Crusade Against Credit

There were a couple of great stories on 60 Minutes last night and I felt that a lot of people could benefit from the segment called Crusade Against Credit.

Lesley Stahl did an interview with Dave Ramsey who is on a crusade to help Americans beat debt and build wealth. He explained how a staggering percentage of our population has multiple credit cards, loaded with debt. The banks will give anyone a credit card, dead or alive. If you want something now, charge it. Don’t save for it.

“In America today,” he says, “you could drive up in front of an old boy’s house. He’s got the Chevy Silverado four-wheel drive loaded up, awesome, kickin’ butt truck. There’s a $32,000 bass boat sitting over here. There’s a satellite dish on the side of the house. And all of this is in front of a trailer.”

A lot of Dave’s preaching is common sense. Live within your means. Don’t spend more money than you make. Save. But how many of us, really do this? How many of us feel the pressure to invest in more RRSPs while our credit cards or lines of credit are spiraling out of control? Do we feel the urge to put everything we purchase on our Air Miles credit card so that we can ‘earn’ a free trip? Are we really earning anything or are we just selling our privacy to the marketing departments of global corporations? Do we care?

Posted in News at 7:39 PM