Charles Barkley, Who is Worth $50 million, was Once Ridden With Credit Card Debt Thanks to Visa  

Charles Barkley has been very outspoken about providing help to his community. Especially, when it comes to helping them financially. And while Charles might not directly contribute through monetary aid, he wants to impart important lessons to people.

And what lessons does he want to teach the African-American community? One, in particular, is debt, credit card debt. Barkley, like most adolescents also fell into credit card debt when he was fairly young.

During his college days, he recalls finding out what Visa and Mastercard were and how they enabled him to buy things. All kinds of things. Things that he didn’t need and then paying off the minimum. Which was the root of the problem.

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Charles Barkley talks about how he was ridden with debt before turning pro

As people enter college, they are introduced to the wonders of a plastic card that enables them to buy things without paying! Yes, credit cards allow individuals to buy things and pay later. Of course, Charles hailing from an impoverished neighborhood had no idea how it worked.

The allure of a piece of plastic that allowed them to buy things was too great. And in just a few months, he had racked up an insane debt. His financial manager in the NBA was baffled at the sheer size of the debt.

Charles talks about this ordeal quite candidly in this segment.

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The Phoenix Suns legend wants to teach people from his community about money

Charles talks about how he never had any money and had no idea how it worked. His financial advisor told him to keep his Mastercard and Visa, but to first get an American Express card and then pay off the debt.

Barkley was told about how paying the minimum is the equivalent of paying the interest and it makes no actual dent in the total accrued debt.

The Inside the NBA host is now worth a cool $50 million and we reckon he hardly has to worry about debt but he emphasizes on talking to people about it. And for his community, he thinks it is important to learn the virtues of money.

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