How People Felt About Credit Cards 30 Years Ago
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Have you seen this Instagram reel from WMAR 2 News in Baltimore, Maryland? It’s a local news story from 1993, and this was the big headline: “Burger King now accepting credit cards as a form of payment.” Today we’re gonna take a look at this visual nugget of nostalgia to get a little taste of what people thought about credit cards back in the early 90s.
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George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
@danbgt 6 ай бұрын
My mom and dad were born in 1923 and 1926. My dad died in 2004 at 81 and my mom died this year, 2023, at almost 97. My mom and dad never had a credit card. They never financed a car. They paid cash for the little house I grew up in and were still in it when my dad passed. They had motor homes and traveled all over the USA. They had a very nice life. They were children of the Great Depression. They were the way it should be done.
@muradshawar Ай бұрын
Exactly debt isnt a good idea . Most people use it out of control.
@milkncookiegurl778 16 күн бұрын
The cheapest house in the town I was raised is $600k. This is hard.
@freedomring3022 7 ай бұрын
plot twist ... that guy with the GM card is still paying for that whopper today
@NaNslx 7 ай бұрын
And the truck got out of reach. It used to be $16 k back then but is $60k plus today 😂
@JohnJohnCrusher 7 ай бұрын
What's wrong with you?
@freedomring3022 7 ай бұрын
@@JohnJohnCrusher a lot of things but using a credit card to buy a cheeseburger is not one of them
@nothingimportant4504 7 ай бұрын
Plot twist…. The pickup truck was a Hot Wheels toy.
@MrOiram46 7 ай бұрын
@@NaNslx Dude, a brand new Suburban in the 90’s would only cost 42k adjusted for today’s inflation, and yet current new ones go for 80k+ at the least 😭
@src4409 7 ай бұрын
I'm 38. I remember when you had those big plastic and metal swipe machines with the carbon paper to use credit cards.
@user-je6pn9pr3h 7 ай бұрын
I have never had a credit card. My dad was very adamant that if i cant pay cash for something i cant afford it. I have gotten loans in the past for cars but even now I own 2 cars free and clear. Life is so much easier when you dont owe anyone.
@aegon123 7 ай бұрын
Just depends on how you use cards. I can tell you every time I paid interest Once in college, booked was 300$ in the campus bookstore and 100$ off campus. Paid like 50$ (don't believe in just the minimum payment) and then 50$ plus a few dollars when my financial aid hit that next week. Student loans - technically had interest but family was dirt poor so they were subsidized in college. Still keep the loans, but have the full value of them in a HYSA that auto pulls the payment. If interest rates go down I'll pay them off, but net positive right now. With the credit cards I was able to have a good enough score for 0% financing on my Corolla. It's got its own HYSA for payments (don't have quite enough to cover it in full entirely, but mostly there) The average American is illiterate, overweight, and has no control of their finances though, so none of this stuff I can recommend.
@virginiamoss7045 7 ай бұрын
Not a bad way to proceed if you can't handle numbers. I dislike owing money for anything and prefer to pay cash as much as possible. I got a Discover card in 1985 and used it for large store purchases only, but managed to pay off every month since I got the card. Later in life I have gone to putting just everything on the very same card (cash is so filthy). I have never once paid a penny of interest to any credit card, ever. I'm 74; 15 years ago I downsized with a paid off house, paid off car and no other debt. 2017 I paid cash for a brand new car which i will keep until I can't drive anymore. Living month to month takes so little money; I feel so at peace and calm.
@chemquests 7 ай бұрын
Certainly agree not to owe but it’s easier to not carry cash. I always pay my cards off but I don’t carry cash.
@CarlaQuattlebaum 7 ай бұрын
@@chemquests That definitely makes it a little easier to say no to panhandlers or anyone teens standing outside a retail store selling candy to raise money for their school sports team.
@cjhoward409 7 ай бұрын
We’ve been building our own house for the last 9 years and the only building store is Lowes. We do have their card for that whopping 5% off (pays most of the tax ) and I go home and pay it off immediately. Plus they send me 10% off coupons for all my purchases as well. Credit is fine IF and only IF, you don’t max it out and pay it off right away
@mylapasaporte8594 7 ай бұрын
Before credit cards there was lay away.....the store would hold your item until you paid the installments in full!
@procharliee5575 17 күн бұрын
That’s actually way more attractive, I saw it didn’t charge interest and so on, and doesn’t count for debt!
@amerwine 7 ай бұрын
I just can’t get over that the 90’s were 30 years ago. Seems like yesterday to me.
@Ojisan642 7 ай бұрын
The thing about vacation is you didn’t have easy access to cash back then, when traveling. You couldn’t always just rock up to an ATM like you can now. People used to carry things called Travelers Cheques. So credit cards were definitely an improvement versus having to carry a lot of cash when on vacation.
@Ice_Solid 7 ай бұрын
I remember Travelers Checks as a kid.
@TioMogi 7 ай бұрын
Makes sense, I thought he was referring to people on vacation could afford to wait in line longer for the credit charges since they "had nothing to do" haha
@Ojisan642 7 ай бұрын
@@Ice_SolidI traveled overseas in 1990 and had travelers cheques from American Express. I had to go to an AMEX office, trade cash for their cheques, and then when I was overseas I could trade the cheques for local currency at the hotel front desk. I would basically use the cheques to get cash like I would do at an ATM today. If someone stole my cash, it was stolen and it was gone. If someone stole my travelers cheques, I would call American Express, and they would just issue me new ones and void the stolen ones.
@richardbuki658 7 ай бұрын
I remember using Traveller's Cheque even in 2005!😃
@pep590 7 ай бұрын
Yes George is a little too young to understand what we knew as soon as we heard this.
@SarahtheDietitian 7 ай бұрын
I was watching an I Love Lucy episode and she had bought a purse to impress people and couldn’t afford anything else for 3 months. Other women in the episode were talking about not being able to afford this and that. Credit cards were not an option! Its crazy that debt is now glorified and normalized.
@cjhoward409 7 ай бұрын
Stores had “credit” but it wasn’t a card. You just had a revolving bill at that store.
@claytonelofgren 6 ай бұрын
Dang that’s a real episode?
@Mattlott222 6 ай бұрын
It's not glorified but it is normalized. It's like with student loans, people complain about their inability to do math. If you make X dollars but decide to spend more than X on a credit card, you're an idiot. If you decide to finance a degree but the career path for that degree isn't going to cover your student loans, you're an idiot for getting those loans.
@etcetraetcetra3173 3 ай бұрын
Agree. I'm a Gen X, and my parents are Boomers. My Dad built his career and became very successful, while Mom was stay home mother. They didn't believe in owning things through credit, so everything they got was paid for. Credit cards was just a mean of payment. They come from lower income families, so they know people who destroy their lives because of debt. Live just under below your means, comfortably. Hopefully, your savings and investments will keep you safe on retirement.
@g5pm 7 ай бұрын
I worked at Arby's in the early 90's. When they started accepting credit cards we had to say "Welcome to Arby's, will this be cash or charge?" People literally laughed in our faces & Arby's stopped taking credit cards before long. Things have definitely changed.
@sarahschreffler5407 7 ай бұрын
They gave out credit cards to college kids in the early 90s (1991/1992). That was when I got my first credit card (A Discover). Some people said it was a bad idea. Others thought it was a great way for kids to start earning a credit score. They were warning college students to be careful. you still needed to pay it off. But then, as now, not everyone did that.
@virginiamoss7045 7 ай бұрын
My husband was given a credit card when he graduated from college in 1969.
@pgppe9488 7 ай бұрын
Give college students credit cards is a bad idea. They purchase items while in college they end up paying for 20 years later.
@lucindamc 7 ай бұрын
Exactly what happened to me! Got my first credit card in college and it was a Discover card. 😂
@cjhoward409 7 ай бұрын
Got my first store credit card at age 18… maxed it out in a month , $400. It had a 24% apr and I only paid the minimum on it for many months. Ugh ! I was so dumb 😅
@Scraws 7 ай бұрын
They were handing them out like Halloween candy for a while.
@Erickruiz562 27 күн бұрын
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
@_EduardoAzevedo 27 күн бұрын
I enjoy challenging my investing mindset with the thoughts of others superior to mine, our thinking is definitely similar.
@DeannaMurray-zv 27 күн бұрын
I agree, before the pandemic got real serious, I used to handle all my investment and I was pretty good at it, fast forward to post-pandemic and my-portfolio is steady in the red with profit rate down to the lowest, that's when I touched-base with a coach I saw featured on businessweek, who restructured my portfolio and over the last couple months, I've made over $850k from initially $210K
@WyattSmith-v 27 күн бұрын
Although my knowledge of the business is limited, it seems that this is the ideal time to enter the market based on my understanding of supply and demand in the economy. The consistent price variations, which shouldn't be an issue, are the only thing stopping me. But I really need a counselor; could you please assist me?
@DeannaMurray-zv 27 күн бұрын
One of the fiduciaries I deal with is Jennifer Lea Jenson. Just check the name. There would be a letter with the necessary information to set up an appointment.
@JimmyA.Alvarez 27 күн бұрын
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
@myfx2551 4 ай бұрын
THANKS. Just what I needed to watch. My wife and I got a 400k HELOC from our 780k primary home which we are still paying a mortgage for. I want to only use 200k for this new duplex down payment. I realized that the secret to making millions is making better investments and staying out of debt. I'm grateful to GOD for the internet space, we were able to join the credit repair program, we payed up our debt and now we are back to being the administrators of our farming business and our own properties, as well as small pensions. I am almost 56, my wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn using Airbnb and retire comfortably.
@jeffclifford5731 4 ай бұрын
This is exactly how I wish to get my finances coordinated ahead of retirement.
@jeffclifford5731 4 ай бұрын
You talked about a "credit repair program" how do I join? I took out a 200k heloc from my primary home 2 years ago which I'm still paying....I find it challenging to invest elsewhere because I'm still paying the mortgage and I got bills. to pay.
@myfx2551 4 ай бұрын
"Laura Gilbert CFA " is the licensed fiduciary i use. She lead me to join the program, Just research the name you'd find necessary details to work with a correspondence to set up an appointment.
@jeffclifford5731 4 ай бұрын
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.
@AnniePickford 4 ай бұрын
Why no one talked about this program when I was in debt
@lazzzzze1 7 ай бұрын
Instructions unclear. Bought a pair of 90s Jnco jeans with my credit card.
@BunkMasterFlex77 7 ай бұрын
I once charged a bagel in a supermarket back in 1991 for 25 cents becasue I didn't have any cash on me. I think I'm still paying for that bagel now.
@jonkrispeterson6678 7 ай бұрын
I do have a friend who had a significant income, (over $200k). He had been using his GM card for a couple decades. When he retired, he used his CC points to by a new Yukon Denali. I can’t even imagine how much he put on the CC. He always paid it off, but still.
@OhYeaMista 7 ай бұрын
It’s all about self control. If you have none, then George gives good advice. If you only use a cc for purchases that you were going to make anyway and you pay it off every month…then a free car is a pretty good perk. We use a card for gas that gives us 5% back and we pay it off every month. We are gonna buy that gas regardless…we have to. May as well get 5% off every gallon.
@loganmedia1142 7 ай бұрын
@@OhYeaMista Additionally if I want to make an impulse purchase neither cash nor a debit card can stop me.
@George0674 7 ай бұрын
That's what I do. I use my CC for my everyday purchases, (gas, groceries, everything). I pay it off every month like any other bill, and get rewards points in the process that I can use for travel, etc.
@coastalhillbilly3419 7 ай бұрын
Two types of people in this world, those that pay interest and those that collect interest. Charge everything you’d be paying cash for anyway, pay off statement balance in full every month. America has a systemic lack of personal responsibility
@carlaritchie331 7 ай бұрын
Wow!
@jeffkadlec8264 7 ай бұрын
I'm Gen-X, and I remember the SHOCK of credit cards being accepted at fast food restaurants. This is how much we once used cash, instead of credit or bank cards. It's crazy how much it's changed!
@belkyhernandez8281 7 ай бұрын
It's important to use cash
@derekcox6531 7 ай бұрын
Same, I never even had a bank card until 2003
@joshsmith4373 7 ай бұрын
George forgetting about travelers cheques is gold!
@krissimons1339 7 ай бұрын
He's didn't forget about them, he's so young he's probably never heard of them much less used them.
@hvaball150 7 ай бұрын
More like no research by him or his team.
@tduck828 7 ай бұрын
So I'm essentially on step 7. Zero debt. House and car paid off. Emergency fund fully funded. I budget and don't overspend at all. Shop sales etc. I honestly rather have my cash in bank making 6% and then pay my bill once per month. That makes more sense to me...
@InternetGrandpa 7 ай бұрын
The amount of cash you needed to carry in those days to pay cash for everything was much smaller than the amount you would need now. Paying cash for everything today will leave you with sciatica from sitting on that huge pile of bills in your wallet. Inflation has made paying with cash very uncomfortable.
@ginnyf5931 7 ай бұрын
George- the reason he was saying how much time it would take is that we used to have to call for a confirmation/authorization number from the credit card company in order to process the transaction. Oh and check the thick book of numbers to make sure they weren't on a do not take list
@susanlippy1009 7 ай бұрын
Kids have no clue how it was way back before internet connectivity and instant communications. I remember using those charge slip machines to copy the cards🤣🤣. I also remember calling for confirmation. It's amazing how fast things have evolved.
@GeeEee75 Ай бұрын
Yep. Worked in a UK supermarket in the early 90s and remember the clunky sliding carbon copy machine for credit card payments. Anything over a certain amount, we had to get Pat in the office to call the credit card company for authorisation. 😂
@leena118 7 ай бұрын
I was in graduate school in the 1990s and I remember when grocery stores first started taking credit cards. A fellow broke graduate student said that her fiance, also a broke grad student, had come home with groceries and she said,"Where did the money come from for all this food?" He told her the local grocery store just started taking credit cards. . .
@GamerNxUSN 7 ай бұрын
The vacation thing has to do with travelers checks. Wasn't safe to carry a bunch of cash and out of town checks may not be accepted/no place to cash them.
@saeedhossain6099 7 ай бұрын
4:40 the major reason for discussing the vacation dimension is because back in the 1990's banks were much more regional and getting money out an ATM outside of network costs fees, just to access your own cash. using a credit card avoids having to carry cash while on vacation and avoiding bank fees.
@bradzeigler 7 ай бұрын
...that and credit cards were dominant in the travel industry: airlines, hotels, and restaurants* were the early adopters of credit card usage. In the early 90s, people still associated credit cards with traveling, which is probably why vacation was mentioned. *And yes...back in the day, restaurants were primarily used by travelers, as eating at home was much more common.
@DMaster81 7 ай бұрын
I remember my parents having to get travelers checks when we’d go on vacation
@sarahschreffler5407 7 ай бұрын
Before credit cards people would turn their vacation money into -- something by either American Express or AAA. But it was a denomination that was worth $X and stores would accept but was safer than carrying cash. I forget the name at the moment.
@sarahschreffler5407 7 ай бұрын
@@DMaster81 Travelers checks! That's the word I was looking for
@saeedhossain6099 7 ай бұрын
@@sarahschreffler5407 travellers cheques
@Cravz69 7 ай бұрын
My high school job was Popeyes chicken, and we made the local paper because we were the first to have a fax machine, so people could fax in their orders.
@bradzeigler 7 ай бұрын
I worked in Signer Bank's credit card division collections department (the predecessor to Capital One) back in 1992. College Credit cards had just become a thing. Grocery stores were just then allowing people to pay for groceries with credit cards. We talked to a lot of broke college kids with over limit balances and people running up their credit cards trying to buy groceries.
@loganmedia1142 7 ай бұрын
Is a grocery store a little corner shop or something more like a supermarket?
@smileychess 7 ай бұрын
@@loganmedia1142- Usually more like a supermarket.
@bradzeigler 7 ай бұрын
@@loganmedia1142 at least in the U.S., a grocery store is generally synonymous with a supermarket. A corner store is more akin to an urban convenience store, although a well stocked corner store might be considered a grocery store. At one time a supermarket was considered a large grocery store, but nowadays there are very few grocery stores that wouldn't also be considered supermarkets.
@cellsheet 7 ай бұрын
Sounds familiar
@steadysmv 7 ай бұрын
@@loganmedia1142The grocery store grew from a little corner shop into a supermarket.
@canchadhandlethat872 7 ай бұрын
Keep up the good work George and team, you are the future of Ramsey.
@src4409 7 ай бұрын
I love George, but I also love Dave. I need that knowledge.
@canchadhandlethat872 7 ай бұрын
@@src4409I'm with you. But Dave's getting older. He can't do it forever
@rachelharrison7961 7 ай бұрын
Allow me to explain the vacation comment. In 1993 most people had to go into the bank to get cash. ATMs existed but not everyone used them. So the gentleman was saying that he could imagine using a credit card if he ran out of cash on vacation and he couldn’t get to his bank.
@mlandrew6288 7 ай бұрын
Ooooh that makes sense
@Sandlewood-ti3sv 7 ай бұрын
Thanks!
@larmstrong2302 7 ай бұрын
I thought he was saying that he'd have a lot of time for the credit card to be processed because he was on vacation. 😂
@kacheek9101 7 ай бұрын
Plus local banks were much more common so a lot of times if you were out of town, especially if you were out of state, you literally didn't have access to your bank and thus, your money
@AutumnC-st3pi 7 ай бұрын
I remember my parents getting travelers checks when we went on vacation. So weird to think about that now. 😄
@clwest3538 7 ай бұрын
You missed the little gem about how the (young or uneducated) cashiers won't have the arduous task of making change - because we know they are not leaning how to do that at school - now just swipe a debit card - no pain - same as CC back in the day.
@loganmedia1142 7 ай бұрын
Didn't they use tills that did the calculation for them?
@chemquests 7 ай бұрын
There was a skill to knowing the best combination of coins to deliver the change owed.
@syebethel 7 ай бұрын
In the 90s, many people reserved credit card use for vacations or travel. That's probably what the man was referring to.
@jorgetech2985 7 ай бұрын
I have used a credit card for points for the last 4 to 5 years.. pay it in full weekly, and has gotten me a 830 credit score and have received like $5000 in points. I love it.
@bhnurse16 7 ай бұрын
Agreed! I was taught to not buy things with my credit card if I couldn't afford it, so I started out using it for gas and groceries in college. I appreciate the cash back on my cards and I'm in the 800 club these days.
@kaelaleedaley 7 ай бұрын
I know that during the late 80's/early 90's, some Christians were deeply worried about Credit Cards being a mark of the beast. The same thing happened with barcodes in the late 70's - the mad thing is, the tracking and chips of barcodes and credit cards are the building blocks of modern surveillance technology, wearables and chip implants - something to think about! Xx
@ricksanchez7459 7 ай бұрын
They swore that ssn would only be used for social security and the related taxes. Now you cant do anything without giving your number.
@kaelaleedaley 7 ай бұрын
@@ricksanchez7459 Yep - it suddenly doesn't seem so far-fetched, does it? God Bless you today xx
@albertobenelli 7 ай бұрын
You really are great at doing these videos . Best thing in the DR network
@ChadZeluff 7 ай бұрын
Let’s watch a video of how people viewed the internet in 1993 and conclude that we shouldn’t use it.
@googleuser2426 7 ай бұрын
Now days, people serving food do not know how to count cash back.
@eplugplay8409 7 ай бұрын
Not sure why but I always had the perception that McDonalds and other fast foods always accepted credit cards even since the 80s.
@derekcox6531 7 ай бұрын
I use a credit card for literally every purchase I make. I pay the balance every month and don’t particularly give a second thought to people who can’t use credit cards like adults. Really not my fault if someone wants to pay 22% on their McDonald’s order from 3 months ago. I wouldn’t do it,but hey,that’s their business. ….just sayin
@danieljohnson4418 7 ай бұрын
Well stated, sir.
@Locknuts84 7 ай бұрын
I used to use the card and pay it off. Then I went full Dave Ramsay. I find it far more painful to spend my own money, so I spend less.
@bubulubu3136 7 ай бұрын
Yep, me too. Years ago I quit carrying coins altogether and only use cash when I have to.
@eegernades 7 ай бұрын
you could still spend less with a credit card if youre an adult @@Locknuts84
@chemquests 7 ай бұрын
It’s a matter of convenience and discipline
@ccbige 7 ай бұрын
Whoever finds the little 1-2 second clips for your vids deserves a raise!
@stacyh1223 7 ай бұрын
Your best video humor wise! Your genuine laugh while analyzing those people literally made me laugh out loud!!👍😂
@Pandorash8 7 ай бұрын
I was working in Sydney when credit card payments first came into fast food outlets here in Australia. That would have been around 2006. From memory it was McDonalds that started it and it did give them business as people would eat there, even if not their first choice, simply because it was more convenient. Then they all offered it and it was a slippery slope to where we are now where you can finance basically anything.
@robocop581 7 ай бұрын
Hilarious video. Great job
@beckypetersen2680 7 ай бұрын
George, this was by far the BEST presentation by a Ramsey personality of why c/c shouldn't be used - far better than anything I've heard by John when he tried to guilt us into not using them because a single mom can't pay her bill if we use the rewards - still trying to figure that one out or even Dave who simply says you won't like watching your money disappear while not addressing the "but I'm in budget" part. And you are the first to explain why the budget and c/c don't work - because you say that it doesn't work since it needs to be little by little. Thanks for at least addressing issues some of us "ish" people have asked and not heard addressed. For me the biggest has always been - if you have a budget, then why does it matter what way you pay for it?
@beckypetersen2680 7 ай бұрын
I tried to edit this but YT is fussy about that at times...I'm still not totally convinced - but I get that using my cash "hurts" a lot. There was a grocery store here in Poland that used to not accept c/c and often I would have to go "back" to get something I wanted because I didn't have enough with me as I didn't realize that they had that thing for sale (the store is like an Aldi). But then we got Lidl- which took c/c and that pushed this store to accept them. It actually makes my life ever so much easier and we don't have to bring nearly as much money into the country and pay the ATM fees to transfer my $$ in our local currency.
@loganmedia1142 7 ай бұрын
My money is disappearing whether I'm using a credit card or a debit card or even cash for that matter. Cash however I find the most painless to just hand over. It is somehow completely detached from my bank balance once it is in my hands. I can't see any benefit to a debit card. It's basically a credit card that you prefund. Seems silly to me. I do realise the rewards I am getting are coming from someone else's pocket. Certainly not the bank's. This video didn't even come close to explaining how a budget and a credit card don't work. If you have a budget then it literally doesn't make any difference whether you're using a debit or credit card. For it to make a difference you'd have to somehow convince yourself that the credit card is not your money. But it is my money and I know that. Additionally the research that is sometimes cited regarding people spending more when using plastic would apply equally to debit cards.
@freedomring3022 7 ай бұрын
1993 - a blast from the past ... I remember when I started my 3rd year of college, they started putting in credit card applications in the middle of course selection catalogs ... (remember those?) ... anyway, I applied for an MBNA card ... yeah I was young what can I say, with very little income I received a card with an $1800 limit. I was like crap they basically just gave it to me with very little due diligence on their part. Luckily I am not a complete idiot and did not go blow the card out.
@dindog22 7 ай бұрын
the 2 little kids with the bowl haircuts hamming it up for the camera
@AprilShowers24 7 ай бұрын
Kudos to your video editors
@autumnjerene 7 ай бұрын
The comment about the vacation was because people didn't like to carry cash on vacation. What if they got robbed? And no one accepted out of town checks. You either used a card or traveler's checks. I feel like traveler's checks were more common, though.
@nexusSix_237 7 ай бұрын
Your personality is a chefs kiss George
@mikewarmbold3820 7 ай бұрын
Mahk from zebra corner is not something I ever expected to see in a George Kamel video. Thank you for this
@hunkeringdownwithlanny3900 7 ай бұрын
I remember those days, and wearing a tie to buy a big Mac. Now if I put on boxers to go out it's too difficult.😂😂
@OhYeaMista 7 ай бұрын
It’s all about self control. If you have none, then George gives good advice. If you only use a cc for purchases that you were going to make anyway and you pay it off every month…then there’s really no downside. We use a card for gas that gives us 5% back and we pay it off every month. We are gonna buy that gas regardless…we have to. May as well get 5% off every gallon. We’ve made hundreds if not thousands over the years.
@sylviaodhner 7 ай бұрын
I agree. And if I don't need to have cash on hand for purchases, I can keep more of my money in my high-interest savings account and earn more interest.
@Lionheart_He-Man 7 ай бұрын
Exactly, there is no ‘sin’ in using credit cards as long as the user pays their balance EVERY single month without paying interest and reaping cash back rewards. It’s all about discipline, unfortunately most Americans don’t have it 😢
@loganmedia1142 7 ай бұрын
They try to counter that by claiming that people still spend more on credit cards than they do on debit cards. However the research they cite actually says people spend more when they use plastic than they do when they use cash. That means for someone who can't control their spending they'll still blow their budget and clear out their account using a debit card. They also all make the mistake of assuming the problem was the credit card, but they in fact made numerous changes at the same time as giving up their credit card. It's a classic example of ignoring confounding factors and confusing correlation with causation.
@IgorLisx 7 ай бұрын
@@Lionheart_He-Man yep, I have 1.5% cashback on any purchase and pay off card every time my balance hits $100..$200. I'm not waiting for the end of the month.
@Lionheart_He-Man 7 ай бұрын
@@IgorLisx Even better, before the end of the month, I like it 🤩
@RUdigitized 7 ай бұрын
The real scandal is you could get an adult meal for 3.10
@ColleenJoudrey 7 ай бұрын
The first thig that caught me off-guard is that '93 is 30 freakin years ago. What the heck!
@Sinful_Survivor 7 ай бұрын
Lmao 🤣 the guy who said i hope it doesn't slow things down
@drewskiv686 7 ай бұрын
Are we glossing over the fact that a new truck in 93 went for 16k compared to today’s prices of around 80k???
@hvaball150 7 ай бұрын
Not THAT truck. Put them side by side and features... Maybe $37k MSRP today... Probably pick one up for $30k. Meanwhile that McDonald's worker isn't making $4.25 an hour anymore!
@rachelcrossen8136 7 ай бұрын
If GM guy eats there long enough he will have a heart attack long before he gets a new truck
@taichiroward5770 7 ай бұрын
I use my cc like a debit card cause I pay it off as soon as the charges clear & I never spend what I don’t have in my attached back account to the cc. This way, I’m still able to receive cash back on all my purchases without paying interest.
@libbysworld7649 7 ай бұрын
My 2nd job as a teenager was working for a telemarketing company who "gave away" Union 76 gas cards.
@inthebriggshouse 3 ай бұрын
Your shirt color is freaking awesome!
@Simon-tc1mc 7 ай бұрын
Getting rid of credit cards is the only Ramsey advice I don't believe. I really doubt just switching from using one card (credit) to another (debit) will really change how much is spent.
@alankeyes8267 7 ай бұрын
It did for me. I went from a debit card to a credit card and instantly saw my spending increase. I can't explain the psychology but I think it's because the numbers in my account weren't going down so I never subconsciously started being thriftier. I still have a credit card as it's useful for major purchases (one's I've already saved for and the money is in a different account) but I always use my debit card for daily expenses.
@Rachel-ul8et 7 ай бұрын
I’m with you. I always pay it off monthly, never paid interest. If a business offers a discount for paying cash, I’ll do that instead. Screws the banks out of merchant fees, and puts more money in both the merchant, and my pocket.
@loganmedia1142 7 ай бұрын
@@alankeyes8267 That's weird. Every time I use my credit card the available amount goes down. To me that is my money that is being used up.
@loganmedia1142 7 ай бұрын
What really gets me is how angry and hostile Ramsey gets when people point out that his advice is clearly not applicable to everyone. I've witnessed him browbeating someone who suggested they could use a credit card responsibly and not spend more. To me there is no psychological difference between the two types of card. They're both plastic and consuming virtual money.
@krissimons1339 7 ай бұрын
@@loganmedia1142 Yeah, it's a bit of a cult mentality among the Ramsey group. If you don't follow everything they spew than your a heretic!
@davehope9144 7 ай бұрын
In some respects you need a credit card for car rentals, hotel reservations, Amazon etc. Hard to get around having one these days
@claytonelofgren 6 ай бұрын
I agree. But I think things like clothes shopping, groceries and restaurants you spend less if you use actual cash
@OhYeaMista 7 ай бұрын
I graduated high school in 2003. I worked at a gas station in high school and we definitely took a lot of credit cards. Blows my mind that a local gas station took cards before McDonald’s.
@katyedwards3935 7 ай бұрын
I'm loving it.
@mycathasawhitetoe 7 ай бұрын
Or maybe just use your credit card like you would a debit card. Most places like fast food will already account fot the credit card fee in their menu regardless of payment type. Pay it off at the end of the week. Don't accrue interest. Get the additional perks. Don't pay for other ppls perks.
@CarlaQuattlebaum 7 ай бұрын
That guy talking about using his GM card at Burger King! "If I eat here long enough, I'll be able to buy a pickup truck." Yeah, maybe one of your heirs can drive it to your funeral. Yeah, I'm sure he was joking. He WAS joking . . . wasn't he?
@oscarzepeda1558 7 ай бұрын
Whoa !!! Almost 12,000 views in 4 hrs. !!! Get’em George !!!!!
@emoney1231 7 ай бұрын
Yeah the car argument is kinda silly, but my credit card bill is around $2k a month. So I earn around $500 a year in cash back. $5k per decade is $25k+ in a lifetime. That is a new car... even if you don't invest the cash back, which I would.
@ShatteredF1re7733 7 ай бұрын
I realize now at 35 that good credit can save you hundreds of thousands of dollars when you try to buy a home or car. That's where they really get you. People who are "gaming" their credit cards are going to get financially raped when it comes time to buy a car or house.
@joelbennett1987 7 ай бұрын
Awesome stuff 👍 How do you pay for automatic payments? Can you use debit for everything now?
@lh7501 7 ай бұрын
You can in Europe easy fast payments from bank to bank debit cards taken everywhere
@cashflow68 7 ай бұрын
I remember back in 1993 when debit cards were first used. I didn't have to carry my checkbook with me anymore. The first retailer I used it was at Crowns Books.
@cwalenta656 6 ай бұрын
Regarding the comment about vacation, today using cards is WAY faster, but early 1990s using credit cards tended to be way slower, though still faster than Ethel on the grocery line writing a check.
@laneyluneva 7 ай бұрын
I want a Whopper and I want it now! 😂😂
@katiedolan14 Ай бұрын
I remember working at a coffee shop in 2002 and checking people's driver's licenses when they used a credit card and verifying their signatures.
@genebateman3183 7 ай бұрын
When you said 30 years ago, I thought early 80s. Of course it was the 90s. Now I feel old.
@RPMcMurphy33 7 ай бұрын
“When I want a whopper, I want it now.” 😂
@angiewolf8189 7 ай бұрын
I attempted no credit card for 30 days. What a nightmare. It was a pain to get cash. I worried so much. I didn't have peace or reward. Using a credit card works for me. I use it like cash. Spend $50 on gas. Great. 5% back. Go home and pay the bill less the 5%. Dealing with cash is a pain in the ass and does not provide rewards. I hated not using my card. I use my card like cash without needing the actual cash. I NEVER carry a balance, like not even for 1 day. I don't understand why credit card use is bad. I guess some people are just stupid and use the card to buy crap they don't need. I use mine for my basic expenses and pay immediately less the 5% reward. It's a win for me. I'm 52 and totally debt free and a baby steps millionaire. I truly don't understand the hate towards responsible credit card use. I'm better off with my card. Using cash only is a PITA.
@GeorgeKamel 7 ай бұрын
Did you not think to use a debit card?
@GeorgeKamel 7 ай бұрын
Also if you’re addicted to the measly rewards, you definitely need to rethink using credit.
@loganmedia1142 7 ай бұрын
There is also no difference between a debit card and a properly used credit card. In fact even if you only paid off the full amount on the credit card at the end of the month it would still be essentially identical to a debit card. I've also used a debit card. It doesn't reduce spending and provides absolutely no other benefits over a credit card. Some people, and George Kamel appears to be one them, have this strange psychological disconnect whereby they view using a credit card as spending someone else's money and a debit card as spending their own money. I don't really get it, because when I use my credit card I am definitely spending my own money and it feels like it. Cash is definitely the worst. A hassle to withdraw, risky to carry, time-consuming to deal with in shops and tedious to track. It's also in my experience the easiest to just spend.
@angiewolf8189 7 ай бұрын
@@GeorgeKamel my credit card is my debit card. It's my money and I pay it off immediately.
@angiewolf8189 7 ай бұрын
@@GeorgeKamel not addicted. It's smart to pay 5% less on my spending. While I understand that percentage is small it adds up and saves me money. Why pay $50 for a tank of gas when I can use my card and pay back less when I get home and pay it off. It's stupid to not use the card. Cash is such a hassle.
@chizorama 6 ай бұрын
The younger generation not getting the sardonic humor of the 90's, the old man knows he's not going to buy a pick up truck eating at BK, he was being facetious, sheesh...
@thisguyrighthere4634 7 ай бұрын
$3.10 for a meal what a combo
@buzgnat 7 ай бұрын
How do you make videos I need in my life before I know myself!! Lol love a kamel fix
@spencersgarage 7 ай бұрын
Just think… 30 years from now people will think like this about crypto.
@chemquests 7 ай бұрын
I doubt it. They’ll probably say “what’s that, never heard of it”
@RyansuBike 7 ай бұрын
George its a serious breach in etiquette to skip past the double dog dare and go straight to the triple dog dare.
@cheesecurd100s 7 ай бұрын
Never had a credit card in my life and never plan too
@user-pb2vo4pt3t 7 ай бұрын
I felt the same way thirty years ago as I do today.... _If you cannot pay cash, stay home._
@marinhusky8863 7 ай бұрын
I was working at McDonald's in the early 90s and at that time they only took cash and travellers checks. Like this video, a couple years later they offered credit as a choice and hardly anyone used it. It also took a long time to process b/c the credit card machine had to go through the fax line. Of course now with debit cards, people don't have to carry as much cash and still don't go into debt.
@scrappyny7432 7 ай бұрын
When I turned 18 (1994) I got my first CC (JC Penny) after a few months VISA sent me one I was so excited. Now I haven't used a CC since 2016 and never saved so much money since doing so. Looking back if only I knew then what I know now.
@majorlagg9321 Ай бұрын
You forgot to mention that the guy saving his points for his truck is not going to be allowed to hold them for 175 years. I remember when we went out to run errands, the first stop for my parents was the bank so they can withdraw the cash we needed.
@jasonperry7970 5 ай бұрын
The 93 example was high tech with magnetic swipe. Before that we used to mail the imprints in for processing.
@mtbco 7 ай бұрын
I don't think the GM card guy was serious - it seemed that he was being sarcastic
@mariad3011 7 ай бұрын
Great video George! I have a question what about the safety of using a debit card? I was told by a millionaire that they NEVER pay with a debit card because of the chance the debit card getting compromised. Isn't the bank able to recover your funds if the debit card is stolen, etc vs a credit card? I hope that makes sense...Thank you!
@slackjaw4270 7 ай бұрын
Correct. Cut up and call to cancel debt card.
@krissimons1339 7 ай бұрын
The problem with debit cards is there is a delay in getting your money credited back to your account and so checks could bounce and your access to your own cash is curtailed. If a credit card is compromised, you still have access to your money (or other credit cards) while you wait to get it resolved. I've never had a debit card as there is no advantage to having one, only disadvantages.
@ajalicea1091 Ай бұрын
A lot of businesses STILL DON'T WANT TO DEAL WITH the card companies and ALL THE FEES. In fact they are posting signs stating that there will be fee added to use ANY FORM of plastic. Debit or Credit.
@RETUSAF1995 7 ай бұрын
I last used a credit/debt card in June 2001. I have no credit debt card debt. My car has been paid for since 2008!!!
@Jhosey74 7 ай бұрын
Kinda weird to think that I'm older than when credit cards became acceptable at BK.
@dkstudioart 7 ай бұрын
I hate to say it but I was abusing credit cards before 1993, obviously not for fast food but there were plenty of other stores that had no problem taking them! But even well before credit cards became ubiquitous there was the store charge accounts, my Mom had a few of those as my Dad discovered shortly after their divorce, (1970's).
@nathanmartin9308 7 ай бұрын
Working on my first badge of honor......living the last 5 years without a credit card.....turns out you dont need one!🎉🎉🎉
@sidwhiting665 7 ай бұрын
I work for a Fortune 500 retailer and I can tell you credit cards absolutely are tied to higher ticket sales and impulse purchasing. Credit tickets are consistently 17% higher than cash tickets on average. So all those people who are "just buying stuff they'd buy anyway and paying it off each month..." .... yeah, you're overspending. Constantly. That's where your 3% perks come from. Not necessarily interest or fees: simply overspending.
@737Parkie 7 ай бұрын
I remember those slide machines with paper they’d run your card through. A comedian on Letterman (don’t remember who) said that they should run your hand through the machine to discourage people using them. 👍🏻
@loganmedia1142 7 ай бұрын
It was probably easier to overspend in those days. Now I get a notification for each purchase which reminds me how much I just spent and how much is left for the month. One of the things I really like about modern credit cards.
@737Parkie 7 ай бұрын
@@loganmedia1142 I rarely use mine and I purposely have a low limit.
@Alexis-wh2de 7 ай бұрын
I love how histprically, Americans (mainly Boomers) widely believed CC's were for pricier nice haves or during vacations only. Today, many people think you're weird if you're not using CC's to pay for everything possible. Meanwhile, almost every year since national credit card debt has only increased. Also, Americans have saved less and less for retirement. And we're unhealthier. And we're more overworked. I proudly refuse to use credit cards as an act of rebellion against dominant American culture that has made Americans overall worse off.
@loganmedia1142 7 ай бұрын
I was surprised to learn this about the US. We'd been using credit cards for almost everything long before the 1990s.
@saraho3606 7 ай бұрын
We need a where are they now of this video
@Pjsafa7373 7 ай бұрын
I agree with you 100%. We have one Credit Card that we use only for online purchases (pay it off at the end of every cycle) because we are afraid of using our Debit card for online purchase. We would happily cut up the CC and only use our Debit if you tell me it is just as safe to use. Is it? Why have we been told it is not? Have watched so many of your videos and Dave's and have never seen this addressed. TY
@paulinedudley9656 7 ай бұрын
I looked up the news anchor, Jamie Costello, and he's still at it reporting the news in Baltimore
@johnroark9568 7 ай бұрын
I ate at a Burger King once. It cost me about $600... To get my stomach pumped
@ZillasCoop 7 ай бұрын
Not understanding why it would be useful to use on vacation tells me either you have never traveled with kids or you werent the one managing behavior/food/finances all at the same time. Having one less thing to think about /wrestle with at key moments can be a life saver.
@matthewhall1538 7 ай бұрын
Used my credit card for all purchases then would pay it at the end of the month. Stopped doing that and started using Every Dollar and my debit card. Paid off a 6k loan in two and a half months with the money I stopped wasting. Do this people it works. Great content @GeorgeKamel keep it up.
@loganmedia1142 7 ай бұрын
Credit card, debit card, they're almost the same thing as far as I'm concerned. The debit card is somewhat inferior in various ways. But as far as how much I can and will spend in a month they are obviously identical.
@krissimons1339 7 ай бұрын
@@loganmedia1142 The only thing different though is that with a debit card you can't spend more than is in your account the card is attached to, so it does limit your spending in that regard. That said, I don't have a debit card because to me it's inferior to a credit card and opens your bank account to being cleaned out (at least until the bank decides to reimburse your account).
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