February 19, 2025 • 8 mins
Chris rants about America’s mounting credit card debt—now over $1.17 trillion—and the fiscal irresponsibility that’s trapping households in a cycle of debt. He breaks down how excessive borrowing, high interest rates, and government waste are affecting everyday Americans, and he challenges viewers to get their financial act together. www.watchdogonwallstreet.com
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
What are you doing America on This sucks? This is bullshit. Okay,
come on, people, you gotta get your bloody act together here.
Credit card debt record one point one seven trillion dollars
a record. Holy crap. Credit card delinquency rates actually got
(00:41):
a little bit better, but it's still not very good.
But again, the New York Fed is saying, well, your
overall balance sheets look pretty good for households. Are you?
Are you out of your mind? How can you say
household balance sheets look good if you are carrying Okay,
(01:03):
here's a reality check. Okay, listen, Okay, if you're a fragile,
if you're a fragile little snowflake, and you're gonna get
upset and you can't handle the truth, as Colonel Jessup
would say, you might want to change the channel and
continue being miserable living in your debt. If you are
carrying a credit card balance, shame on you. Yeah, I'm
(01:29):
saying it, shame on you. I will give a caveat.
I will give a caveat an emergency, God forbid some
sort of an emergency. For example, I'll throw this out there.
You're a carpenter. You're a carpenter and somebody steals all
of your tools and you can't afford to buy all
(01:53):
new tools because you don't have the cash, and you
need to put it on the credit card. Okay, but
with that being said, that being said, you have to
get rid of the credit card debt. No sane person
goes out and borrows money at twenty percent plus rates.
(02:16):
You can't do that. And again, spare me to bullshit. Okay,
spare me. Oh, I can't a wait. It's tough out there.
Do you have a streaming service. You're paying for your
streaming service. You're paying for Netflix? All right, you need
to cut everything. You need to cut everything first and foremost.
(02:38):
If you have credit card debt, you're already living paycheck
to paycheck. Many Americans live paycheck to paycheck. I used
to live paycheck to patcheck. Most of I would say
ninety five I would say ninety eight percent of Americans,
maybe more have lived paychecked paycheck at some point in
(03:02):
their life. Okay, you get the trust fund people out
there that have an experience at whatever, but most of
us have. Now, if you're living paycheck to paycheck and
you have credit card debt paying these ridiculous interest rates,
you are treading water while holding on to a freaking boulder. Man,
(03:26):
have you ever tried swim in holding a brick a cinderblock?
Good luck with that. It ain't easy, and quite frankly,
it will ruin you again. I'm gonna be very very
frank with everyone here on the program again again, no
spoonsfull of s. You're gonna make the medicine go down
(03:47):
here on the program. Pay it off, pay it off.
I don't care. I don't care if you've got to
work one hundred hours a week. I don't care if
you have to work weekends. I don't care. If you
got a call, you know I'll give you. Got a
big job. You know, you think you're the you know,
(04:07):
big hullabaloo there. But you've got all this credit card debt,
You've got the BMW, you go back on U wait tables,
you work at Starbucks. You pay it down because you're
never going to get out from underneath it. It's a disaster.
How many times have I gone over this over the years.
(04:27):
How many people that I've had to give a reality
check too? Oh yeah, mister Markowski, Chris, you want to
come in, and you know, I want to speak with
you and your brothers about putting together you know, our fine.
You know, we've got our finances in order. Here, you're
gonna start saving money. We've got the kids. Uh, you're
going to go to college. And hearing to come. Oh wow,
(04:49):
they're nice looking couple, you know, just pitches their kids,
beautiful members of the club boat. Uh you know, nice watch,
nice car. A seventy thousand dollars in credit card debt?
How many times that's happened? How many times I've heard
this same story again and again and again. What exactly, okay,
(05:14):
what exactly do you think I can do for you?
Do you think you think that the Markowski brothers were
a bunch of wizards. We're a bunch of wizards there.
We all went to Honwarts and we're gonna both make
magically make your debt disappear. Do you think okay? Do
(05:35):
you do you think that I'm able to show you
you're paying let's say, twenty five percent on average on
your credit card debt? Do you think that, Hey, that's okay.
We have Markowski investments. We'll show you thirty percent a year.
Are you high? We can do nothing for you. What
we do we give you. We give people advice, okay,
(05:57):
we give people a talking to handle this ship. I
don't care if you're gonna sell your damn boat. I
don't care if you're not gonna go to the club.
I don't you know if you got to cut back
on everything. This needs to be paid off first. But again, man,
what is it to get that? That one of those
(06:19):
deadly sins out there? Pride? Pride? Yeah, ego, no, no,
no that What will my neighbors think? Well? What will
what will the people that I surround? What? What are
they gonna think about if I go ahead and do
this this? I know exactly what they're thinking, because they
start yes and me to death. Yeah we're gonna do that.
No you're not, No, you're not. But I'm gonna tell
(06:41):
you what's gonna happen. You're gonna get deeper and deeper
into a hole. The money issues are going to cause
all sorts of problems. Within your family. Was it worth it?
Was it worth your stuff? Because you don't own your stuff.
Stuff owns you. And it's amazing to me. You had
Dave Ramsey for crying out loud. He's made a bloody living.
(07:01):
He's got a radio show on five days a week
talking about this very thing. It's not that hard. I'd
played a Saturday Live skit on my radio show in
the past talking it was a Steve Martin skid about
dealing with debt. Maybe I'll play it again this weekend.
Real simple. You spend less, then you're taking in again. Sorry, people,
(07:27):
and again I know guaranteed I don't understand. You know
that things are tough in inflation. Yeah, I do understand.
Don't tell me I don't understand. I understand. Well, okay,
I understand that. You know, if something happens, if something
happens again, this has happened at points of time in
my life where I'm gonna have to sacrifice things because
(07:51):
unforeseen circumstances have come up. Whatever it means, mergency, whatever
it may be, You're gonna have to do that. You're
gonna have to do that again. This is New York fan.
Oh I had a consumer ballance sheet looks good. One
point one seven trillion dollars in credit card debt. That's
(08:14):
not the way to be financially independent, people watchdog on
Wall Street dot Com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
What are you doing America on This sucks? This is bullshit. Okay,
come on, people, you gotta get your bloody act together here.
Credit card debt record one point one seven trillion dollars
a record. Holy crap. Credit card delinquency rates actually got
(00:41):
a little bit better, but it's still not very good.
But again, the New York Fed is saying, well, your
overall balance sheets look pretty good for households. Are you?
Are you out of your mind? How can you say
household balance sheets look good if you are carrying Okay,
(01:03):
here's a reality check. Okay, listen, Okay, if you're a fragile,
if you're a fragile little snowflake, and you're gonna get
upset and you can't handle the truth, as Colonel Jessup
would say, you might want to change the channel and
continue being miserable living in your debt. If you are
carrying a credit card balance, shame on you. Yeah, I'm
(01:29):
saying it, shame on you. I will give a caveat.
I will give a caveat an emergency, God forbid some
sort of an emergency. For example, I'll throw this out there.
You're a carpenter. You're a carpenter and somebody steals all
of your tools and you can't afford to buy all
(01:53):
new tools because you don't have the cash, and you
need to put it on the credit card. Okay, but
with that being said, that being said, you have to
get rid of the credit card debt. No sane person
goes out and borrows money at twenty percent plus rates.
(02:16):
You can't do that. And again, spare me to bullshit. Okay,
spare me. Oh, I can't a wait. It's tough out there.
Do you have a streaming service. You're paying for your
streaming service. You're paying for Netflix? All right, you need
to cut everything. You need to cut everything first and foremost.
(02:38):
If you have credit card debt, you're already living paycheck
to paycheck. Many Americans live paycheck to paycheck. I used
to live paycheck to patcheck. Most of I would say
ninety five I would say ninety eight percent of Americans,
maybe more have lived paychecked paycheck at some point in
(03:02):
their life. Okay, you get the trust fund people out
there that have an experience at whatever, but most of
us have. Now, if you're living paycheck to paycheck and
you have credit card debt paying these ridiculous interest rates,
you are treading water while holding on to a freaking boulder. Man,
(03:26):
have you ever tried swim in holding a brick a cinderblock?
Good luck with that. It ain't easy, and quite frankly,
it will ruin you again. I'm gonna be very very
frank with everyone here on the program again again, no
spoonsfull of s. You're gonna make the medicine go down
(03:47):
here on the program. Pay it off, pay it off.
I don't care. I don't care if you've got to
work one hundred hours a week. I don't care if
you have to work weekends. I don't care. If you
got a call, you know I'll give you. Got a
big job. You know, you think you're the you know,
(04:07):
big hullabaloo there. But you've got all this credit card debt,
You've got the BMW, you go back on U wait tables,
you work at Starbucks. You pay it down because you're
never going to get out from underneath it. It's a disaster.
How many times have I gone over this over the years.
(04:27):
How many people that I've had to give a reality
check too? Oh yeah, mister Markowski, Chris, you want to
come in, and you know, I want to speak with
you and your brothers about putting together you know, our fine.
You know, we've got our finances in order. Here, you're
gonna start saving money. We've got the kids. Uh, you're
going to go to college. And hearing to come. Oh wow,
(04:49):
they're nice looking couple, you know, just pitches their kids,
beautiful members of the club boat. Uh you know, nice watch,
nice car. A seventy thousand dollars in credit card debt?
How many times that's happened? How many times I've heard
this same story again and again and again. What exactly, okay,
(05:14):
what exactly do you think I can do for you?
Do you think you think that the Markowski brothers were
a bunch of wizards. We're a bunch of wizards there.
We all went to Honwarts and we're gonna both make
magically make your debt disappear. Do you think okay? Do
(05:35):
you do you think that I'm able to show you
you're paying let's say, twenty five percent on average on
your credit card debt? Do you think that, Hey, that's okay.
We have Markowski investments. We'll show you thirty percent a year.
Are you high? We can do nothing for you. What
we do we give you. We give people advice, okay,
(05:57):
we give people a talking to handle this ship. I
don't care if you're gonna sell your damn boat. I
don't care if you're not gonna go to the club.
I don't you know if you got to cut back
on everything. This needs to be paid off first. But again, man,
what is it to get that? That one of those
(06:19):
deadly sins out there? Pride? Pride? Yeah, ego, no, no,
no that What will my neighbors think? Well? What will
what will the people that I surround? What? What are
they gonna think about if I go ahead and do
this this? I know exactly what they're thinking, because they
start yes and me to death. Yeah we're gonna do that.
No you're not, No, you're not. But I'm gonna tell
(06:41):
you what's gonna happen. You're gonna get deeper and deeper
into a hole. The money issues are going to cause
all sorts of problems. Within your family. Was it worth it?
Was it worth your stuff? Because you don't own your stuff.
Stuff owns you. And it's amazing to me. You had
Dave Ramsey for crying out loud. He's made a bloody living.
(07:01):
He's got a radio show on five days a week
talking about this very thing. It's not that hard. I'd
played a Saturday Live skit on my radio show in
the past talking it was a Steve Martin skid about
dealing with debt. Maybe I'll play it again this weekend.
Real simple. You spend less, then you're taking in again. Sorry, people,
(07:27):
and again I know guaranteed I don't understand. You know
that things are tough in inflation. Yeah, I do understand.
Don't tell me I don't understand. I understand. Well, okay,
I understand that. You know, if something happens, if something
happens again, this has happened at points of time in
my life where I'm gonna have to sacrifice things because
(07:51):
unforeseen circumstances have come up. Whatever it means, mergency, whatever
it may be, You're gonna have to do that. You're
gonna have to do that again. This is New York fan.
Oh I had a consumer ballance sheet looks good. One
point one seven trillion dollars in credit card debt. That's
(08:14):
not the way to be financially independent, people watchdog on
Wall Street dot Com
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