The Wall Street Journal recently published an article that outlined the number of bank overdraft transactions in 2016. The total tally?
That is billion with a B. To be clear, that is the amount of just the transactions NOT the associated fees. Assuming an overdraft fee is $35, that equals $39.2 billion in overdraft fees.
That is foolishly GIVING money away, folks.
Another way Americans like to give away money is via credit card interest. In 2016, Americans carried nearly $800 billion in credit balances which cost approximately $65 billion in interest.
That is over $100 billion dollars between overdraft fees and credit card interest.
What could you do with $100 billion? Well, here are a few ideas:
- Purchase every sports franchise from any of the four major sports (every single NFL team or every single NBA team and so on)
- You could out-produce the economic output of 149 countries
- You could buy Warren Buffett – and have enough left over to buy any one of the Walmart heirs
- You could very cautiously invest it and spend $250 million each month for the next 50 years….and still have about $15 billion left over
For frame of reference, $45 billion is how much that was given towards mission-outreach last year.
Let’s be wise and stay FAR away from these leaks. If we stopped giving money away, we could REALLY GIVE money away.