Credit Cards and Consumers

Free credit no credit, no interest for 12 months! The luring words of credit card companies. They lead you to believe the world is at your fingertips. The credit racks high and the items you buy stack higher and higher. How does credit work? Well you simply have someone lend you money and with a contractual obligation that you will pay it back with interest on a set schedule.


This type of business has gone back several centuries and is still in use today. Simple concept but luring beneath the facade for most of Americans. Some do not know how much they pay in interest? 14%? 19%? 24%? Not to mention late fees, typically $40,  which leads to higher APR’s and lowered credit scores.  These small fees do add up and can keep many consumers working to harder to pay their bills. Consumers are actually making banks rich this way. Now-a-days technology has helped people, like myself, to become a banker in a sense as well. With the up-and-commence of technology such as Uber, Airbnb, Lending Club, the roles are reversing and consumers and becoming creators. A new era is upon us where big corporations might getting smaller.


The lack of trust in corporate America is at an all time high and people seeking security are gravitating to peer to peer lending. Lending Club is a peer to peer money lending site where you can be paid interest on the money you lend out, much like a bank. With a new era up on us why not let your money and assets make money for you instead of paying someone else’s bill.”A fool thinks of spending more than he earns” says George S. Slaton. When credit cards are used for everyday purchases to keep up a standard of living that is the problem. Credit should be used to further ones skills to make more money or to seek out wise investments with the goal to make more money.




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