What's Wrong With A Credit Card If I Pay It Off Every Month?
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To me this person is using his Credit Card brilliantly
You don't have to be smarter than the credit card company, you just have to be smarter than the people paying interest every month.
I'm the opposite. When I have cash I spend with reckless abandon. I misplace and lose bills. Cash just seems to slip out of my pockets! With my card I track every penny. To all the wannabe Captain Obvious, I know this wasn't the point of the video. I know there's a difference debit/credit card. My point was not to argue with Dave! I was just getting something off my chest. If you don't like it, So what! Don't care.
He's forgetting that when cash is stolen it's gone. Credit cards can be cancelled when stolen. Cards also can give 1-2% back. Use a credit card and pay the full balance every month. If you are not disciplined enough to do that then sure, use cash.
Dave is right on a lot of things for most people, but this argument is akin to saying well you better not drink because everyone that does becomes an alcoholic.
Credit Cards are not the problem. The problem is a lack of discipline. Having a lack of discipline will hurt you in multiple areas of your life other than your finances. Why doesnât Dave attack the issue of lacking discipline instead attacking the credit cards which canât be used by themselves?
Credit cards are good for smart people.
This is the kind of video that reaffirms that Dave is great for people who don't understand money, but the dude has a depression era mindset when it comes to credit.
It is NOT arrogance to pay one's monthly bills on time! It's excellent handling of one's finances!
Honestly, tell me if Iâm wrong but if you have discipline, you can have a great cred score and also treat a cc like itâs cash.
I've always disagreed with him on this. I get 2% cash back on everything I buy. I've made thousands of dollars over the years and have never paid any interest nor have I bought anything extravagant.
Dave's wrong on this one. He's generalizing. I've done this for over 30 years. No debt, home paid for.
A good credit card will give you 1-3% cashback. That's hundreds of dollars a year for the average middle class person if they use it for most purchases. if you are financially disciplined and you pay it off every month, there is no downside.
Lol Dave mocking this guyâs arrogance when Dave is coming across much more arrogant...
Credit cards can either be your best friend or worst enemy depending upon how responsible or irresponsible you are with them.
Dave youâre making absolutely no sense on this one.
This is one of the few times I disagree with DR! Itâs a lot easier to track my spending and adjust my budget by tracking my credit card statements than it is to track cash spending. I think if youâre a responsible spender and pay off your balance every month and accrue $0 in interest, then thereâs nothing wrong with using credit cards.
I am the exact opposite. When I pay with a credit card, I can go online and see what I spent. I can see exactly how much I spent on food, clothes, utilities, whatever. With cash, it is so much more difficult to track unless I keep receipts or write down where I spent money. Keeping a budget is so much easier for me using credit cards than cash.
Sorry man, you're wrong on this one. Been using credit cards for 30 years, never carry a balance and I never buy more than what I needed.