The Jesse Mecham Show Ask Jesse: Credit Card Rebels, Banks, and Emergency Funds
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Oct 9, 2023 This podcast discusses the drawbacks of using credit cards and the unscrupulous motivations of credit card companies. It also explores strategies for budgeting with unpredictable income, handling currency conversions while living abroad, and gives recommendations on investing in index funds.
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Credit Card Duopoly
- Credit card companies, Visa and Mastercard, operate as a duopoly in the US, leading to inflated prices.
- This duopoly results in fees eight to nine times higher than those in Europe, disproportionately affecting less privileged consumers.
Payment Processing Conference
- Jesse Mecham attended a payment processing conference and found it disheartening.
- The focus was solely on maximizing profits from consumers, not on consumer benefit.
Debit Card Rebellion
- Consider using a debit card more often to reduce the enrichment of credit card companies.
- Debit cards still have fees but they're less substantial than credit card fees.