Same thing happened to me, except my first card was at 18. I promised myself I would never carry a balance. But one emergency later, it all went downhill. It consumed my entire 20s.

What was your question about credit cards?

@@bartdoo5757He’s not answering you

Yes! Finally someone who gets it. I got rid of my credit cards in 2017 and never look back. I pay cash for cars and everything. I wish I would have been paying cash 20 years ago but I thought you needed to have credit to get ahead in life. I was grossly misinformed lol.

@L.R. congrats!! It really is amazing. This is my 5th year. We have been 100% debt free including the house since early 2020 and the grass really does feel different. Gives you so many more options in your life.

@L.R. thanks. You'll get there as well.

@L.R. that's actually what I did with this house. We paid cash instead of paying it off.We sold our house in 2018. It had over 200k in equity in less then 4 years because it was a foreclosure. We moved to a lower cost of living state then our ca and paid cash. The house is 3,100sqft on 3.5 acres with 2 barns. I love it.

I agree. Paying cash helps to reduce the stress in your life. So does living on a budget.

Something is missing here. Doesn't make sense on why they would come up with that reason

If that's the full story then it would be great fodder for a lawsuit. There's something else going on there.

Exactly! We use our cc to pay for everything including bills. We use it responsibly and always pay off our card. We use our cash back to fund our Christmas account. I know not everyone uses cc’s responsibly but it’s a great tool for people that are disciplined.

I totally agree. I pay off my 2 credit cards every month and get 3% for every purchase. I even put some of my bills on them to get more reward money. It all depends on how you use them and how you spend your money. Use common sense and spend wisely.

The thing with cash that people who insist on only using cash (and not even debit cards) is that it sets you up on being a target for getting mugged, potentially or, more likely, being “accidentally” shorted by the cashier when being handed your change. I can’t tell you how many times a cashier would just count the bills at the till and then hand me a stack without counting it out, only for me to count it back and discover I was $1 or $2 short. Once a college bookstore cashier shorted me a whole $20 bill for a $200+ textbook. When I confronted her about it she just handed me the $20 she was going to short me. Mostly the shorts come in the form of coins but for that reason I almost never use cash. One less thing to worry about.

Those people that only use debit and don't save for retirement are definitely doing it wrong. You want to save for the future. As for credit cards. I had them for decades with no problem but the first baby step is to cut them up and close them if their paid off. I did that in 2017. Never looked back. I still get airline miles,free hotel stays, 2% to 4% cash back on purchases,cash back on gas. I actually get way more money back with my debit then I ever did with my credit cards.

@@msport4769 not a lot of people only use cash. Most use debit. Not even Rachel Cruz or Dave ramsey recommend only actual cash. It is very unsafe. It is great to use the cash envelope system but for only certain categories like groceries and fun money and not to carry all of them at once. Only the category your using that day

@@dreams2383 What debit card/bank do you use for the cash back?

That shows you're not financially responsible.

Thats because of YOU, not the card Never blame the tool, blame the person using it

🤯 Congratulations! You're a dipwad

@@johndone8045 It's like asking for casinos or online gambling to close because you can't resist. I hate gambling except for a twice a year scratch off but it's not fair to others. You don't demonize one thing if you can't be responsible. Now school loans for 18 year olds, I have issues with. They need a class in high school on them and budgeting. One semester, required course.

Your body can not physiologically tell the difference between a credit and a debit card.

Many of my local restaurants give a discount for cash.

That’s great, credit cards give me 6% back on grocery, 3% off Costco, 5% off Amazon, 6% off streaming, 5% off gas and dining, 5% off utilities, phone and internet/cable, at least 2.25% on everything else. It’s just tough to beat, and this is all subsidized by everyone refusing to use credit cards, lol.

@@jw4172 What credit card are you using????

@CSD it’s a few that add up to a system for me. All paid off every month. It also acts as a 45 day interest free loan where that money gained 2% interest currently in my SoFi bank account. A few of my cards were set it and forget it for bills or the Amazon. Like Dave’s envelope system, every one of my cards has a specific task or 2, lol.

@Evan McCue there’s no interest over time, or at all. If you pay your credit card off it’s essentially a charge card, you only pay interest if you don’t pay off your balance, and after 27 years, I always have.

Exactly!

Yep, if you are responsible with credit card usage they definitely pay off with the benefits offered, which of course is the lure and sales pitch cc companies use, but responsible users are ahead of the game.

But, 23 cards? I have one with a zero balance!

@@cherylT321 That's great. I just like to have all categories covered to maximize pts and cash back for both personal and business cards

@@SledgeIncTeam 😊

@@cherylT321 Adding cards is also a strategy to increase your credit limit, which lowers your utilization. This goes far to increasing your credit score.

Only a mortgage debt is ok.

Agree. I gave just 1 cc to make certain reservations

I got rid of my credit cards in 2017. I rent cars,stay at hotels, get airline miles,get % cash back all without credit cards. All can be done with ought a credit card and I was a responsible credit card user before but when you decide to live debt free you find you don't need one anymore. It's just another bill at the end of the month or after the charge posts that I just don't need. I like having minimal amount of monthly bills to worry about. Also Dave doesn't only help the irresponsible. Many people that do the baby steps are great with money and have no debt but want to grow their wealth faster. To have peace with their finances.

@@dreams2383 I understand and agree with most of your comments. Except building wealth and living debt free are two different goals which require different strategies.

@@dreams2383 just curious how do you reserve a car rental, buy concert tickets, rent a hotel room, etc., without a credit card. And must be far more to your post that you’re not sharing, seems like something is missing that someone who never paid interest would give up the perks of a credit card so they didn’t have to think about paying the bill.

Exactly

George has. There’s a video of it. And renting a car. It is different but not impossible

Not true. It used to be true that if you use a debit card you don't have the same protection but that's not true anymore. I've read all the fine print when I had credit cards and my debit card. I have the same fraud protection. In fact when I did have a fraud charge the bank stopped it before it was even used and contacted me. I wasn't out of money, I didn't have to wait to get to my account etc. Also I still get airline miles,cash back, points, I rent cars,hotels all that. I get the airline miles right from the airline themselves with their app. My bank gives me 2% cash back on places I use my card, and the place I get gas at gives me 2%-4% depending if it's a gas or food purchase. I haven't had a credit card since 2017. Things have definitely changed over the last 5 years drastically.

@@dreams2383 In theory, the are same(ish). But in practice, with a debit card, you are at the mercy of the bank to do the right thing and make you whole. With a cc, if there is fraud, you are in control- you can withhold payment.

True! I only use one for travel and part off. I have no debt thank God 🤗🙏

I totally agree. I pay everything with credit cards, including recurring monthly bills such as utilities. I make up to 6% cash back (that is on GROCERIES), and pay my bills in full monthly. Wow - making money using credit cards. What a fool I am!!!

@@lindab2323 The strawman argument Ramsey folks always use is "I never heard of someone becoming a millionaire by getting cash back rewards from credit cards". Ramsey advice is a path to wealth but it is a very slow, low-risk path.

@@CarC369 Is your path to wealth through credit cards?😂😂

@@lindab2323 To maximize cash back guess what you have to do? Spend more money!!! Behavior studies show people spend 12-20% more when they use a credit card versus a debit or even cash. Despite what you think, you're not outsmarting a multi-billion dollar industry😂😂😂😂😂

Why doesn't the balance owed get stolen too?! If there was a law that balances outstanding have to be 100% forgiven and treated as paid in full if there is any security breach my guess these security breaches would disappear fast. Banks have no skin in the game so why should they spend more for good security if their interests are always fine?

You do realize debit cards don't have the same level of consumer protection as credit cards

They hack debit even more. With that they have my money, when my CC was hacked, I didn't cry like my coworker. One call got me new card and no charges. Coworker had thousands taken out of debit checking and it took a month or so to get it back.

@@15KHPCLUB I would NEVER use debit at gas etc Too many people I know got hacked and it takes much longer to get money back. No money back with credit. If you can't control yourself, get a low limit card. I know someone who got 500, but banks are horrible with returning your money quickly

All valid points. I was more so talking about the credit reporting agencies getting hacked. Heard about it a few times ...

The credit card debt comes out of your checking account to pay off your credit card debt.

I don't know why people don't grasp that

No they don’t. You are not getting anything more just because you get cash back. You are actually spending more than the person who doesn’t use cc.

@@DisciplineOverMotivation-rj6tc you have any idea what consumer staples are?

No, the price at checkout is the same for everyone. You get your rewards from the interest collected when the majority of people don’t pay off their balance. Cash people aren’t paying more, credit card people with balances are paying more.

@@WoodsintheBurg94 All business raise their prices to cover charges for cc swipes. So with cash you are paying more for your goods just as I am, but I get the rewards back for it. Cash payers do not.

The Largest Credit Card Issuers Chase: $743.5 billion. American Express: $673.9 billion. Citibank: $399.8 billion. Capital One: $353.1 billion. Bank of America: $339.4 billion. Discover: $142.8 billion. U.S. Bank: $136.8 billion. Wells Fargo: $101.4 billion.

I think this is a great point!

I own a business , I accept CCs. I get charged a fee to handle them on EVERY purchase. guess who pays for that? YOU! I also mark my prices up enough to make money for your convenience. I love your credit card more than you do.

@@alinatamashevich3354 Yep! My dry cleaners actually gives cash paying customers 4% discount. Yes I’ll pay cash for that discount. Most retailers don’t offer discount for paying cash, otherwise I would pay in cash more frequently. PLUS my TWO credit cards offer consumer protection on all charges.

Yeeeessss! I get what Rachel is saying to an extent but she would rather all the $$ go to those Credit Card companies than have those of us that are actually diligent about credit card use benefit from their rewards programs? This is a problem that is not going away and I don’t believe that I’m contributing to it just because I use them for rewards and convenience.

@@jessicaferguson4430 There are no free lunches. Have an accident and miss a payment, see how well the CC companies treat you.

I understand how her dad thinks but I've known many who treat credit like cash but it's safer. They pay off card and every dollar spent is a dollar earned and I had enough to buy my husband a 100 gift at xmas. Sure if I paid interest it isn't good but if you don't, you might be minority but it works. My daughter had trip to UK paid and stayed with relatives. I'm supposed to tell her saving the 700 was better when she could keep that 700 in bank? Using it for gas for work (she travels far) helped that trip come.

Yes!!

I pay my balance in full every month for years. AMEX called and offered a 3.99% on purchases for a year because of my valued customer status. I answered 'you want to give me something you know I wouldn't use? If I am really a valued customer why don't you give me something useful instead, like a statement credit every month for that same year? '. They obviously laughed and that was the end of their pitch.

Same credit cards are great if used right

There will come a time when you forget or suddenly are unable to pay it off (job loss or otherwise). In addition to that, it's not just about if YOU can do that. By using a credit card, you are encouraging an industry that makes billions off the less fortunate. You are telling them that it's okay to do this as long as someone else foots the bill for it. You are basically taking money from other people's wallets on a gamble that you think you won't ever have money issues. The industry is 100% corrupt and is not trying to do you a favor by giving you cash back. They are using the masses to encourage companies to take and push credit card use despite its obviously evil designs. Stop taking advantage of others and shred the credit cards and don't use them again. Using them encourages more debt options to surface.

Are you sure no interest? It doesn't work like that here

@@Gio-nl7eg I remember in my youth, 60's neighbor asking me to get her mail to hide bills from husband, I remember all the "bad checks" people would write when I worked in the late 70's in a store. Behavior needs to be addressed, the check, cards, etc just made it easier. I articles many "debt free" fans now use cards, hopefully wisely. I feel when an employee's wife who used to work at Ramsey said she felt she had to hide her CC, it's a cult like thing, not wise or unwise.

If everyone used a credit card responsibly, you wouldn't be getting your silly cash back. If stores stopped taking credit cards, things would be 2-5% cheaper.

@@scarpfish yeah well as long as we have ramsey cultists with no self control I guess I don't have to worry about that.

@@scarpfish not true. People forget Credit cards make money on every single transaction. Even if everyone in the world was responsible Credit Cards still make money from the merchant thus would still offer incentive for people to use them

Lots of people don't know how to control their purchasing urges or don't pay attention to their finances and budget.

except when ur debit card gets compromised all YOUR cash in that account is gone til they fix it with a cc its THEIR problem

It leaves your ledger amount. Ouch.

I work in banking and rarely use my debit card. Its just not the same as credit cards.

Yes. Dave Ramsey and co are a bunch of clowns

@@rg-mi5hh Same with a credit card. Online real time balances. Debit cards have nothing on credit cards, and less fraud protection ( unless you want to float whatever amount is in question until they spend days or weeks figuring it out ).

@@stevenporter863 My coworker had 5000 taken out of her bank. Took so long to get it back, police reports, going to bank. Had to tell landlord. My am express was hacked twice in 20 years. One call, new card, no expenses. My debit was hacked from Walmart, noticed it luckily that night, only about 100, but it took the same reports, waiting a week or so for new card. Never will let that happen again if I can help it. You feel much more violated.

Congratulations!! You Sir just received 100,000 SimpReward Points !! Redeemable at the bar inside your local Applebee's

I agree. I am very aware that I'm auto-paying my full owed amount and cannot spend on extras just necessities (like diapers...)

It will be now that biden is working on student loan forgiveness program

Exactly. Why feel guilty about my rewards others who aren't responsible pay for?

I pay my Amazon card monthly, it's only 500 limit, I have 850 credit score, get points for getting things I usually buy and use them to pay for Xmas gifts etc. and got many "free". I understand what they company wants me to do but if I don't play it works out fine.

@@deb9806 exactly!

I prefer a debt card since it takes care of present debt but a credit card pays on past debt.