Credit Card Companies to Lose $100 Billion Over Debit Card Usage

We finally have a victory over the credit card companies and
even though it may only be a small step, it’s going to cost them $100 bill per
year because of the pandemic.

I’m talking about the fact that consumers are using their
debt cards more than credit right now and it’s costing the cc companies a lot
of money – try a whopping $100 bill, as I mentioned.

So while they’ve been cutting our limits and closing out
cards and approving fewer consumers for new accounts like they’re our parents
punishing us for coming home late, we’re slowly pushing back – but in a very
big way!

Debit card volume went up 12%, while cc volume declined by
21% in May – that’s a big hit and it’s because of the fear of being in debt
during the pandemic, according to a visa executive.

This is similar to the 2008 financial crisis, the 2018 gov’t
shutdown and the initial clashes from the trade war with China when the stock
market took a big dip.

This is exactly what I was talking about when I said invest
in yourself, because just as the great Warren Buffett said, you can’t go through
life paying 18% . Most high-apr credit cards are around 29% so fi you can, take
his advice and pay off your cc’s because all you’re doing is putting money in the
banks pockets instead of your own.

So let’s take this victory and continue to push back,
continue to keep our eyes on the big
stuff – house, car, etc. – instead of worrying about the small crap like credit
cards that don’t really make that big of a difference in our lives and make us
frustrated.

Remember, the biggest revenge is success.

Speaking of which, because of all the recent requests for
coaching, I’ve created video calls for mentoring, advice and digital counseling
and you will find the link on your screen and in the description.

Thanks for watching and if you’re struggling with negative
items on your report, book a call with me for a credit sweep and I will see if
I can help.

Schedule coaching call: superpeer.com/vargasrevolution

Want to hand over the burden to an expert? Get a free consultation at https://live.vcita.com/site/expertcreditsweeps

*I offer this content for free. Buy me a coffee at buymeacoff.ee/vargascoach

Comments

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