Forty-four percent of Americans living paycheck to paycheck have incurred extra fees while waiting for payday. CNBC Select reviewed this statistic and determined the solution is more credit cards.
Not higher wages. Not cheaper housing. Not affordable healthcare. Three specific credit cards that will definitely solve the structural economic problems causing nearly half of paycheck-to-paycheck Americans to get hammered with overdraft fees and late charges.
The logic here is flawless. You're broke and getting charged fees because you're broke, so the answer is to open new lines of credit with different fee structures. It's like treating a gambling addiction by switching casinos.
CNBC Select exists to highlight ways you can avoid bank fees. The way you avoid them, apparently, is by signing up for credit products recommended by a media company that makes money when you click through and sign up for credit products. No conflict there. Just helpful consumer journalism.
The beautiful part is the specificity. Not two credit cards. Not four. Three credit cards will save you from the fees you incur because you don't have money. The fourth card would be irresponsible.
Somewhere right now a financial advisor is showing this article to a client who just got hit with a thirty-five dollar overdraft fee on a six dollar transaction. The client will nod thoughtfully. They will apply for a balance transfer card with a promotional APR. In six months they will have four maxed credit cards instead of one checking account they can't manage.
CNBC Select will publish a follow-up piece titled "These 5 Debt Consolidation Loans Can Help."
The cycle continues. The fees continue. The recommendations continue. And forty-four percent of Americans continue waiting for payday while financial media continues solving poverty with affiliate links.
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