Get Your Account Out of the Red and into the Pink
Okay, tiny rant here. Can you believe the US government is bailing out banks while we are paying exorbitant interest rates on our credit cards? And you know what happens if you are late with a payment, or miss a payment. With fees like the ones that most banks charge consumers, there is no way that they should be needing a bailout. We are already giving them one every time we make a late payment! Actually, the interest alone really ought to sustain them.
Yesterday, my students wanted to know how much CEO’s made. I found out that the CEO of the bank that holds the mortgage on my sweet little house makes enough in one year to buy 2000 houses priced like mine every year, outright!
So if you’re as outraged about this as I am, you’ll probably want to stop giving the banks all of your money in fees and interest rates. It is definitely time to stop using credit cards unless you want to continue to support those huge salaries. Not to mention the economy is a bit iffy right now, and it is probably not a great time to be carrying a balance on five different cards.
This is where putting it all together comes in. If you do it right, you can lower your total monthly payments and get your debt paid off much faster. Now, keep in mind that this only works if you don’t then go and run up your credit cards again. Or get new ones. Then you’ll be in triple trouble. However, if you have the discipline to stick with a debt reducing plan, you should be in better shape in no time.
As for me, I’ve been credit-card free for two years now, and believe me, it is a great feeling!
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