If they want to spend their way to bankruptcy, that’s their business. It becomes my business when they are asking me, a taxpayer, to bail them out for their bad decisions.

On a recent episode of Caleb Hammer’s YouTube show, Financial Audit, Abigail admitted the student loan she took out wasn’t necessary. “I don’t need to use them like I use them, I know that,” she said.

 

“You’re borrowing from the government, potentially from taxpayers,” Hammer responded. “You’re going about this in such an irresponsible way and your actions are showing that you just don’t give a s–t.”

 

However, according to a recent survey, Abigail isn’t alone in her addiction to spending money or misallocating funds.

35% of American Gen Z’s surveyed by Credit Karma admitted to “doom spending,” which it described as a pattern of compulsive spending (think: clothing or high-end skincare products) that helped people cope with anxieties about the economy and world affairs.

 

Abigail seemed to be on a similar path when she appeared on Financial Audit.

 

Her college is relatively close to where she lives and is, as Hammer described, “insanely cheap.” Nevertheless, she managed to accumulate $11,000 in student loans — all of which were allocated to fund her lifestyle choices.

 

In addition, she has $8,000 in auto loans for a car she admitted she didn’t need to buy in the first place.

 

She also has thousands of dollars in credit card debt, which could have been avoided because her cost of living is lower than the national average. She currently lives with her parents and doesn’t pay for groceries or utilities.

 

When Hammer asked Abigail if she’d “just given up” she said “probably.”

 

She added, “That’s been my problem for the past few years: knowing I’m hurting myself and just not doing anything about it. I just feel like I don’t have any self-esteem.”