I’m reading through the comments on this video and I’m not sure why certain people watch and comment. It’s like arguing with a priest on why abortion is a good thing. I considered replying to some of the comments, but then I decided that my time is more valuable than to argue with strangers on the Internet.

Crust card companies know that some people will always pay off their balance every month on time and get the rewards - but most people will not and will wind up paying interest at some point. So, while it is true that some people will come out slightly ahead from using credit cards - the credit cards companies will always win.

@user-yb5bg8im5g

4 ай бұрын

it's not winning or losing. they are a business and we have signed a contract. we don't have to. we CHOOSE. they are not evil...

3% of 300 is 9.. not 3

@Stop007

2 жыл бұрын

She meant to say 3% of 100 but her tongue tripped as she just said 3 (as in 3%) just before. It's a common mistake and I know what she meant as the baseline for percentage comparisons is always 100.

@DallasJack1

2 жыл бұрын

@@Stop007 no she didn't mean anything she just messed up

@joshualeesherman

Жыл бұрын

It was a mistake, but this comment missed the point of the video.

@TheSoulCrisis

3 ай бұрын

The real answer is “not enough to engage in the credit TRAP CARD ACTIVATED!!” 😂

Video is very helpful for young people who don't have credit cards maxed out yet!

"1 in 5 people have maxed out a credit card"... so that means 80% of people haven't. Pretty good odds if you ask me. "People spend 83% more using a credit card" That also applies to a debit card, which you guys recommend. Here's a real statistic for you, 36% of active credit card accounts, don't carry a balance, meaning over a 3rd of people actually can pay them off every month without penalty while also getting cash back/rewards.

@KyleePicc

2 жыл бұрын

In general the audience of this channel are the people on the wrong side of those percentages. I would assume this is highly geared toward them.

@janelleg597

2 жыл бұрын

Not having a balance is separate from the idea that most people spend more with a card

@alexandervilla5673

2 жыл бұрын

That's a weird way of saying almost 2/3 of people DON'T pay off their card every month and end up paying interest....

@markg999

Жыл бұрын

@@alexandervilla5673 Not everyone is responsible unfortunately.

I have 2 credit cards & both pay me "cash back". My Amazon gives me 5% off every order so since I pay the balance off each month- it's costing them for me to have their card.

I pay my bill weekly. I never pay interest and I earn rewards every year ( 300.00 a year)

So when you say you can get a mortgage without a credit score. . . Um nah? At least not where I live. Our credit score is amazing but the bank won't approve us because we dont have revolving credit so. . .

@ThraxMan84

Ай бұрын

Ask your lender for a manual underwriting.

I usually like your content, but respectfully I believe you are wrong on this one. I use my chase cards for EVERYTHING I buy, and go on vacations every year, to beautiful places all over the world, with my points. The secret is not get accumulated debt, but to payoff the balance… I haven’t paid a single penny in interests to credit cards in over 10 years…. In addition to that, the extra benefits, insurances, protections, etc, are totally worth it… just my two cents… all is take is for you to be organized and smart with your credits cards, and you will be in great shape.

Of course they aren't there to help you. Most for profit businesses aren't. You have to have personal responsibility. I have 16 credit cards and 5 charge cards. I don't pay interest. They make their money from me using the cards and I take advantage of the points, hotel and airline status, cash back etc..

All the money we spend everyday, what's wrong with getting cash back reward. My cash back pays auto, boat, and home insurance every year. Free insurance to me Or this cash back can help build your emergency 1,000 fund that dave has always ask to do first. I can't count the number of times my car broke down and I didn't have to break my 1000 cash emergency because I had over 1000 in cash back. Cash back can help pay for a full tank when u go visit grandma once a year or few fill up for vacation trip. This is not to get rich, just dollars earned that can help u for a bump on the road. I tell u this much, I'm sure Dave has a cash back card that pays him over 30k which he use to reward his employees at end of year Any amount cash back earn is better then nothing I mean our everyday spending Gas Food Light bill Phones Repairs Coffee ☕ Restaurant Vacation. Get reward and see how much u get back end of year. I recommend discover and blue American express. That capital one 1.5% is a joke

@frankalmanzar3492

2 жыл бұрын

Cash back is better than nothing. Sure, but what if there’s a risk? If you have a good experience with credit cards over a long period of time and you know for certain you’re not spending more than what you need to (maybe not all, but generally, people that like to use credit cards often spend more money. So I think that also should be considered too), then good for you.

@15KHPCLUB

2 жыл бұрын

Dave doesn't reward his employees with anything He only cares about himself and his success

I only spend on my credit card what I can pay off comfortably with my next paycheque. To be honest, after three years I have never paid interest! Yet still although not necessary based on Ramsey's principles it is much easier in life with a credit score.

@dracos585585

2 жыл бұрын

I agree most people are weak. For me, it is just like my debit card.

@dracos585585

2 жыл бұрын

I wonder what would happen if I hit a stretch of bad luck! I agree it might be tempting to bail myself out!

The biggest advantage to having a credit card over a debit card is that a credit card gives you better fraud protection especially online. Debit card does not do the same thing.

@debrajean743

2 жыл бұрын

Mark I have a Capital One Debit card and they immediately dispute any charge and take the charge off your account, just like a credit card does. So maybe it depends on the bank.

@markhines192

2 жыл бұрын

@@debrajean743 thanks Debra. Island corrected.

@angeluceta5688

2 жыл бұрын

​@@debrajean743 same

@zinapasiva5112

Жыл бұрын

Yes it does

@maradolge4532

Жыл бұрын

You wrong, protection is the same

Rachel should be embarrassed! 3% of $300 is $9, not $3

Had my Discover for over 10 years now and how much interest have they charged me during that time? ZERO

@vincent8900

2 жыл бұрын

imagine feeling the need to brag about paying no interest on a card that pays 1 to 5 pennies on every 1 dollar spent on certain categories for a certain time of year up to a certain amount on a KZread channel that helps people who fall victim to high-interest debt.

@15KHPCLUB

2 жыл бұрын

@@vincent8900 If that's all your card company is giving you, your cards are dogshit my friend

@markg999

Жыл бұрын

@@vincent8900 Many here aren't in debt and are good with money...and just like discussing personal finance....I don't pay cc Interest either.

@user-yb5bg8im5g

4 ай бұрын

a statement of fact is not a brag. a person does not ''fall victim'' when they sign a contract. they choose to enter into an sagreement.@@vincent8900

@daves7775

3 ай бұрын

And Discover Bank now offers a Checking Debit Card - that pays 3% on up to $3K per month. I am shortly going to pay the first Half of my Property taxes using said card - since my county is presently only charging $1.50 flat fee for paying using a debit card. Much safer than a Check. But most gov agencies - charge exorbitant fees for using a CC. Discover Bank also presently has "great" interest paying on their Savings account.

Maybe some can’t handle it, but others definitely can. You have to know yourself. We’ve had credit cards for 12 years, never EVER pay interest, and get $1,000 cash back every year.

@mgb5170

Жыл бұрын

You're benefiting from a poor person not paying her account in full. So if you want that karma that's on you

@user-ex2yt1pl6u

11 ай бұрын

Everyone on the internet claims they have never paid interest, which is in contrast to what the statistics say about revolving credit card users. Some of you are professional lairs, and I do not believe you.

“YOU KNOW WHAT 3% OF $300 is? YEAH, IT’S $3.” Uhh not quite.

In Canada, the interest is up to 29.5%. That should be criminal.

I support people not wanting to use credit cards especially when they know that they won't be able to use them responsibly and/or track them but so much of this is wrong and emotion mongering just like the ads she's dismissing lol

@Leeon_King

2 жыл бұрын

@@christopherru100 100% agreed.

@user-yb5bg8im5g

4 ай бұрын

it's part of their business model, which makes it BOTH lol and hypocritical...@@Leeon_King

Almost 9 minutes, and not a single word about "spending responsibly". Only victimization talk. Debt only happens when you don't pay your bills. Credit card companies don't force people to NOT PAY BILLS. The idea of "credit card traps" only sweeps the concept of personal responsibility under the rug. "It's not my fault, they tricked me!" No, they didn't, and yes it IS your fault. If you treated a credit card LIKE a debit card, you'd never get into debt in the first place. You charge $100, you pay $100. There should never be a reason for having $5000 of credit card debt.

@Pantaro2007

Жыл бұрын

nice to see comments like this! you cant blame a piece of plastic for someone's bad relationship with spending! take responsibility for your own actions period!

In Mexico credit cards go up to 60% interest rate.

Very informative video! By the way, when you say "Cheers to the work you did to raise that credit score", doesn't it mean you paid something on your debt instead of having more?

How can we load our spending money on a separate card, so we don't touch bill money? We don't like using cash

Budget and use credit cards far better than debit cards… you can live with credit cards and have a budget you don’t pay extra if you pay off your cards. Can’t disagree more

Some credit card gives you car rental insurance. Hotel credit cards gives you instant elite statuses. Airline credit cards gives you free check bags and priority boarding.

I have never had one but I w ant one to build my credit never had one how to get one

We save well over 15% of income and our cc gave us a free summer vacation this past month. Of course not all should have one..only if disciplined with money. Some can't do it.

I stopped using my credit cards. I was even responsible and paid them off every month. It is indeed true people tend to spend more using them than with paying with cash or a debit card. That's the whole point of not using a credit card so you don't over spend. And it seems so criminal getting rewards on the backs of who don't use their credit cards properly. The rewards aren't that great anyways.

I just my Credit card in Full today!! Even my due on 25th lol 😆😆

Rachel you need a credit card to rent a car, to rent an apartment, and sometimes you need a good credit rating to get a job, so I think you guys are probably wrong about your attitude toward credit cards. They're only bad if people can't handle it and pay it off every month. Otherwise they're very handy for getting cash back and points which amount to discounts on what you buy.

@alexandervilla5673

2 жыл бұрын

No you don't.

@enriquelinares9218

2 жыл бұрын

@@alexandervilla5673 yes. Yes you need a credit score for many things other than getting credit. If you don’t have a credit score most renters will not accept you or they will ask for a bigger deposit. On top of this, insurance companies use your credit score so if you want to have the lowest possible insurance premium you need to have a credit score. And when it comes to buying a house you can get it without a credit score but you need to go with a manual underwriting. This cost the lender more money and they Will pass that cost to you the borrower. So in conclusion. You can decide to go without a credit score. But is going to cost you real money. There are no buts about it. In the other hand having a credit card is a easy way to build credit. And assuming you are using a budget and using your credit card as cash ( you only buy what you can afford and you have the cash on hand to pay it off) it should not be a problem. And on top of that you get cash back that is as getting a discount on all your purchases.

@CDTucker336

2 жыл бұрын

Says only the people who haven't done it. I've rented a lot of places and had many jobs without a credit score. I am a future millionaire too. None of my indebted family can say that.

@AieMem67

2 жыл бұрын

She Comes from a Wealthy Family and Inherited money

@alexandervilla5673

2 жыл бұрын

@@enriquelinares9218 So if I understand correctly. Not having a credit card won't actually prevent you from doing anything? Bigger deposit? Ok, I'll pay a bigger deposit, big whoop. Bigger insurance premium? Ok, I'll lower the coverage because I have a paid off car and don't have to have full coverage because I have payments on my car. Mortgage company is gonna pass the costs on to me because of manual underwriting? Ok, and? Do those costs equate to 100k or something outrageous? If no, then I don't care. And again, if I understand correctly. I could use a credit card *like* I use cash? Well, that sounds like using my own money with extra steps. Using credit cards gives me a discount on my purchases? Know what else gives you a discount on purchases? Coupons.... and those discounts are a whole lot bigger than 1 or 3%....

I am in do much debt with my credit cards I buy books with my credit cards and can't pay them each month please help me get out of debt with my credit cards please

Man, people just can't take ownership for their irresponsibility We all have our vices whether it's drugs, alcohol, gambling, spending, etc. We're all aware of what we're doing so if we get into trouble because of it, how is it the company's fault??? You knew the consequences, yet you've agreed to the terms You made a deal with the devil, now learn your lesson, and get on with your life Stop blaming others for your failures Either use the products responsibly, or do without That simple

I have no revolving debt except my 3% mortgage. My credit card system gets me 6% back on groceries; 5% off utilities, phone, cable, and internet; 6% off streaming; 5% back Amazon/whole foods; 5% back in gas; and at least 2.25% back on everything else. Paid off every month, use Mint for budgeting. With my family spending and bonus sign up rewards, we get around $5k/year. We’re upper middle class so we do have higher than normal spending, but nothing we can’t afford. Fully funded retirement and a nice savings for emergencies which gets 2% back in checking and savings from your “evil” SoFi. Not taking a balanced approach to personal finance and using a canned approach is a disservice to many that could use extra cash from what they spend anyway. The key to having money is continuing to develop more streams, this being one. Also, when your debit gets jacked at a gas station, have fun clearing that up with your bank, with credit users, one call, that’s all. Your never responsible for unauthorized charges, but debit through banks will hassle you and your on a clock before the charges are yours permanently.

Love my credit cards I only buy what I want get lots of points have enough to stay in a nice hotel few nights for free. Always pay off every month

My Costco card was paying 4% cash back. So I canceled it. Why? It was costing $60 /yr for membership that I didn't really use. My Target card pays 2% cash back and is FREE. Also canceled Netflix $204 / yr and got Tubi and Roko which is free.

@lisahaynes677

2 жыл бұрын

U can get a membership without a credit card that’s what I have

@PickledHam

2 жыл бұрын

@@lisahaynes677 Right, but trying to cut cost buy eliminating unneeded subscriptions

@metaltera86

Жыл бұрын

Yes not to mention Cosco requires you to renew your membership before you’re allowed to cash in your rewards

Even if u pay your credit card off every month, They might not make money off u but they make money off all your purchases they charge to the store. They really want u to shop.

@ernesth8782

2 жыл бұрын

A lot off ppl are missing this point.

If you're going to argue that using credit cards automatically makes someone financially irresponsible, then you better be against using coupons or companies having huge sales events as well.

@npham1198

2 жыл бұрын

Exactly!

@prestonryan8068

2 жыл бұрын

I dont think half of the American people are paying 17%+ interest on coupon debt.

Credit card interest doesn’t matter if you are responsible and don’t overspend and pay it off every month

It all comes down to responsibility. Buy the things you were already going to buy anyway. You already have the money for it in your bank account. Pay your credit card bills in full every single month. You'll never pay any interest. You'll be just fine. Be honest with yourself. If you can't do that, credit cards ain't for everybody & that's ok.

3 percent of 300 is 9, but I see what you mean.

I been trying games to make money online but they seems like scams. I like to know how I make extra money with my job? I been to FPU to get partner, no one wants to partner with me. I am single!

@Stop007

2 жыл бұрын

When people advertise US Treasury Bonds they ignore the fact that while official (highly manipulated) inflation might be 9%, ACTUAL inflation is closer to 15-30% depending on your expenses, which means that anything that gives you less of a rate of return than that is giving away free money. In the case of Treasury Bonds, you are essentially giving an interest-free loan to the government.

I will like to know where you can get a mortgage without credit????🤔🤔🤦‍♀️

@ThraxMan84

Ай бұрын

Ask for a manual underwriting.

5:48 Nine percent inflation… with 3% cashback I can make a profit of -6%.

7:20 It’s not a birthday cake. It’s a debt score cake.

I have never had Credit Cards , Loans becuase I dont need to

3% of $300 is $9.00

They're trying to help you... incur debt.

Funny how people defend credit cards so much. Some people in the chat should work for credit card companies.

@enriquelinares9218

2 жыл бұрын

I mean. Some people are good using credit cards and pay them off every month. That does not mean you have to use them. Or that they are good for everyone. Most people don’t have the discipline to use a credit card responsable and paying it in full every month but let’s be honest. Is very arrogant to say that everyone that uses a credit card is an irresponsable person that can’t handle money.

@15KHPCLUB

Жыл бұрын

Let me guess, you're that guy who orders Coca Cola at the bar?

@enriquelinares9218

Жыл бұрын

@@15KHPCLUB what? No not really. I like a scotch on the rocks please 😙

@ThraxMan84

Ай бұрын

I was responsible with my credit cards but decided to stop using them. I can use cash and a debit card. Never cared for those monthly credit card bills. Paying as I go is a better option for me.

@ThraxMan84

Ай бұрын

@@enriquelinares9218 Most people overspend using a credit card. That was the whole point of it not being a good idea. I can personally say that using a credit card I didn't feel anything when making a purchase. But I surely do feel an impact when using cash. And that is another point as well.

6:00 3% of 300 = $9.. not $3.

3% of $300 is $3 LOL she is a real mathematician LOL

It's about time to stop demonizing credit cards. It's getting old

3% of $300 is actually $9 just sayin

By the way 3% of 300 is nine. Maybe you should learn some basic math before you talk authoritatively.

@Stop007

2 жыл бұрын

She meant to say 3% of 100 but her tongue tripped as she just said 3 (as in 3%) just before. It's a common mistake and I know what she meant as the baseline for percentage comparisons is always 100.

I am pretty sure she Have a credit card.

@jlkkauffman7942

Жыл бұрын

Why would you think that? Lots of people don’t have one. I don’t but not because I’m worried about going into debt but I think it’s a I can’t think of the word maybe a shady business, a large corporation preying on the young, people that are scared or never learned how to handle finances, people that had a run of bad luck and felt backed into a corner. They would be the ones giving me my cash back and I can’t feel good about that.

If your disciplined you should run all expenses through credit cards and pay in full every month.

3% of 300 is 9 not 3 😂 girl now I know why you can’t use a credit card. You don’t know basic math 😂

@Stop007

2 жыл бұрын

She meant to say 3% of 100 but her tongue tripped as she just said 3 (as in 3%) just before. It's a common mistake and I know what she meant as the baseline for percentage comparisons is always 100.

@orangecrush4362

2 жыл бұрын

I think she's doing alright bud 🤣. Clown 🤡

@richardshufflebottom4011

2 жыл бұрын

I backed it up to hear it again I can’t believe it lol

@jollama

8 ай бұрын

@@orangecrush4362You’re not the one with 25 likes

Just take your credit card and buy something that makes you a higher return than the interest on the credit card.

This is a great video but at the 6 Minute Mark you say 3% of 300 is $3 but it's actually $9 which still doesn't change the original Point you're trying to make haha

Wow your math is horrible...need to go back to school 3% of $300 is $9 not $3.

@Stop007

2 жыл бұрын

She meant to say 3% of 100 but her tongue tripped as she just said 3 (as in 3%) just before. It's a common mistake and I know what she meant as the baseline for percentage comparisons is always 100.

@IA-py9by

2 жыл бұрын

@@Stop007 no she did not...she is bad at math she admits it...she has to use pen and paper to do simply math.

''YOUR RESEARCH IS NOT MY REALITY'' thanks for the entertainment, tho.

Wait so a company actually wants to make money from their customer? That’s no different than any other company. Ramsey has always been wrong about credit cards