Credit Card Debt; the silent killer of wealth

9/2/12

There are couple ways to lose money fast.  One is to light a match to it.  The other is to pay interest on credit cards.

 

There is no viable competitor for wealth transfer like the interest paid on debt.  This entry to my BLOG was prompted after listening to a audio on Internet about wealth.

www.sidroth.org/site/News2?abbr=rad_&page=NewsArticle&id=11861

 

I was interested to look into the names of various credit card companies to see what significance there might be in those names.  The history of credit cards can be found at www.creditcards.com/credit-card-news/credit-cards-history-1264.php.  Is there a warning inherent in their names?

 

VISA: In 1958 a branch manager of Bank America in Fresno, CA convieved the idea of centralizing charges for business and eventually called it BankAmericard.  It eventually became known as VISA an acronym that would be understood in any language.  VISA represents Visa International Service Association.  The word visa’s definition is an endorsement in a passport or similar document, signifying that the document is in order and permitting its bearer to travel into or through the country of the government issuing it.”  The name implies you have permit to spend on what ever you want.

 

Master Card: It was launched as a competitor to BankAmericard in Calfornmia.  On May 29, 2006 there was a public offering at $39.  Today the stock is listed at $422.90.  The name implies that when used you are the master and in charge (no pun intended) of what ever you want.

 

Discover Card:  The name implies you can explore and discover what ever you desire.

 

Diner’s Card:  Originally established as an entertainment and travel credit card.  The name implies you may have what ever you want to eat or enjoy.

 

Carte Blanche: The name historically means, get what ever you want.

 

Expensive Card:  You will not find this name for a credit card as it reflects the true story; these are expensive.

 

I was very much impressed by Craig Hill’s biblical perspective on wealth and wealth transfer.  I especially liked his example of money management for children via allowance allocations.  A child given 10 dollars is to put $1 towards a tithe as an indication of how to manage another’s money: God’s in this case.  The child was to put $1 towards free will offering to those in need.  One dollar was to go to savings. Two dollars were to got towards investing for multiplication.  This leaves $5 available for spending.  He points out the opposite priority occurs; Spend first and nothing left.

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