Caleb Hammer says people stay poor because they’re taking on $800 a month car loans
“Everyone is fine with 6-7 year car loans at high interest like it’s normal. The average new car payment is now around $800 a month. Meanwhile, 50% of working Americans make $30,000 or less per year. $800 car payments? That’s insane”
“Unless you live in New York, San Francisco, or Chicago with decent public transportation, you need a car just to get to work. So you work to afford the car that gets you to work. It’s a broken system. That infuriates me”