This Week From
Banks Charge Too High Interest on Credit Cards
It was nice. On Wednesday evening, I happened to channel flip and stopped on Fox News to catch Lou Dobbs debate a point with Bill O’Reilly. Lou Dobbs was commenting on a new Federal Reserve study that shows about one-third of Americans cannot raise $2,000 to address an emergency, and that the United States, the richest county in the world, ranks 14th in household savings – noting that Mexico has a higher rate of savings.
Dobbs attributed the problem as a combination of jobs outsourced out of the country and the abusive credit card practices of banks causing Americans to be saddled with too much debt. O’Reilly was rebutting the point by arguing that too many Americans don’t do enough to find the necessary work needed to make the money to save. Dobbs did not accept his premise – and stated essentially – the interest the banks charge on credit cards is out of control – and that it is usurious – by any normal standards. It was nice to hear a national commentator mirror words that I have been speaking since 2008.
If you roll back to 2010, amidst the financial meltdown of our great nation, such commentary was center stage on the nightly news coverage. Lately, however, there is little, if any coverage, on identifying financial issues that underlie our economy yet alone suggesting the needed solutions.
Right now, we are too busy with Russiangate and the rest of the nightly drama of the new Trump era. As I see it, we need to focus more on these core and less “sexy” issues. We need solutions so that we don’t become a nation in which our elders are impoverished. Think about it – if we continue to live and don’t save – when retirement comes, we will have a nation in which our seniors are receiving $2,000 per month in social security income – with expenses of rent, food and healthcare (the non-Medicare portion) that exceed $4,000 per month. Someone needs to ask an important question – What will we do then?
Lou Dobbs – got it right on Wednesday. If he could convince O’Reilly – we’d be making some progress. I’m more interested in convincing you and our children. The bottom line – if you’re one of the mainstream, you need to get your house in order so that you eliminate the debt and have savings for retirement.
When your day comes – you don’t want to be the person with $2K coming in, and $4k needing to go out, with no cash in the bank. If you want to learn what you need to do – it so happens that April 12th is your chance – join us for our next FREE seminar – Debt Elimination is the Grand Slam of Finance!
Enjoy the weekend – and hello April!
THAV GROSS PC
30150 Telegraph, Ste 444
Bingham Farms, Michigan 48025-4519
P.S. You and your friends are invited to attend our FREE seminars – which will be held in our Seminar room at the office – Suite 360:
Wednesday, April 12, 2017 – 6:30 to 8:00 PM –”Debt Elimination Is The Grand Slam Of Finance!”– focusing on how to preserve future income for savings – so you have something to retire with. Sign up by clicking the image below.
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