Wow. Here is something you don’t see every day. In her recent column CBS Journalist Kathy Kristoff sat down and added up all the potential fees on her Macys card. On a minimum balance of $3.41 she figured she was being charged over 700% interest.

While the headline is somewhat sensational, it just goes to show that despite all the new regulations, carrying a balance on most credit cards is still a losing proposition as far as your personal finances are concerned.

Click here for the full story.

Best,

James

P.S. For those of you more Machiavellian in your orientation towards money, it might be a good idea to consider investing in companies that do consumer lending, with 700% interest rates, there is probably plenty of profit in these kinds of businesses.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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