Dec 5, 2022
Summary:
Between Black Friday and Cyber Monday there were over 61 million
transactions, but not because inflation is getting better. I sit
down and chat with Matthew Johnson, who points out that, as
businesses make it increasingly easy to pay using credit, interest
on these lines of credit is simultaneously skyrocketing. Credit
card companies are taking full advantage of higher interest rates,
and the problem isn’t being resolved any time soon. Tune in to hear
more on this topic and to learn how you can be financially
defensive in these circumstances.
Highlights:
-The items that had the biggest purchase increase under buy now and
pay later were food and beverage related
-We are up tremendously in debt, and credit card companies are
taking full advantage of higher interest rates
-The average interest rate on a new credit line opened today is
over 22%
-We have grown to expect that the government is always going to
come to the rescue
-Both people who have and don’t have money are spending
-We need to be careful with how we are spending are money because
interest rates are not done going up quite yet
-There is a lot of potential pain to come between now and the new
year
Useful Links:
Financial Survival Network
Johnson Wealth and Income Management