What Holds Us Back?

Is there anything that holds us back more than the debt burden that we share?

Not everyone is swimming in debt, but many, many are.

Sometimes debt is a result of some bad decisions. Other times, it’s because you were hit with a sudden disaster, likely medical. And for the others, it’s just the result of the system.

Financial stress holds so many of us back

Our financial system doesn’t reward workers. It is a predator to the poor. Did you know that a national bank can charge as much as 79.9 percent interest on a credit card [1] as long as the issuer fully discloses the terms as required by the federal Truth in Lending Act?

But there is a silver-lining in all of this.

The system stinks but you can overcome it

Arm yourself with the information you need. For example, if you need to take out a loan, the law requires that you know EXACTLY what you are getting into. But presented as a long, near-incomprehensible financial disclosure, you are not encouraged from reading through the terms.

The Truth in Lending Act means that credit card companies need to disclose a lot. This can be a powerful tool for you.

The Truth in Lending Act (TILA) is the primary federal law governing the extension of consumer credit by lenders in the United States. Congress instituted the the Truth in Lending Act in 1968 to ensure more accurate disclosure of credit terms so that consumers could compare the various credit terms available in the credit marketplace, to avoid the uninformed use of credit, and to protect themselves against inaccurate and unfair credit billing and credit card practices. The regulation that implements TILA’s requirements is Regulation Z, which is administered by the Federal Reserve. Under Regulation Z, card issuers are required to disclose the terms and conditions to potential and existing cardholders at various times.

Even if I can level the field a little bit with the ReUp Daily, I’ll have done my job

Topics on the ReUp Daily include:

  1. Mortgages – since a lot of people own homes, I write a lot about this topic. It’s one of the biggest assets that is connected to the perceived health of the economy. Know how to not dump too much money into having a home. Most of all, don’t let your home be the thing that ruins you when the economy turns south.
  2. Education 2.0 – the stuff you weren’t taught in school. I write about a lot of topics here. When you want to make life changes for yourself, it isn’t just about checking a bunch of boxes. A change in behavior and outlook is required.
  3. Around The Bend – what will you need to look out for? Arm yourself with the most current predictions for 2018 and beyond.
  4. Money – money is your lifeblood. I’m against excess materialism, but you need money for almost everything. So how can you keep your money, be happy, and most of all, protect yourself and those that you love?
  5. Taking care of yourself – you can be rich, you can have everything you want, but without your physical health and mental health steering you, you’re a lifeless husk.

 

The future shouldn’t be something to fear, but it is something to be prepared for.

Good luck!

Sincerely,

Salazar Bacone

Editor-In-Chief, ReUp Daily