’s encouraged through advertising and other outlets!
acorns I blame Trump. His supporters think he is going to make things better so they are out there spending beyond their means. They have a savior. For those using credit just to get by, well, I also blame Trump.
acorns Peak capitalism
acorns Wage stagnation is the issue, stupid. Wages have not moved for the working class in 40 years. Average CEO pay: 1978 $1.7m 2018 $17m (adjusted for inflation) +940% Average private-sector worker pay: 1978 $50K 2018 $60K +12% Economic Policy Institute
acorns Get your cards paid off. Clouds on the horizon.
acorns I have a money disorder 🙋♀️