Are We All Pretending To Have Money? | The Buy Now, Pay Later Scam

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Thanks to Betterment for sponsoring this video! Get started, be invested, Sign up in minutes: https://www.betterment.com/influencer/the-financial-diet?utm_campaign=INF&utm_medium=paid_social&utm_source=Instagram&utm_content=tfdinvesting Get 20% off your DeleteMe plan when you go to https://joindeleteme.com/TFD and use promo code TFD at checkout! In our July video essay, Chelsea dives into American debt culture, and how our economy makes it easier to pretend to be rich than to actually build wealth. Special thanks to Amanda Holden: https://www.instagram.com/dumpster.doggy SOURCE LINKS: https://thepointsguy.com/credit-cards/history-of-credit-cards/ https://www.ecspayments.com/emv-chip-vs-magnetic-stripe/ https://www.investopedia.com/terms/d/discover-card.asp https://www.nytimes.com/2025/06/02/business/buy-now-pay-later-groceries.html https://www.forbes.com/sites/traversmark/2025/05/22/the-buy-now-pay-later-trap-explained-by-a-psychologist/ https://www.investopedia.com/terms/s/subprime-meltdown.asp https://www.ipsos.com/en-us/majority-americans-value-their-credit-card-rewards https://www.bankrate.com/credit-cards/travel/how-to-start-travel-hacking/ https://finance.yahoo.com/news/gen-z-most-notable-status-100000740.html https://erewhon.com/membership https://www.fool.com/money/research/credit-card-company-earnings/ https://www.theguardian.com/global/2021/aug/22/how-digital-media-turned-us-all-into-dopamine-addicts-and-what-we-can-do-to-break-the-cycle https://www.forbes.com/sites/traversmark/2025/05/22/the-buy-now-pay-later-trap-explained-by-a-psychologist/ https://www.pgpf.org/article/how-does-the-us-healthcare-system-compare-to-other-countries/ https://www.healthsystemtracker.org/chart-collection/u-s-life-expectancy-compare-countries/ https://www.axios.com/2024/03/20/world-happiness-america-low-list-countries https://worldpopulationreview.com/country-rankings/minimum-wage-by-country 00:00 Intro 03:15 Ad break 10:58 The evolution of credit 18:45 The epidemic of invisible debt 30:16 Credit card points and the meaningless of status 40:40 How we all got addicted to dopamine 47:36 The myth of American abundance Join this channel to get access to perks: https://www.youtube.com/channel/UCSPYNpQ2fHv9HJ-q6MIMaPw/join The Financial Diet site: http://www.thefinancialdiet.com Facebook: https://www.facebook.com/thefinancialdiet Twitter: https://twitter.com/TFDiet Instagram: https://www.instagram.com/thefinancialdiet/?hl=en