1526: Paying The Average Credit Card Interest Rate Will Keep You Poor Forever by Sam of Financial Samurai

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 14 May 2021

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sam of Financial Samurai insists that paying the average credit card interest rate will keep you poor forever. Episode 1526: Paying The Average Credit Card Interest Rate Will Keep You Poor Forever by Sam of Financial Samurai Sam Dogen's net worth took a beating in 2009 as the world was falling apart. He thought it would be a good idea to start a personal finance site to help himself and others make sense of chaos. After all, he had spent 10 years working in the finance industry, got his MBA from Cal, invested and saved aggressively, and still got financially rocked! Since then, more than 20 million visitors have stopped by FinancialSamurai.com. The original post is located here: https://www.financialsamurai.com/paying-the-average-credit-card-interest-rate-will-keep-you-poor-forever/ Get 1 free year and save 10% on your purchase on Fiverr Business. Just go to Fiverr.com/business and use promo code OFD Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group Join the Ol' Family to get your Free Gifts and join our online community: OLDPodcast.com/group Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Are you ready for a Monzo Business Bank account?
0:03.3	Heather from the Accountors' Growth Club was.
0:05.3	Knowing what cash I have is really important.
0:08.0	And Monzo Business makes it easy.
0:09.8	It automatically puts 20% of my income into a tax pot.
0:14.0	When it's time to pay your VAT, I always know the money's there.
0:16.8	If you're ready for a Monzo Business account, apply today.
0:19.9	Just search Monzo Business.
0:21.5	Only sole traders or limited company directors in the UK can apply.
0:25.0	Get tax pots with Monzo Business Prove for £5 a month.
0:28.1	T's and C's apply.
0:59.1	This is Optimal Finance Daily, Episode 1526.
1:03.1	Paying the average credit card interest rate will keep you poor forever by Sam of FinancialSamurai.com.
1:10.1	And I'm your host and personal finance enthusiast, Diana Mariam.
1:15.1	This is the show where I read to you from some of the best personal finance blogs on the planet.
1:20.1	Sometimes a little too enthusiastically.
1:23.1	For now, let's get to today's post as we optimize your life.
1:28.1	Paying the average credit card interest rate will keep you poor forever by Sam of FinancialSamurai.com.
1:39.1	The worst type of debt is consumer debt.
1:42.1	And most consumer debt is paid for using a credit card.
1:46.1	With the average credit card interest rate in the mid to high teens,
1:50.1	consumers with revolving credit card debt are often stuck in a negative death spiral.
	...

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