The Poor Transfer Wealth to The Rich Via Credit Cards
Reuters has a story about the poor getting bamboozled with yet another scam. No it’s not three card monte, or state run lotto tickets. It’s via credit cards, and the rich are getting well.. rich off of them. According to the Boston Federal Reserve report, with its pretzel logic, only poor people pay by cash, and the rich elite pay via credit cards. Who better to perform the study than the Federal Reserve. With their multi-generation devaluation of the dollar, the Federal Reserve is an expert about wealth transfer. The report though, is class warfare at it’s finest.
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Payday Loans VS. Loan Sharks
The Huffington Post recently had an article about Payday lenders leaving Arizona. In their usual left leaning slant the article was cheering about these companies were leaving the state, and how awful they were preying on people to take out loans. Which got me thinking about what exactly is predatory lending anyway? Is the lender stalking you, forcing you to sign that loan for a paycheck you don’t have yet? Are they putting the proverbial gun to the borrower’s head making them take out the loan? Common sense says of course not. It should go without saying getting a payday loan is bad money advice! If I must resort to using payday loans to support my existing lifestyle, I need to cut back or make additional income. It’s not uncommon for a payday loan’s effective APY to be over 40%! Some people do use these loans because of emergency purposes, which in my opinion is fine, and was the original purpose of these loans. Is it the fault of the lender that the individual keeps coming back to use their service?
Our 2010 Hyundai Genesis Purchase
We got a new car! As mentioned previously, we were in need of a new car. With baby number three on the way we needed something to replace the existing clown car, our 10 year old 2001 Toyota Solara. If it weren’t for our growing family, I would have been happy keeping the existing car until it stopped working.
We already have a paid off 2007 Honda Odyssey, so no need for another soccer mom mini-van (yuck). We’ve previously had a 2002 BMW 530, and wanted a new car along those lines. We wanted somewhat of a luxurious sport sedan. Our requirements were:
Learn MoreA US Debt Limit that’s Unlmited?!?
Why have a debt limit if you can keep raising it? The United States House of Representatives just approved the debt limit by $ 1.9 TRILLION. Yes you read this correctly. We are expected to borrow $1.6 trillion this year from…somewhere. Your Uncle Sam can keep ringing up the credit card charges to a total now of $14.3 trillion. Bring out the party favors, and let’s celebrate like it’s 1999. Isn’t the point of a limit to mean things should stop once you reach that point? I see all of these personal finance blogs about getting out of debt and reducing debt – why shouldn’t our government follow suit?
Open a Chase Sapphire Card – Get 10,000 Bonus Points
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