519-646-2222A BETTER FORMULA FOR CREDIT CARDS
Adjusting minimum monthly payments might put me out of work – but here’s an idea nonetheless.
Look down at the bottom of your credit card statement, yes, way down there – in the fine print, where it tells you how long it will take for you to become debt free by making minimum monthly payments on your credit card.
Now tell me:
Who was the genius who decided that it was O.K. to lend you money at the tender age of _ _ (you fill in the blank) that would take a mere 128 years to repay?
What a scheme!
No one alive today could possibly live long enough to make repayment on such totally irresponsible, immoral and recklessly irrational repayment terms.
So why don’t the lenders regulate themselves? Simple, they want you to be their slave – they want you to pay them a growing percentage of your income (whatever that is) until you die – then they want to cash in your life insurance and everything else your estate owns.
You might ask:
“Why doesn’t the government pass some sensible legislation that might for example set a limit that says “you must be able to repay the total amount borrowed on a credit card within five years”?” The most likely answer comes from considering who funds political election campaigns.
O.K. so I am not running for office and I am not saying that “profit is a four letter word” but I am saying that we all need to look down at the bottom line of what using credit really costs us.
It is true that Tax Freedom Day fell towards the end of June this year. That means that every penny you earned up until about June 26th was to be given to the government in some form of taxation.
But when is your Credit Freedom Day? What is the date on which all of the money earned thus far in the year has been used to pay for all of your taxes as well as all the fees and interest associetd with the use of credit (debit) transaction?
You’ll have to do the math yourself! Try living “debt free” it may actually become addictive.