I saw this interesting clip today of a couple who was essentially getting financial advice to help them get out of debt. The story itself wasn’t anything new as it was simply a case over spending and buying high luxury items. When the financial adviser went over their spending habits the funny thing was they seemed kind of contempt with it as if it was normal. Speaking for myself, putting like $15,000 on your credit card that you can’t pay off is alarming by itself.
It wasn’t until they dived into the topic of how much credit card interest they are paying each month where it finally dawned to the couple that things need to change. Isn’t that kind of crazy that it takes that little detail to get people to change their financial habits? It almost comes back to the general point on how many people don’t like to see other’s benefit where in this case it made them realize how the credit card companies got money from them. Before hand, I guess it is safe to say that they saw the situation as they were the one’s getting the better deal out of the credit card company.
I am almost interested in trying that technique to see if it works on others too for everyone that has an outstanding credit card balance each month. It’s like you don’t even need to go into detail to get people to think about their future. Instead, just show them how companies are making money off of them and it will be an instant change in mindset.