Credit Card Companies: Thank you very, very much


 

Visa, Mastercard, American Express, Discover, etc. want to thank you very, very much. You made them $176B dollars last year.

$176,000,000,000. Completely in the clear profit. Thank you very, very much.

They're hoping you'll help them hit a new high this year. If you'll just go out and buy a few more things you can't afford and don't need, that would be great. Thank you very, very much.

While you're trying to figure out how to make minimum payments, the CEO of Visa got a 27% raise in his compensation. It was more than $28M in 2023. Thank you very, very much.

I have no beef with the CEOs of these companies or the idea of credit cards when used wisely. But it seems to me there are about $176B reasons we Americans don't use them wisely. And for that, the credit card companies thank you very, very much.

On this financefriday, I implore you, please work toward paying off your consumer debt as quickly as possible. The first step? Stop digging.

If you're in debt up to your eyeballs, maybe you shouldn't be going to Red Lobster to pay $150 bucks for a family of four for below average food.

If you're inclined to buy a cart-full of "stuff" every time you go to Target, maybe don't go this weekend.

Instead, find some family friendly free or low-cost events in your community. Many of the memories most of us hold dear had nothing to do with stuff. You can make memories at a park or a neighbor's pool.

Stop digging. But if you don't, then the credit card companies thank you very, very much.

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