Credit is of the DEBIL
Randy and I are taking the financial peace class and one of the first things we did watch a video on how rich we're making credit card companies and banks. Well, I didn't quite get it until last week when our leader asked us to give him a total of all our credit card/2nd morgtages to pay off credit cards debt plus our vehicles. There are only 15 families taking the class and last night he gave us the total.
For 15 families, we are in credit debt of $700,000. I was flabergasted. That's an average of $46,000 a family. Could that be right? But what made me more mad was when he said that at the end of the year, $70,000 in interest that we are paying on those credits goes straight to the banks. No wonder I get 10-12 offers in the mail a week for credit. I am so ignorant. I thought credit was good for me- I've been fooled- it's good for the banks! I mean, I'm not stupid, I generally knew the banks were making a fortune off of me, but this puts it in more perspective. I work way too hard to help them get rich.
I'll keep you updated on how Randy & I do in getting rid of our bills, cutting up our credit cards, and basically become debt free- if that's possible.
For 15 families, we are in credit debt of $700,000. I was flabergasted. That's an average of $46,000 a family. Could that be right? But what made me more mad was when he said that at the end of the year, $70,000 in interest that we are paying on those credits goes straight to the banks. No wonder I get 10-12 offers in the mail a week for credit. I am so ignorant. I thought credit was good for me- I've been fooled- it's good for the banks! I mean, I'm not stupid, I generally knew the banks were making a fortune off of me, but this puts it in more perspective. I work way too hard to help them get rich.
I'll keep you updated on how Randy & I do in getting rid of our bills, cutting up our credit cards, and basically become debt free- if that's possible.
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