David Bach

I have a 15-year-old son today that I went for a hike with, and I was explaining credit card debt to him.

And I said, you know, James, the thing that people don't understand when they get credit card debt is that if they make minimum payments, and I was explaining to him what a minimum payment is, because you don't have to pay the whole credit card off.

You can just make a minimum payment.

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.