Credit

Article Of The Day: 50 Cents Of Every Dollar? Charged To Credit Card

I was looking at Google News a few minutes ago, and I came across this article, over at Forbes.Com

http://www.forbes.com/markets/feeds/
ap/2006/12/19/ap3268775.html

I am not going to reprint the article, b/c I don’t want to run into “copyright” issues. But, I do want you to read the article and scroll down the the very, very bottom section. Please note the following from a Mr. Dodd, who is a financial analyst for Morgan, Keegan, & Company, Inc.,

“Roughly 50 cents of every dollar spent in the U.S. is charged on a credit card…”

That’s right. According to Mr. Dodd, 50 PERCENT of the money spent in the United States of America goes through the hands of one of the credit card agencies. FIFTY PERCENT!!!

Boy, this makes me sleep easier. Here I was, worried that by talking someone into getting out of debt, I might be hurting the credit card companies. Whew! Now I can relax.

Please. For the love of all things good and holy, wake up and get rid of your plastic. Don’t you realize that the FEES that credit card companies charge are being paid by the consumer! The more you charge, the more fees get paid, the bigger the companies become, the more entrenched they become in our society, the more power they have, the more fees they can charge… etc. etc. etc.

Credit card companies charge merchants a fee to use their service. This fee can range from about 2 to 3 percent, depending on the credit card. That means that credit card companies are receiving at least 2 percent from at least 50 percent of every single purchase in the United States of America. Just sit still for one second and think about how much money that is…

Wow.

Hope you like your credit card rewards. Man, they are AWESOME!