Daily Transmission - The Mechanics of Debt Perpetuation

One on One Video Call W/George https://tidycal.com/georgepmonty/60-minute-meetingSupport the show:https://www.paypal.me/Truelifepodcast?locale.x=en_USAverage American Debt and Lifetime Interest Payments• Experian: Average American Debt by Age in 2025 – Reports average consumer debt at $104,755 in June 2025, closely matching the transcript’s $104,215 figure. • CNBC: How Much Americans Owe at Every Age – Breaks down average debt by generation, noting $104,755 in 2025. • Realtor.com: Americans Face an Average of $1.8 Million in Lifetime Debt – Estimates lifetime debt payments at $1,786,810, with breakdowns including interest; useful for comparing to the transcript’s $279,000 lifetime payment example. • JG Wentworth: Life of Debt – Details average lifetime debt at $1,786,810, including interest extraction over time. • Self: Life of Interest – What Americans Pay in Interest Over a Lifetime – Calculates average lifetime interest at $649,067, providing context for interest-based “extraction.” Student Loan Debt Statistics• Education Data Initiative: Student Loan Debt Statistics 2025 – Covers delinquency rates and total debt trends in 2025. • BestColleges: Average U.S. Student Loan Debt 2025 Statistics – Notes millions owing over $100,000, with total debt context. • WINSSolutions: U.S. Student Loan Statistics in 2025 – Projects total U.S. student debt nearing $1.79 trillion by end of 2025, close to the transcript’s $1.7 trillion. • Congress.gov: A Snapshot of Federal Student Loan Debt – States nearly 43 million borrowers with over $1.6 trillion in debt (early 2025 data). Credit Card Debt and APR• Ramp: 2025 Average Credit Card Debt Statistics – Confirms average APR at 24.37% as of January 2025, matching the transcript exactly. • Investopedia: Average Credit Card Interest Rate for August 2025 – Tracks average rates around 23.99%, with monthly updates. • LendingTree: Average Credit Card Interest Rate in US Today – Reports Q3 2025 average APR at 21.39%, with trends on rising rates. Medical Debt Statistics• KFF: Americans’ Challenges with Health Care Costs – Reports 41% of adults with health care debt in 2022, aligning with the transcript’s 41% figure. • NIH PMC: Medical Debt and Collections in the United States – States 36% of households had medical debt in 2024, with breakdowns on past-due bills. • Roosevelt Institute: The US Medical Debt Crisis – Estimates 41% of adults (~107 million) with medical debt in 2025. • Gallup: Americans Borrow Estimated $74 Billion for Medical Bills in 2024 – Discusses borrowing for medical costs, affecting 12% of adults. Mortgage Costs and Interest• Chase: The Total Mortgage Cost and Monthly Payment for a $300K Home – Example calculation for a $300,000 home with interest over 30 years. • Bankrate: Amortization Calculator – Tool to calculate lifetime interest; input $300,000 loan to see totals like $511,000 paid. • Rocket Mortgage: Simple Mortgage Calculator – Estimates based on rates (6-9%), showing interest-heavy early payments. Debt Collection Practices, Expired Debt, and Companies (Encore Capital, Portfolio Recovery Associates)• Consumer Finance Protection Bureau (CFPB): Can Debt Collectors Collect Old Debt? – Explains collection on expired (statute-barred) debt. • Bankrate: How Long Can a Debt Collector Pursue Old Debt? – Details on buying and pursuing time-barred debt. • Nolo: Debt Scavengers and Zombie Debt – Describes buying old debt for pennies and collection tactics. • Encore Capital Group: 2024 Annual Report (with 10-K) – Official report; discusses portfolio purchases ($1.35B in 2024) and collections. (Note: The specific quote from page 34 in the transcript isn’t found there, but risk factors on collections and profitability are in related sections.) • Forbes: Why Debt Collectors Have Declared Open Season On Consumers – Covers Encore’s operations and debt buying scale. • CFPB: Action Against Encore and Portfolio Recovery for Deceptive Tactics – Historical context on their debt buying practices (over $200B in defaulted debt). Statute of Limitations on Debt•&nb...