I had some time off this weekend and decided to go shopping for a new suit. While perusing the merchandise, a “sales representative” (and I use that term loosely in this case) approached and asked if I was finding everything okay. I explained that I was trying to find the right fit. Expecting him to offer his experience to help me find the right size, he instead asked if I was interested in opening a store credit card to save 20% on the suit. Sparing him a sermon on why I don’t use credit cards, I politely said no thank you, I found a 20% coupon online for this particular retailer. Before I could get his opinion on the fit of the jacket I was trying on, he moved on to his next sales prospect.
Now, I have had several experiences recently with the major retailers pushing their credit cards at the cash register, but the walk away as soon as this gentleman realized I would not be opening a credit account, was astonishing. I was puzzled. Is it possible that this particular store placed so much pressure on their sales force to open credit accounts, that the merchandise sales are not as important? A Dunn & Bradstreet study found that people spend 12-18% more when using credit cards than when using cash. A study of credit card use at McDonald’s found that people spent 47% more when using credit instead of cash!
The average American household has $15,950 in credit card debt at an interest rate in the mid to upper teens. The numbers don’t lie. It is obvious to see why the retailers are making the credit card push. They observe the numbers and have a plan to succeed. Do you?
You need to have a plan for your money, or you will see it disappear.
My name is Tim Parady and I am 36 years old. I was born in Connecticut, raised in Virginia, had a brief layover in Kansas which led me to Texas where I met my wife and best friend. We just celebrated 145years of marriage.
I have the best job in the world, which is to improve peoples lives. I teach people how to win in all areas of there money, which affects all areas of their lives.
78% of Americans live paycheck to paycheck, with no money in the bank and little knowledge of how to invest for their retirement. You can have a different future. You can win with money and I can show you how.
I am an independent Dave Ramsey Financial Coach,and Insurance Agent at Alkali Insurance and I am here to serve you. My goal is to provide knowledge and tools to change your life. To schedule an appointment to address your financial needs and goals, email me at firstname.lastname@example.org