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<blockquote data-quote="Overpaid Union Thug" data-source="post: 1199553" data-attributes="member: 198"><p>There are two reasons why he bashes credit cards. 1) Studies have shown that people in general will spend more money with credit cards than people that use debit cards. It's psychological. A debit card has almost the same psychological affect as handing a cashier actual cash to pay with. This reason, along with the fact that too many Americans aren't living on a budget and aren't responsible financially, is why credit card debt is is eating people alive. </p><p></p><p>2) When I was part time and was able to listen to him more he'd often get calls from people that were in huge credit card debt. They told stories about how they were being harassed by issuers' collection departments. At first I thought "well duh you owe them money" but these companies were actually breaking laws with their methods. Amex seemed to be the worst. </p><p></p><p>Dave's advice is geared towards giving people the ability to avoid disaster by simply avoiding the tool used to facilitate it. Kind of like telling someone to quit eating Mexican food to avoid a heart attack. Yes, everyone knows that eating it in moderation won't cause a heart attack but at the same time...... do you really need it? The same logic can be applied to credit cards. I did experiment with credit card points but only after I finished "baby step 3." I made sure I only used credit on bills and purchases I would have made with my debit card. Nothing more. I honestly think many people could swing that if they would just apply Dave's methods, or any other similar methods, prior to beginning. For that reason I felt like I had a new found discipline financially.</p></blockquote><p></p>
[QUOTE="Overpaid Union Thug, post: 1199553, member: 198"] There are two reasons why he bashes credit cards. 1) Studies have shown that people in general will spend more money with credit cards than people that use debit cards. It's psychological. A debit card has almost the same psychological affect as handing a cashier actual cash to pay with. This reason, along with the fact that too many Americans aren't living on a budget and aren't responsible financially, is why credit card debt is is eating people alive. 2) When I was part time and was able to listen to him more he'd often get calls from people that were in huge credit card debt. They told stories about how they were being harassed by issuers' collection departments. At first I thought "well duh you owe them money" but these companies were actually breaking laws with their methods. Amex seemed to be the worst. Dave's advice is geared towards giving people the ability to avoid disaster by simply avoiding the tool used to facilitate it. Kind of like telling someone to quit eating Mexican food to avoid a heart attack. Yes, everyone knows that eating it in moderation won't cause a heart attack but at the same time...... do you really need it? The same logic can be applied to credit cards. I did experiment with credit card points but only after I finished "baby step 3." I made sure I only used credit on bills and purchases I would have made with my debit card. Nothing more. I honestly think many people could swing that if they would just apply Dave's methods, or any other similar methods, prior to beginning. For that reason I felt like I had a new found discipline financially. [/QUOTE]
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