On April 14, 1902, James Cash Penney opened his first store. He accepted only cash from customers. No credit was allowed.
On April 14, 2020, his company, JC Penney, announced they are exploring bankruptcy due to their debt load of $4 BILLION. Their revenue continues to fall except for one division - income from their credit card (which charges their card holders an incredible 27.49% interest rate). A sad legacy for a man who understood the danger of debt.
The lure of using debt is powerful. Don't fall for it! #debtfree #stewardship
https://dayspringfm.com/index.....php/personal-financi
