Big rates, bigger spending
You heard the old saying "Brother, can you spare a dime?" Well, the American public is sparing about 22 trillion of them nowadays ... in debt.
I just read where outstanding consumer credit hit $2.186 trillion in June. If that weren't bad enough, credit card debt is up almost 20 percent, to the tune of about $820.65 billion. That's a lot of cash, baby. It drives Dave Ramsey batty, and it should do the same to you. Why? Read on.
If you're using credit cards and paying the big-time interest rates, you're letting the banks get rich off of you. Your dough goes to them, not you. You're working to pay them, not you. Charging stuff puts them in charge, not you.
Any questions?
I just read where outstanding consumer credit hit $2.186 trillion in June. If that weren't bad enough, credit card debt is up almost 20 percent, to the tune of about $820.65 billion. That's a lot of cash, baby. It drives Dave Ramsey batty, and it should do the same to you. Why? Read on.
If you're using credit cards and paying the big-time interest rates, you're letting the banks get rich off of you. Your dough goes to them, not you. You're working to pay them, not you. Charging stuff puts them in charge, not you.
Any questions?
2 Comments:
Unreal DEBTective!
The other day I read the government reported in 2005 Americans spent all they earned and then some, pushing the personal savings rate into negative territory for the first time since 1933!
When will we stop consuming? What will it take to make us stop buying houses that are too big, cars we can't afford and super fancy cell phones we don't need?
Will we ever return to the days when it's cool to save your money?
When will it be cool to save money? I'll tell you when...
It's when all these DEBTective and Dave Ramsey fans turn 65 and start traveling the world, riding in paid luxurious cars, & paying for everyone else's lunch, while the next door neighbor is still paying for that car they bought 20 years earlier.
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