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Originally Posted by thomas70
The author doesn't say that you pay $1200 in taxes on $2500 -- go back and read it again.
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You're correct. My mistake. He says that "bankers get to legally steal almost 1/2 of that right off the bat." So for some reason he is suggesting that someone earning $2500/month would be paying $1200/month in interest charges. I'm not sure how he arrived at that amount. If you are paying nearly half of your income in interest charges, you are in serious trouble.
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And interest is NOT just a service fee. No one needs hundreds and thousands of dollars every month for providing a service that costs them nothing.
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How do you figure that servicing your account doesn't cost the bank anything? They have to pay rent, utilities, taxes, employee wages and benefits, maintain computer systems, print and mail statements, etc. Don't they have the right to charge for their services? .