Grant Cardone Says ‘Consumer Debt Makes Slaves.’ It Stops You From Investing, Costs You More, And Chains You To Stress
From Yahoo Finance: 2025-06-15 14:00:00
Real estate mogul Grant Cardone warns against consumer debt, calling it a trap that limits financial freedom. With personal loan debt hitting a record $251 billion in 2024, Americans are feeling the effects. The average personal loan balance per borrower is $11,607, with high interest rates hitting those with poor credit the hardest.
Despite the high costs, personal loan use is on the rise as credit card debt climbs. Many borrowers aren’t in crisis, using loans for home remodeling or big expenses. But with delinquency rates at 3.57% for personal loans, financial stress is a real concern. Cardone emphasizes the importance of financial freedom and avoiding debt traps.