David Bach

If you make a minimum payment, James, I said, don't want a credit card.

It'll take you somewhere between 14 to 22 years to pay that credit card off.

He says, what are you talking about?

And so I explained it to him.

He said, but that's crazy.

How can that be legal?

I'm like, it shouldn't be legal.

How can credit cards charge you 20, 25%?

How can that be legal?

But it is.

How can it be legal to go do payday loans?

Right.

Like I did a show with Oprah 20 years ago where someone had twelve thousand dollars in payday loans and the interest on the payday loans was over four hundred and eighty percent annually.

And Mike, there's more payday loan locations than McDonald's in America.

The only thing the government did to try to stop how much payday loans were hurting Americans was create rules that wouldn't allow these payday locations to be too close to military bases.

because it was impacting the actual security of America to have military people so in debt to these paid in locations.

So these are just things that are just not taught.

The system's actually rigged for the average American to be broke.

Thank you for having me on your show.

Yeah.