The top rules of using credit cards are: 1 - Don’t spend money you don’t have. 2 - Pay off your bills in full every month. If you can’t abide by those rules, don’t use them.

16 thousand is the average? Dear lord, I had a 1000 balance one time and I felt like I was dying, can't imagine getting to 16k

@mationinfo

Жыл бұрын

Try 98k due to family scams and organized religion. I took ownership of this nightmare, cut off family members and got myself out of it!

@jordanhoman0212

Жыл бұрын

Everwhere I look, it says around 6k, not 16k

@scoutisabelle

Жыл бұрын

@@jordanhoman0212 $6,000 is just credit card debt. $16,000 is all debts including loans.

@frankvonfrauner

6 ай бұрын

@@mationinfoSounds more like organized crime.

2:45 The Ramsey team loves to guilt shame credit card users with this reason. No, I don’t feel bad that someone was irresponsible with money and that my rewards “came” from that person struggling

I really wish I would have been better with my finances years ago. Thank you for all your great insight.

@Harveykitty

Жыл бұрын

Me too

@ginah.864

Жыл бұрын

But you’re still here and it’s never too late! Encourage yourself for making changes now. 😊

Im not about to feel guilty for getting points bc someone else cant figure out how to live below their means 😅

@CB_4216

Жыл бұрын

No guilt here either. You can either pay interest or get paid interest. It’s a choice. I choose the latter.

@bettedavis9261

Жыл бұрын

I came here to say the exact same thing! Other people's mishandling of their money is not my problem. I won't be guilted into believing that.

This is why I play the points game for free travel and NEVER carry a balance on any of my cards.

@muichiroloverlol

Жыл бұрын

Boss, she’s saying you spend more money using cards as an excuse to accrue points.

@JonsCreditAndTravel

Жыл бұрын

@@muichiroloverlol I dont...but I understand what shw is saying.

I've been paying additional principal for two years in a row for my mortgage. The bank offered me their credit card and I said NO. But always something comes up like a new roof for my house. That's another dept.

@allanhood4397

Жыл бұрын

You need more income bro. Side hustles . Your working for the IRS

Thank you Rachel you are helping me tremendously your a true blessing from heaven , your explanations are easy to follow 🙏 for me i been working hard but my credit score is been poor for years and i feel am in a maze i cant find a way on pulling up my credit i made many mistakes in the past

Rachel, your new haircut is beautiful!😊

I'm glad that I always pay off my credit card. I don't care about the points but it is nice when you do get something free

@mationinfo

Жыл бұрын

And that something free caused you more than what you originally wanted to spend.

@bettedavis9261

Жыл бұрын

​​@@mationinfoot necessarily. That's a pretty broad assumption. I didn't spend more on my vacation rental home just because I put it in a cc. Nope, I had a budget for that house. I simply put it on my cc and promptly paid it off. Please don't assume everyone does the exact same thing you would do.

What if that’s all someone can afford just minimum payments

@zacknelson8918

Жыл бұрын

They never talk about the little guy, struggling to make ends meet, and the way everything is expensive now there is no way someone can save 500k for a home b4 they are grey and retired

Credit cards offer better fraud protection than debit cards “Who can take the hit better ? Gee I wonder hmm 🤔

@mationinfo

Жыл бұрын

Have you checked in on a master/debit card?

Rachel, you said in your most recent podcast that if you invest 1300 a month for 40 years you’d have almost 700,000. The actual number is closer to 7 million assuming a 10% interest rate. Might want to correct that 😀

@lindahill7657

6 ай бұрын

Where are you getting 10%????

@Wealth_Wisdom_Discernment

6 ай бұрын

@@lindahill7657 stock market averages 10% since the beginning Edit: it went up 14% in 2023

The mortgage is a minimum payment

I find it so ironic that she makes a big deal about these credit card companies are giving rewards off the backs of the poor consumers and doesn't want to be a part of that system yet Ramsey Solutions partnered with MASTERCARD for their gazelle debit card so I guess just depends how much you can profit off of the consumer that she has a problem with lol.

@samuelburton9761

Жыл бұрын

She’s out of touch with reality

Is it ok to have a CC or two if I pay them off each time I go to use them?

@prevaloir5362

11 ай бұрын

If they're payed off in full every month, you'll be fine.

Big prob with anyone talking money from daves group is they say biu in cash, get a home in cash, and ypu dont need a crdit score, in fact ypu do need a crdit score, you wont be able to save up 400k for a house in time for a family, your married in an apartment, good job for both of you and have two kids, explain how you can fo all that, daves way is for ppl who are ultra rich, but not for the poor, the 1k emergency savings inst enough in this day in age, you need a great crdit score, but dont go into cc debt for it, use a cc for like gas only and pay it off every month, build your score to buy a home, so your family isnt house poor paying someone elses mortage!

@AdamConstantine

Жыл бұрын

It doesn’t sound like you listen to much of Dave. They never have said you have to buy a house cash. 15yr fixed rate 25% or less of take home pay. $1000 emergency fund was never and still isn’t supposed to cover a bunch of emergencies. It’s to train you how to manage money. It’s to fuel you to eliminate your debt. You do not need a credit score to get a mortgage. It is totally doable to buy cars in cash as well as everything else.

dont spend and save by using our ads 😂

2:32 And? Why is learning their rules and (for lack of a better term) beating them at their own game wrong? I know what Rachel is saying (but it is easy to be overly simplistic and righteous when your whole conscious life your dad was a multi millionaire). Everything in the world for thousands upon thousands of years was built on rewarding those who know the rules of life and penalizing those who don't. Personally I worked really hard from a time of carrying a balance to this point. I paid intetest at that time so why is it wrong now to get the added benefit of rewards on top of paying off the card monthly?

@jackfleming7137

Жыл бұрын

It’s definitely beneficial if you don’t carry a balance. The Ramsay’s are all in on the anti credit card wave bc the vast majority of credit card users are being abused by credit companies. Your gain is coming from their loss, fair game that’s just the stance they have. In my opinion get those points and try to get your friends to do the same, one day they’ll just have to go out of bussiness

@jordanhoman0212

Жыл бұрын

I don't like the moral explanation of why we shouldn't have credit cards. It starts to get a bit "Holier than thou". IMO there's nothing morally wrong with having a credit card, but "beating the system" isn't really true either. The whole point of the rewards systems is to gain more potential customers. Its similar to how much money companies spend on advertising. So, having a credit card means that system won. Ideally the card owner won't make a mistake after this point, but life happens, and thats the risk. tl;dr: nothing moral about credit cards, just a risk vs reward scenario that's different for each person.

@stevenporter863

Жыл бұрын

@@jordanhoman0212 I realize 'beating the system' is not really correct, that is why I prefaced it. Agree with all the other points - well said about moral argument.

@prevaloir5362

11 ай бұрын

@@jordanhoman0212 Not my fault for being responsible and getting rewarded for it

I've been playing the game by spending $500 on normal things like groceries (over 90 days) for welcome bonuses of $200 with my Chase Freedom Flex Credit Card and my Capital One Credit Card. I've been paying minimum payments and it's been fine because I can afford it and I can always transfer my credit to a new credit card with 0% interest for an additional 12 months if I need more time to pay it off.