How People Felt About Credit Cards 30 Years Ago

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Have you seen this Instagram reel from WMAR 2 News in Baltimore, Maryland? It’s a local news story from 1993, and this was the big headline: “Burger King now accepting credit cards as a form of payment.” Today we’re gonna take a look at this visual nugget of nostalgia to get a little taste of what people thought about credit cards back in the early 90s.
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George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.

[@danbgt]

My mom and dad were born in 1923 and 1926. My dad died in 2004 at 81 and my mom died this year, 2023, at almost 97. My mom and dad never had a credit card. They never financed a car. They paid cash for the little house I grew up in and were still in it when my dad passed. They had motor homes and traveled all over the USA. They had a very nice life. They were children of the Great Depression. They were the way it should be done.

[@muradshawar]

Exactly debt isnt a good idea . Most people use it out of control.

[@milkncookiegurl778]

The cheapest house in the town I was raised is $600k. This is hard.

[@BimmerWon]

If you have a high credit score you can get the best mortgage rates out there that are often times less than what you can make by investing the cash instead of outright buying the house in full. You should have a credit score because it saves you money in the long run. That’s why you need to use credit cards. If you pay them off in full each month and only buy things you have enough cash to afford, you never pay any interest. Plus, you earn the added bonus of Cashback or flier miles. I’d recommend getting cards that allow you to do Cashback and travel redemptions for flexibility because you may find a better deal for flights and hotels online.

[@Al-rn5qy]

We can learn so much from people born in that generation. I agree that when it came to personal finance, they had it right! 👍

[@src4409]

I'm 38. I remember when you had those big plastic and metal swipe machines with the carbon paper to use credit cards.

[@alfmar95]

Woah

[@ChristopherAbelman]

First of all, the belief that the Federal Reserve would stop raising interest rates was the driving force behind the entire economic chaos. What should we do now that we have a situation where interest rates are crashing? At this point, how would you suggest that I safely allocate $300k?

[@JosephineKenney]

Although the market is currently volatile, aren't the current valuations a result of the Federal Reserve's monetary policy and low interest rates? So, my recommendation is that you consult a financial advisor who can give you entry and exit points for the shares or ETF that you are interested in.

[@FinnBraylon]

Agreed, my portfolio is well-matched for all market season yielding 85% from early last year to date. I and my CFP are working on a 7 figure ballpark goal, tho this could take another year. IMO, financial advisors are the most sought-after professionals after doctors.

[@HildaBennet]

How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?

[@FinnBraylon]

Her name is “Sharon Lee Peoples” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@HildaBennet]

I googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@freedomring3022]

plot twist ... that guy with the GM card is still paying for that whopper today

[@NaNslx]

And the truck got out of reach. It used to be $16 k back then but is $60k plus today 😂

[@JohnJohnCrusher]

What's wrong with you?

[@freedomring3022]

@@JohnJohnCrusher a lot of things but using a credit card to buy a cheeseburger is not one of them

[@nothingimportant4504]

Plot twist…. The pickup truck was a Hot Wheels toy.

[@MrOiram46]

@@NaNslx Dude, a brand new Suburban in the 90’s would only cost 42k adjusted for today’s inflation, and yet current new ones go for 80k+ at the least 😭

[@Ojisan642]

The thing about vacation is you didn’t have easy access to cash back then, when traveling. You couldn’t always just rock up to an ATM like you can now. People used to carry things called Travelers Cheques. So credit cards were definitely an improvement versus having to carry a lot of cash when on vacation.

[@Ice_Solid]

I remember Travelers Checks as a kid.

[@TioMogi]

Makes sense, I thought he was referring to people on vacation could afford to wait in line longer for the credit charges since they "had nothing to do" haha

[@Ojisan642]

@@Ice_SolidI traveled overseas in 1990 and had travelers cheques from American Express. I had to go to an AMEX office, trade cash for their cheques, and then when I was overseas I could trade the cheques for local currency at the hotel front desk. I would basically use the cheques to get cash like I would do at an ATM today. If someone stole my cash, it was stolen and it was gone. If someone stole my travelers cheques, I would call American Express, and they would just issue me new ones and void the stolen ones.

[@richardbuki658]

I remember using Traveller's Cheque even in 2005!😃

[@pep590]

Yes George is a little too young to understand what we knew as soon as we heard this.

[@SarahtheDietitian]

I was watching an I Love Lucy episode and she had bought a purse to impress people and couldn’t afford anything else for 3 months. Other women in the episode were talking about not being able to afford this and that. Credit cards were not an option! Its crazy that debt is now glorified and normalized.

[@cjhoward409]

Stores had “credit” but it wasn’t a card. You just had a revolving bill at that store.

[@claytonelofgren]

Dang that’s a real episode?

[@Mattlott222]

It's not glorified but it is normalized. It's like with student loans, people complain about their inability to do math. If you make X dollars but decide to spend more than X on a credit card, you're an idiot. If you decide to finance a degree but the career path for that degree isn't going to cover your student loans, you're an idiot for getting those loans.

[@etcetraetcetra3173]

Agree. I'm a Gen X, and my parents are Boomers. My Dad built his career and became very successful, while Mom was stay home mother. They didn't believe in owning things through credit, so everything they got was paid for. Credit cards was just a mean of payment. They come from lower income families, so they know people who destroy their lives because of debt. Live just under below your means, comfortably. Hopefully, your savings and investments will keep you safe on retirement.

[@sarahschreffler5407]

They gave out credit cards to college kids in the early 90s (1991/1992). That was when I got my first credit card (A Discover). Some people said it was a bad idea. Others thought it was a great way for kids to start earning a credit score. They were warning college students to be careful. you still needed to pay it off. But then, as now, not everyone did that.

[@virginiamoss7045]

My husband was given a credit card when he graduated from college in 1969.

[@pgppe9488]

Give college students credit cards is a bad idea. They purchase items while in college they end up paying for 20 years later.

[@lucindamc]

Exactly what happened to me! Got my first credit card in college and it was a Discover card. 😂

[@cjhoward409]

Got my first store credit card at age 18… maxed it out in a month , $400. It had a 24% apr and I only paid the minimum on it for many months. Ugh ! I was so dumb 😅

[@Scraws]

They were handing them out like Halloween candy for a while.

[@MikaKapuscinski]

I have never had a credit card. My dad was very adamant that if i cant pay cash for something i cant afford it. I have gotten loans in the past for cars but even now I own 2 cars free and clear. Life is so much easier when you dont owe anyone.

[@aegon123]

Just depends on how you use cards. I can tell you every time I paid interest Once in college, booked was 300$ in the campus bookstore and 100$ off campus. Paid like 50$ (don't believe in just the minimum payment) and then 50$ plus a few dollars when my financial aid hit that next week. Student loans - technically had interest but family was dirt poor so they were subsidized in college. Still keep the loans, but have the full value of them in a HYSA that auto pulls the payment. If interest rates go down I'll pay them off, but net positive right now. With the credit cards I was able to have a good enough score for 0% financing on my Corolla. It's got its own HYSA for payments (don't have quite enough to cover it in full entirely, but mostly there) The average American is illiterate, overweight, and has no control of their finances though, so none of this stuff I can recommend.

[@virginiamoss7045]

Not a bad way to proceed if you can't handle numbers. I dislike owing money for anything and prefer to pay cash as much as possible. I got a Discover card in 1985 and used it for large store purchases only, but managed to pay off every month since I got the card. Later in life I have gone to putting just everything on the very same card (cash is so filthy). I have never once paid a penny of interest to any credit card, ever. I'm 74; 15 years ago I downsized with a paid off house, paid off car and no other debt. 2017 I paid cash for a brand new car which i will keep until I can't drive anymore. Living month to month takes so little money; I feel so at peace and calm.

[@chemquests]

Certainly agree not to owe but it’s easier to not carry cash. I always pay my cards off but I don’t carry cash.

[@CarlaQuattlebaum]

@@chemquests That definitely makes it a little easier to say no to panhandlers or anyone teens standing outside a retail store selling candy to raise money for their school sports team.

[@cjhoward409]

We’ve been building our own house for the last 9 years and the only building store is Lowes. We do have their card for that whopping 5% off (pays most of the tax ) and I go home and pay it off immediately. Plus they send me 10% off coupons for all my purchases as well. Credit is fine IF and only IF, you don’t max it out and pay it off right away

[@leena118]

I was in graduate school in the 1990s and I remember when grocery stores first started taking credit cards. A fellow broke graduate student said that her fiance, also a broke grad student, had come home with groceries and she said,"Where did the money come from for all this food?" He told her the local grocery store just started taking credit cards. . .

[@tduck828]

So I'm essentially on step 7. Zero debt. House and car paid off. Emergency fund fully funded. I budget and don't overspend at all. Shop sales etc. I honestly rather have my cash in bank making 6% and then pay my bill once per month. That makes more sense to me...

[@joshsmith4373]

George forgetting about travelers cheques is gold!

[@krissimons1339]

He's didn't forget about them, he's so young he's probably never heard of them much less used them.

[@hvaball150]

More like no research by him or his team.

[@Cravz69]

My high school job was Popeyes chicken, and we made the local paper because we were the first to have a fax machine, so people could fax in their orders.

[@jeffkadlec8264]

I'm Gen-X, and I remember the SHOCK of credit cards being accepted at fast food restaurants. This is how much we once used cash, instead of credit or bank cards. It's crazy how much it's changed!

[@belkyhernandez8281]

It's important to use cash

[@derekcox6531]

Same, I never even had a bank card until 2003

[@jorgetech2985]

I have used a credit card for points for the last 4 to 5 years.. pay it in full weekly, and has gotten me a 830 credit score and have received like $5000 in points. I love it.

[@bhnurse16]

Agreed! I was taught to not buy things with my credit card if I couldn't afford it, so I started out using it for gas and groceries in college. I appreciate the cash back on my cards and I'm in the 800 club these days.

[@discuswithdavis]

This is back when it took a solid 5 MINUTES to get on the Internet. So yes, folks were worried about how long it would take to process a payment.

[@lazzzzze1]

Instructions unclear. Bought a pair of 90s Jnco jeans with my credit card.

[@clwest3538]

You missed the little gem about how the (young or uneducated) cashiers won't have the arduous task of making change - because we know they are not leaning how to do that at school - now just swipe a debit card - no pain - same as CC back in the day.

[@loganmedia1142]

Didn't they use tills that did the calculation for them?

[@chemquests]

There was a skill to knowing the best combination of coins to deliver the change owed.

[@davehope9144]

In some respects you need a credit card for car rentals, hotel reservations, Amazon etc. Hard to get around having one these days

[@claytonelofgren]

I agree. But I think things like clothes shopping, groceries and restaurants you spend less if you use actual cash

[@Erickruiz562]

Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.

[@DeannaMurray-zv]

I agree, before the pandemic got real serious, I used to handle all my investment and I was pretty good at it, fast forward to post-pandemic and my-portfolio is steady in the red with profit rate down to the lowest, that's when I touched-base with a coach I saw featured on businessweek, who restructured my portfolio and over the last couple months, I've made over $850k from initially $210K

[@WyattSmith-v]

Although my knowledge of the business is limited, it seems that this is the ideal time to enter the market based on my understanding of supply and demand in the economy. The consistent price variations, which shouldn't be an issue, are the only thing stopping me. But I really need a counselor; could you please assist me?

[@DeannaMurray-zv]

One of the fiduciaries I deal with is Jennifer Lea Jenson. Just check the name. There would be a letter with the necessary information to set up an appointment.

[@JimmyA.Alvarez]

Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.

[@JanineJ.Cromwell]

consider yourselves lucky if you have a market over achiever. it's why I'm very confident in the future performance of my P&L

[@eplugplay8409]

Not sure why but I always had the perception that McDonalds and other fast foods always accepted credit cards even since the 80s.

[@ChadZeluff]

Let’s watch a video of how people viewed the internet in 1993 and conclude that we shouldn’t use it.

[@bradzeigler]

I worked in Signer Bank's credit card division collections department (the predecessor to Capital One) back in 1992. College Credit cards had just become a thing. Grocery stores were just then allowing people to pay for groceries with credit cards. We talked to a lot of broke college kids with over limit balances and people running up their credit cards trying to buy groceries.

[@loganmedia1142]

Is a grocery store a little corner shop or something more like a supermarket?

[@smileychess]

@@loganmedia1142- Usually more like a supermarket.

[@bradzeigler]

@@loganmedia1142 at least in the U.S., a grocery store is generally synonymous with a supermarket. A corner store is more akin to an urban convenience store, although a well stocked corner store might be considered a grocery store. At one time a supermarket was considered a large grocery store, but nowadays there are very few grocery stores that wouldn't also be considered supermarkets.

[@cellsheet]

Sounds familiar

[@steadysmv]

@@loganmedia1142The grocery store grew from a little corner shop into a supermarket.

[@emoney1231]

Yeah the car argument is kinda silly, but my credit card bill is around $2k a month. So I earn around $500 a year in cash back. $5k per decade is $25k+ in a lifetime. That is a new car... even if you don't invest the cash back, which I would.

[@ShatteredF1re7733]

I realize now at 35 that good credit can save you hundreds of thousands of dollars when you try to buy a home or car. That's where they really get you. People who are "gaming" their credit cards are going to get financially raped when it comes time to buy a car or house.

[@derekcox6531]

I use a credit card for literally every purchase I make. I pay the balance every month and don’t particularly give a second thought to people who can’t use credit cards like adults. Really not my fault if someone wants to pay 22% on their McDonald’s order from 3 months ago. I wouldn’t do it,but hey,that’s their business. ….just sayin

[@danieljohnson4418]

Well stated, sir.

[@Locknuts84]

I used to use the card and pay it off. Then I went full Dave Ramsay. I find it far more painful to spend my own money, so I spend less.

[@bubulubu3136]

Yep, me too. Years ago I quit carrying coins altogether and only use cash when I have to.

[@eegernades]

you could still spend less with a credit card if youre an adult @@Locknuts84

[@chemquests]

It’s a matter of convenience and discipline

[@angiewolf8189]

I attempted no credit card for 30 days. What a nightmare. It was a pain to get cash. I worried so much. I didn't have peace or reward. Using a credit card works for me. I use it like cash. Spend $50 on gas. Great. 5% back. Go home and pay the bill less the 5%. Dealing with cash is a pain in the ass and does not provide rewards. I hated not using my card. I use my card like cash without needing the actual cash. I NEVER carry a balance, like not even for 1 day. I don't understand why credit card use is bad. I guess some people are just stupid and use the card to buy crap they don't need. I use mine for my basic expenses and pay immediately less the 5% reward. It's a win for me. I'm 52 and totally debt free and a baby steps millionaire. I truly don't understand the hate towards responsible credit card use. I'm better off with my card. Using cash only is a PITA.

[@GeorgeKamel]

Did you not think to use a debit card?

[@GeorgeKamel]

Also if you’re addicted to the measly rewards, you definitely need to rethink using credit.

[@loganmedia1142]

There is also no difference between a debit card and a properly used credit card. In fact even if you only paid off the full amount on the credit card at the end of the month it would still be essentially identical to a debit card. I've also used a debit card. It doesn't reduce spending and provides absolutely no other benefits over a credit card. Some people, and George Kamel appears to be one them, have this strange psychological disconnect whereby they view using a credit card as spending someone else's money and a debit card as spending their own money. I don't really get it, because when I use my credit card I am definitely spending my own money and it feels like it. Cash is definitely the worst. A hassle to withdraw, risky to carry, time-consuming to deal with in shops and tedious to track. It's also in my experience the easiest to just spend.

[@angiewolf8189]

@@GeorgeKamel my credit card is my debit card. It's my money and I pay it off immediately.

[@angiewolf8189]

@@GeorgeKamel not addicted. It's smart to pay 5% less on my spending. While I understand that percentage is small it adds up and saves me money. Why pay $50 for a tank of gas when I can use my card and pay back less when I get home and pay it off. It's stupid to not use the card. Cash is such a hassle.

[@canchadhandlethat872]

Keep up the good work George and team, you are the future of Ramsey.

[@src4409]

I love George, but I also love Dave. I need that knowledge.

[@canchadhandlethat872]

​@@src4409I'm with you. But Dave's getting older. He can't do it forever

[@chizorama]

The younger generation not getting the sardonic humor of the 90's, the old man knows he's not going to buy a pick up truck eating at BK, he was being facetious, sheesh...

[@ccbige]

Whoever finds the little 1-2 second clips for your vids deserves a raise!

[@OhYeaMista]

It’s all about self control. If you have none, then George gives good advice. If you only use a cc for purchases that you were going to make anyway and you pay it off every month…then there’s really no downside. We use a card for gas that gives us 5% back and we pay it off every month. We are gonna buy that gas regardless…we have to. May as well get 5% off every gallon. We’ve made hundreds if not thousands over the years.

[@sylviaodhner]

I agree. And if I don't need to have cash on hand for purchases, I can keep more of my money in my high-interest savings account and earn more interest.

[@Lionheart_He-Man]

Exactly, there is no ‘sin’ in using credit cards as long as the user pays their balance EVERY single month without paying interest and reaping cash back rewards. It’s all about discipline, unfortunately most Americans don’t have it 😢

[@loganmedia1142]

They try to counter that by claiming that people still spend more on credit cards than they do on debit cards. However the research they cite actually says people spend more when they use plastic than they do when they use cash. That means for someone who can't control their spending they'll still blow their budget and clear out their account using a debit card. They also all make the mistake of assuming the problem was the credit card, but they in fact made numerous changes at the same time as giving up their credit card. It's a classic example of ignoring confounding factors and confusing correlation with causation.

[@IgorLisx]

@@Lionheart_He-Man yep, I have 1.5% cashback on any purchase and pay off card every time my balance hits $100..$200. I'm not waiting for the end of the month.

[@Lionheart_He-Man]

@@IgorLisx Even better, before the end of the month, I like it 🤩

[@Pandorash8]

I was working in Sydney when credit card payments first came into fast food outlets here in Australia. That would have been around 2006. From memory it was McDonalds that started it and it did give them business as people would eat there, even if not their first choice, simply because it was more convenient. Then they all offered it and it was a slippery slope to where we are now where you can finance basically anything.

[@cwalenta656]

Regarding the comment about vacation, today using cards is WAY faster, but early 1990s using credit cards tended to be way slower, though still faster than Ethel on the grocery line writing a check.

[@dindog22]

the 2 little kids with the bowl haircuts hamming it up for the camera

[@mtbco]

I don't think the GM card guy was serious - it seemed that he was being sarcastic

[@mikewarmbold3820]

Mahk from zebra corner is not something I ever expected to see in a George Kamel video. Thank you for this

[@OhYeaMista]

I graduated high school in 2003. I worked at a gas station in high school and we definitely took a lot of credit cards. Blows my mind that a local gas station took cards before McDonald’s.

[@thisguyrighthere4634]

$3.10 for a meal what a combo

[@libbysworld7649]

My 2nd job as a teenager was working for a telemarketing company who "gave away" Union 76 gas cards.

[@ZillasCoop]

Not understanding why it would be useful to use on vacation tells me either you have never traveled with kids or you werent the one managing behavior/food/finances all at the same time. Having one less thing to think about /wrestle with at key moments can be a life saver.

[@genebateman3183]

When you said 30 years ago, I thought early 80s. Of course it was the 90s. Now I feel old.

[@beckypetersen2680]

George, this was by far the BEST presentation by a Ramsey personality of why c/c shouldn't be used - far better than anything I've heard by John when he tried to guilt us into not using them because a single mom can't pay her bill if we use the rewards - still trying to figure that one out or even Dave who simply says you won't like watching your money disappear while not addressing the "but I'm in budget" part. And you are the first to explain why the budget and c/c don't work - because you say that it doesn't work since it needs to be little by little. Thanks for at least addressing issues some of us "ish" people have asked and not heard addressed. For me the biggest has always been - if you have a budget, then why does it matter what way you pay for it?

[@beckypetersen2680]

I tried to edit this but YT is fussy about that at times...I'm still not totally convinced - but I get that using my cash "hurts" a lot. There was a grocery store here in Poland that used to not accept c/c and often I would have to go "back" to get something I wanted because I didn't have enough with me as I didn't realize that they had that thing for sale (the store is like an Aldi). But then we got Lidl- which took c/c and that pushed this store to accept them. It actually makes my life ever so much easier and we don't have to bring nearly as much money into the country and pay the ATM fees to transfer my $$ in our local currency.

[@loganmedia1142]

My money is disappearing whether I'm using a credit card or a debit card or even cash for that matter. Cash however I find the most painless to just hand over. It is somehow completely detached from my bank balance once it is in my hands. I can't see any benefit to a debit card. It's basically a credit card that you prefund. Seems silly to me. I do realise the rewards I am getting are coming from someone else's pocket. Certainly not the bank's. This video didn't even come close to explaining how a budget and a credit card don't work. If you have a budget then it literally doesn't make any difference whether you're using a debit or credit card. For it to make a difference you'd have to somehow convince yourself that the credit card is not your money. But it is my money and I know that. Additionally the research that is sometimes cited regarding people spending more when using plastic would apply equally to debit cards.

[@taichiroward5770]

I use my cc like a debit card cause I pay it off as soon as the charges clear & I never spend what I don’t have in my attached back account to the cc. This way, I’m still able to receive cash back on all my purchases without paying interest.

[@katiedolan14]

I remember working at a coffee shop in 2002 and checking people's driver's licenses when they used a credit card and verifying their signatures.

[@tanyadebeer4836]

I just turned 50 and have never owned a credit card but I see it more as faith than financial. I believe it is a means to worldly enslavement. Neither a lender nor a borrower be.

[@matthewhall1538]

Used my credit card for all purchases then would pay it at the end of the month. Stopped doing that and started using Every Dollar and my debit card. Paid off a 6k loan in two and a half months with the money I stopped wasting. Do this people it works. Great content @GeorgeKamel keep it up.

[@loganmedia1142]

Credit card, debit card, they're almost the same thing as far as I'm concerned. The debit card is somewhat inferior in various ways. But as far as how much I can and will spend in a month they are obviously identical.

[@krissimons1339]

@@loganmedia1142 The only thing different though is that with a debit card you can't spend more than is in your account the card is attached to, so it does limit your spending in that regard. That said, I don't have a debit card because to me it's inferior to a credit card and opens your bank account to being cleaned out (at least until the bank decides to reimburse your account).

[@rachelcrossen8136]

If GM guy eats there long enough he will have a heart attack long before he gets a new truck

[@Greg8872]

One big difference though is back in the day "credit cards" were mostly all credit cards, they were not credit AND DEBIT cards which we have today. I remember growing up in the 70's/80's, once a year we did a big dinner out for dad's birthday (yeah funny looking back, dad put up with it for us kids) that was the ONLY time a credit card was used for a meal. Of course this was back when you'd go to Kmart and you went to pay with a credit card, and the cashier had to go through like a small phone book of bad credit card numbers (revoked) to make sure the card wasn't in the book.

[@BunkMasterFlex77]

I once charged a bagel in a supermarket back in 1991 for 25 cents becasue I didn't have any cash on me. I think I'm still paying for that bagel now.

[@gene6867]

Your story has a hole in it.

[@sidwhiting665]

I work for a Fortune 500 retailer and I can tell you credit cards absolutely are tied to higher ticket sales and impulse purchasing. Credit tickets are consistently 17% higher than cash tickets on average. So all those people who are "just buying stuff they'd buy anyway and paying it off each month..." .... yeah, you're overspending. Constantly. That's where your 3% perks come from. Not necessarily interest or fees: simply overspending.

[@Alexis-wh2de]

I love how histprically, Americans (mainly Boomers) widely believed CC's were for pricier nice haves or during vacations only. Today, many people think you're weird if you're not using CC's to pay for everything possible. Meanwhile, almost every year since national credit card debt has only increased. Also, Americans have saved less and less for retirement. And we're unhealthier. And we're more overworked. I proudly refuse to use credit cards as an act of rebellion against dominant American culture that has made Americans overall worse off.

[@loganmedia1142]

I was surprised to learn this about the US. We'd been using credit cards for almost everything long before the 1990s.

[@carbpumper]

You don’t have to pay interest if you pay the card off

[@johnroark9568]

I ate at a Burger King once. It cost me about $600... To get my stomach pumped

[@nathanmartin9308]

Working on my first badge of honor......living the last 5 years without a credit card.....turns out you dont need one!🎉🎉🎉

[@inthebriggshouse]

Your shirt color is freaking awesome!

[@Jhosey74]

Kinda weird to think that I'm older than when credit cards became acceptable at BK.

[@AlexanderNecheff]

I have not personally had trouble tabulating discretionary spending in my head each month. It's exactly the same as using paper notes. You either have enough discretionary capital or not. Doesn't matter if it is paper or plastic. And when you are first starting out, having no credit history is worse than bad credit history.

[@steelsmack]

Back in '93 you didn't have ATMs everywhere to withdraw money (at least without penalty) and debit cards weren't much of a thing yet, so on vacation it would make sense to use a credit card if you were running low on cash.

[@sonnyhootman9811]

I remember going to a grocery store in the early 90's and they were just starting to take credit cards. Before that a grocery store taking credit cards was unheard of. I thought it was crazy. A few short years after that America started having an obesity epidemic.

[@brianasbell5856]

Just because George couldn't control his spending with a CC doesn't mean others can't. If it used with a budget then it's the same as using a debit as long as its paid off every two weeks or monthly. Without a budget I can agree you can over spend but if used wisely with a budget and you already have the money to pay it then it's a took that is useful.. Like Guns, CC's aren't bad just some of the people who use them

[@debaniol9321]

I feel the same way as the woman who didn’t see the sense of using a credit card for a whopper! A new bakery/sandwich shop opened…great reputation. So I stopped one day to treat myself. Got to the front door to read a sign that this store was ‘cashless’!! Turned around and left. Not going to try a donut or sweet roll on my credit card😬🙄😠

[@themanifestorsmind]

You could have used your debit card though.

[@debaniol9321]

@@themanifestorsmind I don’t have one of those🙄by choice🤷🏼‍♀️

[@merc7paul]

Damn only 1993? There's hope amex will be accepted everywhere soon!!

[@rockyroad8442]

In reference to the vacation comment, the guy is saying working people on the daily don’t have time to wait for the transactions to go through…so maybe people who are vacation will use the credit card option since they aren’t in a time crunch. This is how I understood it.

[@brandonpetty8064]

The price of GMC 1500 regular cab in 1993 was $16,120. It’s $37,700 today. So while earning 5% back from the cost of a whopper, the price of the truck has increased 133%. But hey, keep charging buddy. You’ll get there.

[@kmng3207]

Thought it was bad then and still find it bad today...

[@737Parkie]

I remember those slide machines with paper they’d run your card through. A comedian on Letterman (don’t remember who) said that they should run your hand through the machine to discourage people using them. 👍🏻

[@loganmedia1142]

It was probably easier to overspend in those days. Now I get a notification for each purchase which reminds me how much I just spent and how much is left for the month. One of the things I really like about modern credit cards.

[@737Parkie]

@@loganmedia1142 I rarely use mine and I purposely have a low limit.

[@jasonperry7970]

The 93 example was high tech with magnetic swipe. Before that we used to mail the imprints in for processing.

[@Matt_Dagostino]

He's saying that if you are on vacation you'd have more time to wait around for the credit card to be processed.

[@oscarzepeda1558]

Whoa !!! Almost 12,000 views in 4 hrs. !!! Get’em George !!!!!

[@src4409]

The vacation comment said "when they don't have anything to do". He was saying that it would take too long to use credit cards on a day to day basis for every day people who needed to get to work, pick up the kids, etc. It used to take a really long time to use one.

[@rebeccam2565]

OK, the deal about the “on vacation” comment. Way back in the 1980s and 90s people did not want to carry large amounts of cash on vacation. They would get travelers checks (like a guaranteed transfer from Western Union you could deposit in your bank account.) The guy is probably talking about the fact that you would not have to carry as much cash while you were on vacation and would not have to get travelers checks, which required a trip to the bank or similar facility.

[@CarlaQuattlebaum]

That guy talking about using his GM card at Burger King! "If I eat here long enough, I'll be able to buy a pickup truck." Yeah, maybe one of your heirs can drive it to your funeral. Yeah, I'm sure he was joking. He WAS joking . . . wasn't he?

[@cloekeet]

I've never owned a credit card. To this day I'm still being told by everyone around me to get a credit card. Ironically, I'm not eligible for most cards due to my "lack of credit history."

[@CJ-sg3vs]

I have never owned more than one credit card my whole life and that card is paid off every two weeks. I refuse to keep a balance on it.

[@emanuelbandrabur5338]

You would have to pay $320,000 at BK to get that $16,000 GM in cash back!

[@ShatteredF1re7733]

So $15 dollars a day for 60 years.

[@angieharris8015]

With fast food being as high as a traditional restaurant, you need a credit card. Lolol

[@anya8221]

I eat fast food on SPECIAL occasions due to price. At restaurants for birthday one a YEAR.

[@MrZedblade]

I don't remember this. I was in college and had a credit card. I seem to remember paying with a credit card at restaurants and diners. But now I'm doubting my memory!

[@Erati243]

Seems to me the guy talking about vacation was saying that credit cards are never going to catch on for day-to-day use but might be useful if you run into some kind of issue while you're on vacation

[@Scraws]

Credit cards aren't for everyone. I prefer using credit cards for rewards on money i'm going to spend anyway, and I never pay interest. Credit cards offer extended warranties, and better protections against fraud. I disagree with using a debit card. If your debit card gets compromised, that comes right out of your bank account.

[@kylemckiernan1445]

And now our cashiers don't know how to make change 🤦‍♂️

[@jonnygunn6259]

Oh, George, you’re so young. The guy talking about vacation was referring to the convenience of being able to use a credit card rather than digging the travelers checks out of your purse or wallet.

[@nathantoups]

“Snap” bracelets? Slap bracelets!

[@jonhaynes7262]

Wow, only $3 for a meal. Now it is about $15.

[@traveler320ak7]

People sure dressed waaaaay better then!!!

[@whobeyou5342]

That guy upset about having to wait for his whopper. Was probably thinking about the credit card machine you had to use to slide back and forth with the carbon copy receipts. That did take a minute

[@reese8752]

That guy is still waiting on that truck

[@drewskiv686]

Are we glossing over the fact that a new truck in 93 went for 16k compared to today’s prices of around 80k???

[@hvaball150]

Not THAT truck. Put them side by side and features... Maybe $37k MSRP today... Probably pick one up for $30k. Meanwhile that McDonald's worker isn't making $4.25 an hour anymore!

[@AprilShowers24]

Kudos to your video editors

[@davidbrooks8809]

Remember back then minimum wage was much lower.. yes food was cheaper but our wages were much lower

[@rockystaatz521]

Until people figured out that cash doesn’t get you a credit score that you actually need to get almost anything but you’re right about financial stability kind of, but then you should use revolving credit with necessary bills if you get cash back

[@Siferatu]

The problem with Ramsey studio advice is it hasn't been updated since those times. Dave still believes in a world where credit and FICO scores are the outsiders; a world where cashiers know how to handle cash; where every brokerage does manual underwriting.

[@EricColeThornton]

I think the guy meant that cards may work for folks on vacation since they will extra time to burn for the additional transaction time of using a card.

[@stevenporter863]

6:45 George, anyone with an ounce of common sense doesn't think they are beating the system. Responsible people are just using them for convience, paying them off every couple weeks and collecting points for buying things that they would anyway (food, transportation, etc.). Problem comes in if the card is a financial crutch or think they can buy a new truck with the points (like the guy in the video), more likely a free cup of coffee to a free flight.

[@teresateresa8933]

Makes sense for those who can’t control their spending. I am most intentional ALL the time and I haven’t used cash in a decade.

[@stacycreates24]

It’s difficult when you have no money though

[@stephenpetersen354]

Cash back is just give you a new pair of socks and credit utilization. No real spending can be done with it.

[@millerfamilytrees]

That guy was talking about vacation because cash was considered a travel risk and that's why you'd get traveler's checks. So you might use a CC on vaca in lieu of a traveler's check on vacation because you don't want to carry the cash.

[@karihosny9420]

Credit Cards became popular when internet shopping became a thing.

[@sohoyankee66]

My mother raised 6 kids by herself, without a credit card. Booyah!

[@dkstudioart]

I hate to say it but I was abusing credit cards before 1993, obviously not for fast food but there were plenty of other stores that had no problem taking them! But even well before credit cards became ubiquitous there was the store charge accounts, my Mom had a few of those as my Dad discovered shortly after their divorce, (1970's).

[@halleradam]

That wait and clunkyness of credit cards at the time was real. It was a huge hassle in any establishment if someone wanted to pay by card. And yeah, each swipe could have required a call to bank HQ.