Last night, I was watching Suze Orman sound off on her show in response to credit card companies' increasing fees and interest rates. I love how she is so protective of consumers. She is not afraid to address the credit card companies by name on the air when she hears about how they are treating consumers.
Suze's response to the increasing fees and interest rates is to challenge everyone to quit using credit cards and go back to spending cash -- you know, that green stuff. While I like her idea, I would add another component to it: challenging people to track their spending. Keeping track of where the dollars go can be an eye-opening experience. I would guess that most people underestimate how much they spend on everyday things like coffee and lunches out. A few bucks here and a few bucks there may not seem like much. However, if you are buying a $4 cup of coffee every day on your way to work, that adds up to $80 a month.
What do you think of Suze's idea?
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