Podcast: Black Women and Money

What's the point?

The interview made it clear that there is really no difference in race when it comes to the subject of women and money.

The only point that was a stretch was that of the people interviewed, it seemed to the interviewer that black women tended to be less inclined to reveal the extent of their financial income available to structure a plan than the white women interviewed.

But in general, the advice is nothing new, but it is sound advice.

The advice about credit cards was to use them sparingly. But no advice to use checking accounts sparingly.

The problem here is that credit cards should only be used as checkbooks that are more convenient to carry and use than the checkbook--but cannot be used for more money than the checkbook knows is in the bank account.

Credit cards are very useful used in the proper way and instead of taking the money directly out of the checking account immediately, the money only leaves the checking account when the credit card statement is received and paid with the check at the end of the month. That way, if it is an interest bearing checking account, the use of the no-fee credit card is actually cheaper as well as more convenient than a checkbook.

The bad name credit cards get is when irresponsible people use the credit card as a loan instead of as a checkbook. Credit cards are the worst kind of loans possible because the interest rates are ridulously high.

HillbillyBill of TN @ Oct 08, 2008 15:32:35 PM