ABC News’ Linsey Davis spoke with CNET Senior Editor Nick Wolny on ways Americans can curb their credit card debt as spending increases due to the holidays, inflation, and rising APRs.
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@user-bm6xz6pq5z6 ай бұрын
We haven't been able to afford presents in about 10 years. But getting the family together is always good enough.
@susannpatton28936 ай бұрын
My grandmother told me once, "you know Christmas is coming all year long" Bam. I'm the oldest of 10. I start Christmas shopping in February and keep a list, that way I don't show up empty handed and can still pay my bills. BTW, I don't have any credit cards, not one.
@susannpatton28936 ай бұрын
Any gift is appreciated. Handmade or homemade gifts. You eat food, make cookies or a pie or candy - I told a sister I didn't care if it was a ring from a gumball machine. It's the fact that I was thought of to begin with.
@AnonymousGameWarden6 ай бұрын
Get yo paper up boi
@B864326 ай бұрын
you doing something wrong then
@createone1006 ай бұрын
Yes! It is definitely ‘good enough’. It is a blessing. Thank you for a sensible comment.
@NobodyYouKnow3126 ай бұрын
If you can’t afford to pay for something in cash, you can’t afford it. Stop living outside your means. Use cards for points and miles, not to fund your lifestyle.
@luckydawg71766 ай бұрын
exactly
@baronvonjo19296 ай бұрын
Lots of people are stupid with their spending of course. But I know lots of people in the negative or near negative. Plus who can afford a 20k car or 200k house in cash?
@NobodyYouKnow3126 ай бұрын
@@baronvonjo1929 no argument there. I should have specified that a mortgage and in some cases a car loan are probably the only type of acceptable debt. But even then, some get in over their heads with houses and cars they truly can’t afford.
@SupportTheArts-yo8ox6 ай бұрын
@@baronvonjo1929 Only the top 1% can
@filmaker2566 ай бұрын
correct
@luckydawg71766 ай бұрын
As a person who struggled with impulsive spending, I broke that habit 12 years ago. Every month I pay off my credit card in full.
@jaisway6 ай бұрын
Pay it off weekly and use it in place of your debit card to max your points or cash back values. TAKE ADVANTAGE OF THE REWARDS!
@ladedalounge6 ай бұрын
been there and done that....biggest mistake I did not have to make, not ever again.....
@MH_61606 ай бұрын
This.@@jaisway
@racerx66 ай бұрын
Good job!!!
@edhcb93596 ай бұрын
Breaking the habit means you don’t have a credit card at all.
@blazingphoenix10006 ай бұрын
Me and my family decided to do no gifts this year we just want to spend time together
@user-zq8to3zr5y6 ай бұрын
Wise!
@leoisanerd6 ай бұрын
That's simultaneously the saddest and most heart-warming thing I've read.
@notabot29286 ай бұрын
Good idea
@susannpatton28936 ай бұрын
Hand made gifts - dollar store. I'm the oldest of 10 and I started in February, buy one every couple of weeks. I don't show up empty-handed and can still pay the bills. I told my sister it didn't matter if it was a bubble gum ring - it was the fact that she thought of me. Grandma said, "you know Christmas is coming all year long" Yes, she's right.
@AnonymousGameWarden6 ай бұрын
I'm sure the kids will remember that one when their friends are playing on their new playstations
@hummersd6 ай бұрын
Was in debt for years and years. Never again. Credit cards are now used as tools-each one has its purpose to maximize either points or cash back based on the spending category, but always a benefit. Little by little, it all adds up. Shop sales, generic brands, and buy in bulk where it makes sense.
@Jenda-ld8dj6 ай бұрын
....with cash.
@luckydawg71766 ай бұрын
I dont spend more than $500.00 on my credit card per month. it's just that simple. I used to be an impulsive shopper. im glad I stopped that nonsense 12 years ago
@UmmYeahOk6 ай бұрын
Points and cash back mean nothing if you can’t pay it off in full every single month. It’s why I hate banks. You could have an account with them for years, even over a decade, but if you get hit with one single fee, well, you just wiped out everything you previously earned in interest.
@hummersd6 ай бұрын
@@UmmYeahOk -- Oh, definitely felt that years ago, maybe even over a decade -- missed just one payment, and the interest skyrocketed to 28% and they refused to reduce it after years of paying off the card religiously (and despite changing cards with that bank several times, that interest rate carried over to subsequent cards). That one mistake lead me to always pay at least the minimum -- it wasn't until the pandemic, when I was surrounded by all my "stuff" and realized it was such a waste to have spent it on, plus the inability to travel which finally got me to pay everything off, and now keep it paid off. Next step is being able to save and invest. I know there's good debt, but at this point, I just want to remain on solid footing without that pressure or wasted money on interest.
@SenecaRaine6 ай бұрын
If you can't guarantee you pay the *full* balance of a credit card each month *DO NOT* use one. I have seen it go downhill from there every single time. If you leave a balance, you dont fully understand the cost of that credit and eventually you'll either spend way more than you earn, leave a balance that costs you multiple times the original cost in interest, or open other accounts that will hinder you in the long run too.
@ljacobs3576 ай бұрын
Americans have always spent beyond their means. Nothing new here.
@AnonymousGameWarden6 ай бұрын
Americans are greediest creatures on earth
@user-bn2st1ce6q6 ай бұрын
Every year Christmas is on December 25. If you didn’t saved money for Christmas gifts, don’t buy them-don’t get into debt putting those gifts on credit cards!
@romeysiamese66626 ай бұрын
Credit card usage and logos do not give me a dopamine hit… quite the opposite. I hate using them, it causes stress and anxiety.
@Jaroen665 ай бұрын
It's so weird, here in Europe I never hear about anyone taking creditcard debt to pay for shopping. We mostly use our debit card for everything (which usually can only go red for a little bit or not at all)
@KittyKat-vb1nd3 ай бұрын
Americans are literally born debt slaves.
@createone1006 ай бұрын
If you’re broke, then credit card debt for Christmas shopping is ‘frivolous shopping’.
@synaesthesia8885 ай бұрын
Even if you are rich, its still frivolous spending 😂
@edh22466 ай бұрын
There used to be a limit on interest rate that could be charged. I remember in late 1970’s anything above 13% was called usury and was illegal. That changed during the Reagan administration.
@susannpatton28936 ай бұрын
Lots of these things changed during Regan administration, like all our factory jobs
@B864326 ай бұрын
@@susannpatton2893 best president ever, cry more
@luckydawg71766 ай бұрын
I used to have a credit card during my 2001-2004 college years with MBNA . 29.99% Variable APR. it took me 3 months to pay $4000 in debt. once the balance was paid in fulll I cancelled my account and cut my card in half and I ran away from MBNA like the ebola virus
@ronaldlindeman61366 ай бұрын
@@B86432 Reagan was not a good President. Increased spending on the military, lowered taxes to far and then had to increase taxes 20 times. More jobs were created between 1972 and 1980 than from 1980 to 1988. Dollar was to strong and manufacturing went to other countries.
@danielsinger67226 ай бұрын
That was Joe Biden
@michaelaayers90076 ай бұрын
I finally cut up three credit cards after finally realizing how stressful it was to have to pay high minimum payments that were draining my budget. So, if I can't afford it, I do without. It's challenging but my stress level has decreased significantly.
@TruthBeTold876 ай бұрын
Way to go. Stay the course
@FadeHook235 ай бұрын
Just use them to pay off your bills and set up auto pay. When it comes to asking for a loan on a home, you need significant credit already on file to be approved.
@coreysue34516 ай бұрын
when I finally paid off all my debt, my credit score dropped by 150 'points'. No mortgage, no car loan (never get a car loan), and no more holiday shopping with money I DON'T HAVE. I used to buy for my kids but it would take me until July to pay it off. Not any more...I call everyone on Xmas, wish them well, bring them pie. And no one misses the gifts. If someone needs something I take care of it throughout the year...my gift to them is to ease their life. And how are we awarded by being debt-free or very low debts? Bad credit scores. So any loan I get now will be at top tier interest rates. All because I am not paying interest to anyone for anything. I wish we could all do that. But until then, bow out of the holiday buying.
@fleabag2mr.1516 ай бұрын
I am debt free with a FICO of 843. I use a credit card instead of a debit card for security reasons and pay it in full every month.
@davef63376 ай бұрын
@@fleabag2mr.151 There you go. It doesn’t have to be all or nothing.
@JB_Hobbies6 ай бұрын
Hilarious that the speaker tried to talk about how necessities are driving credit card balances, but this host just wanted to hear about the silly little shoppers who just can’t get enough dopamine for Christmas. I guarantee you that people using credit cards for groceries aren’t riding high after seeing their credit card come out.
@AnonymousGameWarden6 ай бұрын
You can buy dope with credit cards?
@tiamat_0236 ай бұрын
@@josielythdenburg723 what?
@UmmYeahOk6 ай бұрын
@@AnonymousGameWarden2:32 is where he discusses shoppers getting a dopamine hit when the see the credit card icon, which is totally absurd.
@UmmYeahOk6 ай бұрын
Agreed. It’s insane that they truly believe people get a dopamine hit whenever they see the credit card logo at checkout. I mean, it’s not like you can pay with cash online. Can’t even pay with a check anymore. And even in the real world, especially this country, a lot of places won’t even accept cash anymore. Sometimes you have to go to a specific register just to do it. And scanning a debit card is no different, other than the knowledge that if you don’t have the funds, you’ll hafta pay a huge penalty, or if your data gets leaked, you now have zero protection unlike with credit cards. I only use credit for that reason, and even then, my online shopping carts will sit abandoned because even though I have the money, it’s the knowledge that money is being removed from my account, and therefore, a finalized transaction means I now have less money. That’s not exactly a dopamine hit. It actual dread of commitment.
@Joce1236 ай бұрын
@josielythdenburg723 The feeling of living within my budget is going to counter the disappointment of my reduced gift giving. And, I am disappointed that my Xmas savings went for basics earlier in the year.
@robinleavitt79196 ай бұрын
Just buy what you can afford and stay out of credit card debt
@user-zq8to3zr5y6 ай бұрын
Deny self when you can. Stop Starbucks every day, don’t buy a new car every six years, don’t make everything an emergency that must be handled with a credit card, don’t buy expensive tennis shoes, ($100 or more), cook, eat leftovers, and fix anything you can fix on your own.
@Sumermak6 ай бұрын
Needs vs wants. Most people don’t know the difference.
@AnonymousGameWarden6 ай бұрын
Litterally so the opposite of all that and life is good
@meganharris5836 ай бұрын
This is helpful but we still have a major issue with big corporations interfering in the market cycles keeping prices much higher and longer for the public. Capitalism is killing us. We don’t even budget properly on a national debt 💸 level.
@Jenda-ld8dj6 ай бұрын
And Starbucks is a huge rip-off. "Use it up and wear it out. Do with what you have and do without."
@genxx27245 ай бұрын
@@Jenda-ld8dj “Use it up, wear it out, make it do, or do without.”
@sthr21106 ай бұрын
As someone who carries no debt and always pays credit cards well before interest is charged (I use them for the cash back benefits), I always find this type of spending behavior to be interesting. If I don't already have the money for something, I don't buy it.
@cita_m6 ай бұрын
You have debt if you have credit cards.
@jessg13726 ай бұрын
@cita_m that's not true. If you have a $0 fee card and pay it off monthly. U dont have debt, u have rewards. I paid 0 in fees or interest and got over $300. Love discover
@cita_m6 ай бұрын
@@jessg1372 Um, no. Credit cards are allowing you to borrow money to make purchases. The very fact that you have a balance to pay indicates that you have borrowed money to get it. Not having debt means not having credit cards.
@alonzo1995726 ай бұрын
@jessg1372 I pay mine off every Friday when i get paid no matter if it's 200 dollars or 2000 dollars if gotten more than 600 dollars in cash rewards never paid 1 penny of interest or fees
@nicelagirl6 ай бұрын
I do the same thing! I'm completely debt-free but use credit cards for all my purchases for the cash back rewards. I'm never charged interest because I pay it off as soon as the transaction clears.
@MrDeadbweast6 ай бұрын
Cash is king yet they are taking it away 😂
@TheFNASSHOLE6 ай бұрын
There are too many people making horrible financial decisions. I can't believe how many people lack common sense knowledge for basic finance.
@MrTONYTONYM6 ай бұрын
#cantpaywontpay
@nunyadambusiness35306 ай бұрын
Don't offer credit cards to people who are judgement proof. I am on Social Security, they cannot garnish it. I have no wages, assets, literally just a section 8 apartment and my cat. Rent, utilities, food, medicine, and transportation are always a priority expense. I have free phone & internet service through ACP, and well.. That $26,000 Credit Card debt that i racked up, will be gone off my report in 10 years. I won't even be alive in 10 years, so y'all can enjoy my economic impact :)
@nunyadambusiness35306 ай бұрын
Amen! Interest is a sin, known to little. @@MrTONYTONYM
@Leo-hwru6 ай бұрын
I agree deciding between paying bills and buying food is a horrable decision.
@notabot29286 ай бұрын
Its not taught in school
@susannpatton28936 ай бұрын
Wait one minute here guy. When people made 2 dollars an hour, things were still expensive. It is just how it works. People live on a credit card because they don't have cash and still get the item with the promise of paying it. Stop using the card. Cut it up. Learn to survive without it.
@arminfejzulai13216 ай бұрын
I dont feel sorry for most people. They spend money like there is no tomorrow.
@AnonymousGameWarden6 ай бұрын
Money is an illusion. Trading paper for imaginary value is the wisest thing you can do.
@Shaolin91z6 ай бұрын
Tomorrow is guaranteed to no one. Get it now
@4040Collective6 ай бұрын
buy what you need, not what you want till you're financially stable
@susannpatton28936 ай бұрын
Yall know Christmas is coming all year long. Im oldest of 10, i start in February and am still able to pay my bills. And i do not have a credit card. Dont need it - neither do you.
@nikumimito31646 ай бұрын
If more people learned the psychology of money or financial education from the tons of free videos about these topics on youtube, they would come to the realization that I and many other people who gained financial freedom have came to know. It doesn't matter if you are rich, poor or inbetween when it comes to credit cards, having the knowledge and understanding the psychology of spending money vs reaching financial goals can do a lot to help you cut out a lot of pointless consumerism.
@UmmYeahOk6 ай бұрын
What’s to understand? Credit cards are essentially micro loans. Every time you buy something on credit, you essentially are telling the bank (that gave you the card) that you will pay back that loan in full. If you pay off that loan at the end of the month, BEFORE they can charge interest on it, then you don’t pay anything extra. Just like with a car loan, or a mortgage. If you pay off the loans immediately, (which no one ever does, which is why they took out those loans in the first place), you won’t be charged interest. If you can’t afford to pay off that new Instapot in full, maybe you shouldn’t be also charging Spotify and Prime subscriptions on the credit card either. Some things happen, like your boss paid you late, or you’re in between jobs, and therefore have to put actual essentials on credit, but you still have to pay that back, which is why you cut back, maybe even eat cup of ramen everyday. Because the longer you’re in debt, the harder it will be to get out, which is why you want that balance as small as possible. As for financial education, you don’t need a special elective class like skills for living or personal finance. Your basic high school math class goes over interest rates and APR. I believe they even force you to take economics which is kind of a blend of history and math. That’s where they teach you about investments, and what happened with Black Monday. People taking out loans to buy stock, only they still had to pay the banks back. They whole crypto and NFT thing scared the crap out of me because I was worried history was going to repeat itself. You can’t play with money you don’t have. That’s how gamblers get in trouble. Hate math? Then just don’t play the game. One day I actually scheduled to see what my APR was on my credit card, and I was SHOCKED!!! Been a customer for over two decades, always paid in full and on time, it it was like 20%!!! I don’t remember it ever being that high when I first got my card with them. I just never looked, because I never needed to know.
@phallondavenport4706 ай бұрын
I still use cash for some of my purchases
@amyahlquist34366 ай бұрын
Because we can’t afford it otherwise. I do my absolute best to live within my means but as inflation hit and my boys still need what they need school related or otherwise I had to find a way some way somehow. There is no I will try in parenting if your kids need something you have to find a way somehow. The inflation killed all of my savings I had built up.
@davidcantor2936 ай бұрын
My interest went from 13% to 22%. What a scam.
@aaronpeerapruk47756 ай бұрын
I want to know if the reporters have any cc debts
@Juan-hd8lh6 ай бұрын
Credit is as healthy as alcohol.
@Shaolin91z6 ай бұрын
That's Cool. Alcohol and a Lady 🍌🤘
@valevisa84296 ай бұрын
I'm sleeping like a baby with zero credit card debt.
@wacalla264 ай бұрын
Like a fat baby 😂😂😂😂
@josephzappia99836 ай бұрын
I love getting advice from the guy on Dawson’s Creek
@alista49876 ай бұрын
Yeah my wife and I were in so much credit card debt if there wasn’t a death in the family we would have NEVER had enough to pay it off. And it was all to buy groceries. GROCERIES!!
@susannpatton28936 ай бұрын
No disrespect but you should find another store to shop or several stores. Comb threw sales ads etc.
@Jenda-ld8dj6 ай бұрын
Can you not perhaps reduce your consumption to help yourself out?
@happycook67376 ай бұрын
I suggest Dining on a Dime, Wolfe Pit, and other sites that teach how to cook cheap, yummy meals and shop well.
@jennpul10156 ай бұрын
Cash has always been and will always be king. Digital currency is all the rave until a natural disaster hits or the internet is down
@angel-ij4xv6 ай бұрын
I'm never using a credit card
@jennpul10156 ай бұрын
@@angel-ij4xv i myself have no intentions of having a credit card. It's just a rip off
@angel-ij4xv6 ай бұрын
@@jennpul1015 exactly thats how they get people to go into debt and pay all that interests
@JohnS-er7jh6 ай бұрын
the other thing is a lot of businesses are letting customers pay the credit card fee now. Which is absurd, because stores and restaursants know for a fact customers spend More money when they use there credit card (over cash). Sometimes you do need to use a card, especially if traveling, so always ask first before paying for items with credit card.
@igglybiggly69516 ай бұрын
As a small automotive repair shop,I give customers a discount if they pay with check or cash and will start charging them the 2% the banks charge me in processing with a credit card....It adds up on big repair bills
@alphalfa64166 ай бұрын
If you can’t afford to buy it twice rule, does that count with house purchase?
@eligreg996 ай бұрын
I’ve only used my credit card during the intro periods with 0% APR. Once it’s up I’m not touching it anymore
@ryanrodriguez52936 ай бұрын
Crazy that some people get into debt so easily. I live in a very HCOL area and have been able to save up roughly 80K in about a year from living a frugal lifestyle. I spend what I'm comfortable with, which is roughly 6K a month on everything. High paying job or not, most people can make 72K between 2 people in a household and those expenses are for just 2 people so they can easily be reduced. This is the result of not increasing your own wages (find a new job) and living frivolously (reduce your expenses)
@CEMBerthoud6 ай бұрын
So let me get this straight, you saved $80k in a year, $6600 per month and your expenses were $6k a month, which means your net income after taxes is around $13k. TRY living on $1200 a month and let me know how well "just living furgally" works for you then! Jesus Christ, I love it when rich mf'er come in the comments section and are like "just save more money".
@millabasset17106 ай бұрын
@@CEMBerthoud I have a Massachusetts job, I lose a lot in taxes, that's both the high state taxes and the government deciding $75k a year is a lot of money now.
@Robert_L226 ай бұрын
They're not using credit cards to "make ends meet", they're using credit cards to buy time.
@topsykretts22646 ай бұрын
Dave Ramsey is right!
@marietaylor51746 ай бұрын
I don't know what the APR is on any of my credit cards because I NEVER carry a balance!!
@gravimasters87726 ай бұрын
I got in quite a bit a debt couple years back, thankfully all that is behind me now. Debt free and keeping it that way.
@xentaatnex82616 ай бұрын
The power of instant gratification.
@fritzsmith32966 ай бұрын
I'll bet that those who have the biggest credit problems are those who "buy now pay later".
@fastmikes96366 ай бұрын
Be pretty funny if the news crew talking were among the one billion credit card debt. 😂
@dabeage5 ай бұрын
I blame the parents. No excuse for not teaching your children finances...period.
@danavelez56156 ай бұрын
It's called living beyond your means in many cases....not just everyday incidentals...
@shirtlesslager6 ай бұрын
Cars are a big part of this. Nutty.
@abovethewaves4526 ай бұрын
Remember, more and more places are cashless now….
@somethingnewhere6 ай бұрын
News flash - you can live a perfectly happy normal life WITHOUT A CREDiT CARD 💳 throw them out !!! If you don’t have it - don’t spend it !!!!!
@2009polostar5 ай бұрын
True. Now that I shredded all my cards, and have a monthly budget, i finally have money to save and invest instead of giving it to banks in interests. I pay cash only and I gave myself a raise by cutting out subscriptions.
@cita_m6 ай бұрын
We put back money every month for Christmas. Whatever we have at the end of the year is what we have to spend on Christmas.
@Miles-wy1zr6 ай бұрын
Credit cards are badass. I have 4 of them. Cash back and some benefits. I rarely use my debit card.
@tranger45796 ай бұрын
I have an 830 credit score and zero credit card debt. That's even more awesome.
@Miles-wy1zr6 ай бұрын
@@tranger4579 hell yeah same here. Mines 760 but I’ve done a lot of damage when I was younger. Currently on my way to get it up there.
@JK-td4hi6 ай бұрын
@@tranger4579yeah same. My scores lower at 810 but no credit card debt and making well over 150k a year. It takes discipline and sacrifice, but nothing compares to being debt free.
@chobiden77706 ай бұрын
@@tranger4579 Getting rewards on credit cards and then paying them off every month is awesome. Why not get 2% or more cash back for things you're buying anyways with cash or debit?
@EdgarD4GEspada6 ай бұрын
I don’t do credit cards, for broke people I want to be my own bank🤷🏻♂️ god bless all happy holidays
@tonydfixertonydfixer91136 ай бұрын
It's because the middle class has been getting Screwed over hard since the 1970's. US lawmakers have been catering to big business.
@susannpatton28936 ай бұрын
80's. Regan administration changed lots. Factories started leaving
@cb47346 ай бұрын
Actually it started in the 50's productivity and pay where level or equal but then greedy profiting started happening and production started climbing fast. Workers where pushed to make more while pay stayed the same or tiptoed up and as of today productivity and profits is so outrageously over what true pay is supposed to be.
@susannpatton28936 ай бұрын
@cb4734 I don't know where you were then but my grandparents moved to a northern state that was booming industrial and it stayed that way until Regan took office. So not in my area
@pricklypear11116 ай бұрын
I only use my credit card for points! I'm up to 560,000 sky miles on my venture card in just 3 years. I pay my balance off in full every month. Never EVER carry a balance!
@darrendesouto81316 ай бұрын
Switched to a cash only lifestyle only time I pay with any type of card is for bills
@cjhoward4096 ай бұрын
You can’t make ends meet using credit and carrying balances. Because they’re paying sometimes double and triple on those purchases and it becomes 1 step forward, 2 steps back. Ugh ! So glad I never got caught up with that. Years ago when I had a cash flow problem, I got a second part time job. 😊
@MH_61606 ай бұрын
If you are making payments after dec 25th on gifts, you have zero business buying anyone anything… Christmas has become a cess pool of people spending and trying to one up each other. No wonder why people are broke, in debt and cannot afford anything…. their spending habits are garbage.
@jnak9745 ай бұрын
I wish there was a law where companies can’t fire their employees based on the amount of credit they sell. Then you wouldn’t get an annoying person pushing credit every time you walk into a store.
@ravikurup83506 ай бұрын
I plan on giving my children a patch of moss and some sea shells for Christmas 🎄
@crow-vz5lx6 ай бұрын
If you're so disorganized that you can't put in aside something every month until Christmas... I'm sorry. You fail. You all know when Christmas is. Dont blame anything but yourself
@Wileyg4lify6 ай бұрын
Wow I won’t ever get in debt for Christmas gifts
@Doggieman11116 ай бұрын
Quite the fluff piece
@adamseidel97806 ай бұрын
Stop buying stuff you don’t have the money for. Problem solved. You’re welcome.
@MultiFastie6 ай бұрын
This story blames individuals instead of investigating corporate greed. The problem is more about outrageous interest rates, (even 14% is ridiculous), inflation and stagnant wages then dopamine addiction. The inflation we are experiencing is well-documented to largely be a result of corporate price gouging. The cost of doing business has risen by about 10%, yet prices have increased as much as 80% in some cases.
@IamJMcGill4 ай бұрын
If you think everybody in credit card debt is in the situation because they don’t know how to manage money , you need to take a step back and look at the system with a Birds Eye view. It’s a problem of rising cost and somewhat stagnant wages.
@Claroboy9116 ай бұрын
Cash is king when you use it wisely…like paying your CASH BACK credit card in full every month.
@howellwong116 ай бұрын
I rarely use cash anymore. All my purchases are by credit card. I pay my monthly in full each month and get my cash reward. My spending habit is the same whether I pay in cash or credit card. At 91 years old, my buying stuff is over.
@bidensucks67926 ай бұрын
I haven't payed interest in a credit card in close to 2 decades. I will typically get a new card with a 0% introductory period of 15-21 months and make Shure I pay it off before the end of the introductory period . I also never cancel the old cards, I will use one every month and pay it off with the next bill. I just keep a rotation of those cards so they stay active. Doing this has also gotten me to an 847 credit score, I can't wait to get to 850. I've got some people that said I'd never get to 850. I should be there by April if not sooner!
@wacalla264 ай бұрын
There's no problem using credit cards if you pay them off monthly....But also monitor un necessary spending just because you can !
@fleabag2mr.1516 ай бұрын
Don't care what the APR is since I pay off my one card every month!
@johnniwa3086 ай бұрын
I will be shopping for the holidays on Tuesday the 26th using cash
@NotShowingOff5 ай бұрын
Overdraft fees have gone up. Ppl aren’t accounting their finances. As long as you are using electronic transactions, you are vulnerable under the banking system, and have to be careful
@AngelaVlahos27 күн бұрын
high credit card limits can be trouble
@Ray035955 ай бұрын
Don't spend money you don't actually have. People want to keep living above their means. I've never even been close to missing a credit card payment, and didn't even get a credit card until I understood finance well enough. I have two credit cards and never use a debit card now because I know how to maximize points and get the most out of them. I hardly reach 10% of my credit limit too.
@chapelknight9516 ай бұрын
Was not expecting this to turn into some sort of tirade of accusational neurological supposition.
@Jenda-ld8dj6 ай бұрын
Surprise, surprise! You'll be alright.
@ZOIZENWRITER6 ай бұрын
American debt and greed is dumb
@anitahead6 ай бұрын
All the people complaining about $ but they are flying all over the country for the holidays ?
@jdl96236 ай бұрын
I cut up all my credit cards but it ddn't help me a bit. I just been using the credit card barcode to scan from my phone😢
@noeland81295 ай бұрын
Its so easy to get back in cc debt! I paid it off and noticed my bill was creeping back to 5k. Shut that down immediately!
@asiatic19765 ай бұрын
I made a big mistake by paying off all my credit cards because some of them were canceled by the lender.
@hulklife83926 ай бұрын
It doesn't matter if you transact something that's meretricious or is a basic need. You don't go into debt for anything period. Get it in your heads people, and quit making excuses to justify financial stupidity. You'll never win with money until you do.
@Dreamluu6 ай бұрын
If you carry debt with 0% interest it’s all gooood.
@zss.15896 ай бұрын
We overwork get underpaid and spend too much
@MelindaLBrown18305 ай бұрын
Why can't the American government pay it's debts????
@WaldenWynn6 ай бұрын
American dream 😂😂😂
@bigbaby45846 ай бұрын
Some just don’t understand the credit card game. People buy things that do not make sense. Use your credit cards for investments and on your bills that you can put on recycling payments every month and pay it off when your bill is due and that’s when you get free flying miles and cash backs as well and your credit scores will go up. Cash is King like credit is Queen. Credit is a powerful tool if u know how to use it
@racerx66 ай бұрын
What is "holiday debt"? If these people didn't celebrate commercial Christmas they would have more money. Go to church in the morning and then spend a nice day with your family. Perfection.
@SamuelGemette6 ай бұрын
Not me 😂
@darrendent82886 ай бұрын
So are we also including the fact that people pay off their credit card balance every month? or are we just stating random bs in order to make the american comsumer look bad?
@HimWhoIs6 ай бұрын
If you’re broke, you can’t afford to participate in the holidays. No excuses
@bobbytatum846 ай бұрын
I use my cash back card for everything. However, as soon as I use it, I pay it off.
@donarrivas16756 ай бұрын
The personal debt increases fast due to the average of 15% interest on the balance.
@Shadow-77736 ай бұрын
Don't blame rates for debt' Blame folks who can not stops pending on everything they see!
@filmaker2566 ай бұрын
CAsh is king ? Yes it is! the Only payment form where your info is not attached to it.
@MelindaLBrown18305 ай бұрын
Why does our government not get debt free?
@Peanut-sam-tha-nut6 ай бұрын
Propaganda this is. Cash is a depreciating asset thanks to the federal reserve.
@shirtlesslager6 ай бұрын
Fact. The dollar is on a race to zero in a few decades.
@MelindaLBrown18305 ай бұрын
With the trillion dollar debt, why should Americans pay their credit card debts?
@oldtimer48886 ай бұрын
If I don't MAX OUT 10 credit cards during the holidays, then I have failed.
@Travonna146 ай бұрын
Don’t do it! Homemade gifts and family time is better.
@happycook67376 ай бұрын
If we can't pay cash we can't afford the item. Credit cards aren't a way to make ends meet, they are a trap leading to absolute misery. All debt is bad.