Where are my anti-debt/credit card people at?

[ljalberta]

I like Ramsey, but I get between 1.5-3.0% cash back on every purchase. Never carry a balance. Unless you’re someone who has no restraint when it comes to spending, saving 1.5-3% on every purchase seems like a no brainer to me.

As a note, and it may have already been mentioned here - I didn’t read the whole thread. Dave is excellent and I always recommend him to people who need to get out of debt. But once you’re out of debt and in the wealth accumulation stage, there’s room for your investing and financial strategies to mature.

 

[dirtytough]

Reading all the anti credit card posts makes me think I’m a financial genius. Do people really give up free money?

 

[Ikmclean]

Reading all the anti credit card posts makes me think I’m a financial genius. Do people really give up free money?

There would be a lot of people better off if financial literacy was actually taught in public schools. I not going to let my kids learn it all on the fly like I had to.

 

[dirtytough]

There would be a lot of people better off if financial literacy was actually taught in public schools. I not going to let my kids learn it all on the fly like I had to.

Agreed.

 

[HuntHarder]

There would be a lot of people better off if financial literacy was actually taught in public schools. I not going to let my kids learn it all on the fly like I had to.

It is really sad that, as a society, we do not teach this at a young age. My parents are the cash is king kind of people and can't believe I invest, use credit cards for 95% of my purchases and reap the benefits. I am now 38 and have never payed a cent of interest EVER on credit cards. I would imagine I get a couple grand each year in credit card rewards and perks. Adds up over time. I do tell people tho, if you know you have no self control or financial savy, do not get a credit card. Stick to cash, so you do not end up worse off than you already are.

 

[ReaptheHeat]

Why would I give up a free 2-5% on all purchases that I have to make anyway? Food, gas, etc. Just pay it off every month.

 

[Bachto]

Well I posted this at work and then looked back just now. Lol I should have known this would start a shit storm. But I will say a few things

Guys…I have a debit card I didn’t mean actual cash. Well sometimes.

I know most of you don’t care, but your cash back and points aren’t the credit card companies being nice. Someone is paying for it through interest. I guess there is an argument that it’s someone else’s fault they suck with money. Probably.

For what it’s worth, my credit is a 780. Without using a credit card for the last almost 5 years.

I didn’t buy my house in cash. We have a goal of having a paid for house by the time I’m 40. Housing/property/land is the only thing I believe debt is okay.

My truck is paid for now, I did have a loan on it but got sick of that and paid it off as soon as possible. Since then I’ve just grown to like having paid for stuff.

Having payments on things just stresses me out and I very much realized that once I paid my truck off a few years ago and since then have just said it’s all for the birds.

Also, to those making comments about how I and others are dumb. I didn’t come into your credit card thread saying how dumb I think you are. Just saying.

 

[Ikmclean]

It is really sad that, as a society, we do not teach this at a young age. My parents are the cash is king kind of people and can't believe I invest, use credit cards for 95% of my purchases and reap the benefits. I am now 38 and have never payed a cent of interest EVER on credit cards. I would imagine I get a couple grand each year in credit card rewards and perks. Adds up over time. I do tell people tho, if you know you have no self control or financial savy, do not get a credit card. Stick to cash, so you do not end up worse off than you already are.

Usually end up paying a bit of interest this time of year, WY holds onto our application money for too long

 

[sacklunch]

Charge card dude...best of both worlds, all the perks of a card, zero of the CC debt, assuming you're responsible and can do simple math. Nobody in their right mind would blame a credit card for them going into debt, thats like blaming a car for you getting a DUI.

 

[Andrew12gauge]

Usually end up paying a bit of interest this time of year, WY holds onto our application money for too long

Why not just pay it off, then you’ll just have a big credit when they refund your money


Sent from my iPhone using Tapatalk

 

[BRTreedogs]

The fraud protection on a debit card is significantly less then a credit card.

 

[def90]

If you are able to pay cash you should be able to manage a credit card.

Charge all of your daily expenses and then before the due date every month pay it off. You collect points for free flights or whatever and at the end of the day it is no different than paying cash.

I put somewhere around $35k on my United business card every month and I pay the balance every couple weeks. The United card gets me free checked luggage and considering I take at least one flight a month that alone is saving me $80 or more a month.

The only time I would pay cash is if a certain retailer had a cheaper cash price for an item I was going to buy.

 

[browning2480]

Or lower insurance rates...

Sorry you don't have the discipline to pay it off every month.

You do you buddy. I have enough cash to buy whatever I want when I want. I don’t need a credit card.

Somehow I have low insurance rates also. Strange I know but you don’t need credit to have all the things you are speaking of.

Just like someone like you thought to jump to conclusions about someone you don’t know that does something different than you. Sad really

 

[hunterjmj]

We live debt free but also use a credit card. Have no house payment, car payments, etc. I follow a bit of Ramsey, Clark Howard and what works for us. To each his own. Monthly living expenses are so much I can't imagine having a house and/or car payment.

 

[Curmudgeon]

I have cards because of business expenses but I'm a cash kind of guy. My dad always taught me to never get caught out somewhere without some some greenbacks on your person. It never ceases to amuse me when you go to pay for something and the credit card machines are down and people are in meltdown because they don't have any cash on them. I've had to lend people money because they didn't have a single dollar bill.

 

[displacedtexan]

You do you buddy. I have enough cash to buy whatever I want when I want. I don’t need a credit card.

Somehow I have low insurance rates also. Strange I know but you don’t need credit to have all the things you are speaking of.

Just like someone like you thought to jump to conclusions about someone you don’t know that does something different than you. Sad really

Interesting that you assume I don't have the cash... Because I do.

We don't carry balances or pay interest. But we get 3% or so back on all our fuel and food. I'm sure your cash does that.

But one of my best friends is an insurance agent... All else equal, a 750+ credit score is a lower payment on car/home insurance.

 

[displacedtexan]

I have cards because of business expenses but I'm a cash kind of guy. My dad always taught me to never get caught out somewhere without some some greenbacks on your person. It never ceases to amuse me when you go to pay for something and the credit card machines are down and people are in meltdown because they don't have any cash on them. I've had to lend people money because they didn't have a single dollar bill.

Same. I always carry more than enough cash for whatever I'm doing... Even if the plan is to put it on the card.

 

[browning2480]

Interesting that you assume I don't have the cash... Because I do.

We don't carry balances or pay interest. But we get 3% or so back on all our fuel and food. I'm sure your cash does that.

But one of my best friends is an insurance agent... All else equal, a 750+ credit score is a lower payment on car/home insurance.

It wasn’t me that made an assumption about you. Never said anything about it. You on the other hand made a comment about how I was disciplined enough to pay off a card every month. Never said a thing about you.

Keep doing your thing. Doesn’t matter to me. I was just giving my perspective on the topic, not attacking someone else for theirs.

 

[NateO 77]

Nothing better than paying for my wife's new civic in 2019 with $100 dollar bills. Took 3 separate employees to count and sign off on the amount before we left. I don't think they understood when I said cash sale that it was actual cash.

 

[Ikmclean]

Same. I always carry more than enough cash for whatever I'm doing... Even if the plan is to put it on the card.

Good advice. I've seen it the other way also, lots of small towns close up shop early and no way to get fuel without a card.