How Is Someone Even Allowed To Get 35 Credit Cards?

[@imaami44]

I had over 20 credit cards and have been in debt my whole life until I started to watch Dave. Now I only have 6K in debt. I currently lost my job and now running out of unemployment. I am living on my emergency money. I have applied for 30 jobs in 14 days. Only 1 interview and going to it today. This job is just enough to buy food and pay my utilities. Life it tough.

[@gungagalunga9040]

Where in the world are you? I thought the job market was great

[@JUNKJACKZACK]

​@@gungagalunga9040 LOL it's actually trash.

[@ARKenMan]

Hope you can get another great job soon and incredible job of getting out of debt too!

[@andrewrobinson2565]

+1 Good luck 🤞.

[@ernestogalvan143]

Doesn’t sound like you are telling full story. You must be the problem.

[@cherylhills3227]

Those bills will not be paid,so much credit cards is like living free.

[@BendyChoy]

Credit cards are useful if you are financial responsible.if you can’t budget and pay them offline then don’t own one.

[@ZhannaDavidova]

Managing Money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times, while orders tend to avoid them. Well, at least my advisor does too.

[@BarbaraPearson55]

Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

[@sebastiaanthijn7982]

How did you find a good finance advisor? How do you know if they are trustworthy and competent.

[@ZhannaDavidova]

Our family also got introduced to Joseph Nick Cahill,a financial consultant about four years before my dad retired. That was what changed things, and I think my retirement income will be on the right track, luxury cars and trips

[@navigator72]

When I had credit cards, I had no money. Now I have no credit cards and now I have money. Strange but true. Being debt free will bring some serious peace in life.

[@littlebob1261]

Dang, too bad you're not responsible. My card gives me 2% cash back on everything, even my power bill for example.

[@navigator72]

@@littlebob1261 I’m happy for you If you believe that you are winning with 2% cash back. The credit card companies are charging 20-30% interest. If you carry a balance on your cards which 46% of Americans do. You are getting screwed by the nice company that’s is offering 2% cash back. I’m all set playing their game. I’ve been there and it sucks.

[@navigator72]

@@FellowFirearmsEnthusiast. I have total self control. Why use a credit card if I have the money in the bank to cover most expenses. My car needed brakes and 2 front tires. I wrote my mechanic a check. Christmas was here a week ago. My Christmas is paid for. I won’t be getting any credit card bills to pay for Christmas. I don’t need or want a credit card. I dont want the 2% cash back. I’m perfectly fine with my money in the bank.

[@navigator72]

The mechanic said the rear tires were still fairly good and knew that we were selling the car soon. He suggested we save our money and only put 2 tires on.

[@anndeecosita3586]

@@navigator72You ask the question why put something on a credit card when you have money in the bank. It’s cheaper. That’s why people do it. Let’s say the tires are $400. I could pay $400 directly out of my bank account and that’s that. Or I could charge $400 to a credit card then go online the next day and cash in the cash back I got for that purchase which would lower my bill. By how much depends on on the card but for the sake of argument let’s say my bill goes from $400 to $380. Since I already have the cash in my account anyway I pay it off. Only I pay $380 vs $400. I do this with all major purchases and my car insurance. I also do this with department store credit cards. Sometimes the store is offering a 20 to 30 percent discount for using their card. I go the register and use the cc to get the discount. Then after I tell the cashier I want to do a second transaction to pay off the amount that was just charged with my debit card. I pay that bill off before I even leave the store. If I was to just immediately pay with my debit and skip the 30 percent discount I would be foolish. Who cares about the credit card company sending you a bill for $0.

[@mekecobb]

Credit cards 💳 can be an addiction if one is not disciplined

[@davidglad]

Can be even if you are disciplined. I'd say only the bad kind if you're irresponsible and it rules your life

[@mekecobb]

@ Good point 👍

[@papamatt7014]

Credit cards can definitely be an addiction if one is disciplined and responsible, but that's not necessarily a bad thing. As long as you're knowledgeable, responsible, and disciplined you can use them for your benefit without being in any debt whatsoever

[@JoshuaDarius-bm7nc]

Agreed, it's about discipline, but people act like and make it seem like it's a disease. So maybe it's also a disease.

[@papamatt7014]

@@JoshuaDarius-bm7nc It's not a disease at all, it's lack of knowledge. Extremely few of any are taught how to use them correctly in schools. When I got my first credit card at 18 I decided I'll do my own research and learn how to use them to my best ability, so I did. I have never paid interest on anything, I have saved myself hundreds of dollars, and am still able to do quite a lot through them that I normally wouldn't have been able to do, and it's because I taught myself to be more financially literate.

[@truthsayer9534]

“What’s in your wallet?” Cash.

[@Ceilingkatwatchesus]

I was scared for having one credit card that’s now been paid off. But I needed it for a certain period in my Life while Getting my money together. But once I did, I paid it off and never needed any type of credit again. I’m happy that I have friends who work in finance and helped me when I needed that financial literacy and guidance

[@0annonymous]

Believe me though, many people have had regular credit cards for certain times in their lives when their money situation just wasn't together It's easy to go hog wild getting anything and everything you possibly can until that one transaction is denied, only for you to find out your card has been spent Now try to pay it off once your credit cards are all maxed out along with store credits.... If you do get credit anywhere and max it out, don't try to pay that off first When you get your check, especially if you get paid monthly, first pay your usual normal bills like rent or mortgage, utilities if any, any insurance on anything you have that's insured, car expenses if you have one such as gas, insurance, repair and maintenance, plate and license renewal, etc Buy your food and any other basic necessities for your average everyday household Then pay on that credit with any money that's left over after basic needs that are higher priority by law and under the Fair Debt Collections Practices Act There's no such thing as debtors jail, so they can't really threaten you with jail They also can't call and harass you, so you have rights as a consumer Creditors can't call past a certain hour either They can send letters, but they can't come to your home They also can't threaten lawsuits unless they intend to actually do it If you're on fixed income like SSI and your judgment proof, then your judgment proof and you pay what you can when you can I've actually been in debt, and I had to go for the 7-year jubilee for one simple reason: If you try paying off your credit accounts, you'll notice that even if you can't pay the minimum amount due and maybe you might not have that much to afford, you'll find that the bill just keeps getting bigger and bigger Most of your payments could be going toward the interest and not the real principle, which is the actual amount If it's an unsecured card or maybe you co-signed with a friend for a computer they needed, maybe they defaulted and you had to take the computer by agreement The computer would most likely have to be the collateral The loan company may sometimes act in an unprofessional manner and get verbally abusive, so if you don't know your rights you may not have a clue on how to deal with it Maybe they may want to come pick up the computer, but maybe you need it but you lilac a rug Maybe you may lie and say a friend who needed a computer more than you did now has it, when secretly you do If they ask why you did that, tell them the other person needed it more than you and your whole life is on your old computer, so not much is on the new computer since it's not completely set up I knew of a situation where this actually happened, but the computer was secretly kept by the one who was the cosigner, so the person was able to successfully deter the already abusive loan company manager from showing up at their home Not everyone will do this, some might have to if they feel they need to when they're in a pinch and the old computer has been giving them fits and they just need a new one anyway but never anticipated getting a new one through such a situation Let's say maybe you weren't even looking for an Acer or whatever brand you ended up getting, and the software is harder to navigate But let's say you landed such a computer and now the loan company is after you and you don't want to lose the investment I'm not saying you have to lie, but if you're trying to work with the bank or loan company, then learn your rights, set limits and hang up if an agent or manager gets verbally abusive

[@Tialian]

When we went to buy our house we were only making 50k combined and they approved us for over 400k. We bought a house for under 200k. Of course now our house is worth over 400k and we make almost four times as much, looking to get the house paid off this year to be completely debt free.

[@marshalltille7770]

Keep going champ.

[@panzer_TZ]

While I don't have as an extreme view of debt as Dave; as I get older, I understand how people end up in horrible situations on the show. If your mentality around buying things is payments, it's easy to wake up one day and have a mortgage, two car loans, 5 klarma payments, a HELOC, a 401k loan, medical debt, and 10 credit card minimums sucking your entire paycheck. Even being a homeowner(I only mention this because the amount of door-to-door salesmen skyrocket when you are in a house), the first thing a salesman does to sell their product is mention financing.

[@poolmilethirty2859]

The marketing grads are on commission to sell you their product and they need you to pay off their student loan.

[@lolwtnick4362]

why the hell are you using klarna? People definitely don't know how to manage money

[@LadyMaeloraBeesbury]

Good point. Big bites or small bites, they're still taking a chunk until there's nothing left.

[@JoshuaDarius-bm7nc]

And they've already got you hooked on a lifestyle where you are eager and stimulated to have something break the routine and be presented to you as an opportunity to enjoy something right?

[@InfluencePositive]

Nothing better than watching Rachel trying to stop her amazing dad from saying things a certain way (the old school way) 😂. It makes my day. My dad was the same way- A straight shooter.😅. Love these 2. Must See TV.

[@williambeyer5095]

The only way to get ahead is to earn interest and never pay interest, it's hard to get there but once you do you have succeeded!

[@troyb.4101]

Interest better be above the inflation rate. I have everything in non US dollars now. Property paid off, silver, equipment etc. I believe inflation is exceeding 15% now, I just look at my property insurer Liberty Mutual, they raise their rates 15% per year , or did until I no longer buy insurance. I use to get 10% on first interstate bank. Jimmy Carter was the president then. It was like 1981. Now banks pay what? , and inflation is what?

[@littlebob1261]

@@troyb.4101 It doesn't have to be above inflation, anything back at this point is a win

[@VetterStarksack]

I ordered pizza in Germany on the most common app. Got an offer to pay 30 days later.

[@jackyM1985]

😂😂

[@bdubs1111]

Dave. This is Brenden from RI who wrote in about money hoarding! Doing great now by the way. Thanks for hearing me out! You should bring these "credit card point" guys on your show and have them debate you. Certain things, I can see others' points of view, but the whole "my points are paying for it" thing boggles my mind.

[@tristan2332]

It all depends on how much you spend. My points I used for giving gift cards for Christmas. End of the day what matters is you have a budget and spend less than you make can do that even if you have a credit card.

[@CrypticHelix]

As a card points guy with $0 debt (outside of my credit card monthly statments) and on track to owning my own place before I'm 30 in a high cost of living city I can tell you it just boils down to discipline. Guys like me don't carry a balance. If we do it's because it's a 0% interest card and we just keep the extra cash in a HYSA to earn some interest until the promotional 0% period ends. We memorize the different "application rules" for different banks and build credit card application roadmaps around those rules to exploit the banks and get as much from them as we can while all they get is interchange fees and not a lick of interest. Over 2024 I made over $10K worth of points and miles if I cashed them out and if I used them for a once in a lifetime trip to Europe or Asia for a few weeks it would be worth well over $40K in flights and hotel stays. It's a matter of discipline, learning the game, and bending to rules to your favor.

[@pdxmusl1510]

It really wouldn't be a good debate. Dave thinks it's a waste of time and hates credit cards. He also incorrectly believes you spend more because of it and you cannot argue against him. Not because he's actually right. He just thinks he is. So it wouldn't be a good debate. The reason I use a credit card has nothing to do with points really. I make all my purchases through my credit card. And when I do it comes out of my budget immediately. So from my perspective there's no additional time spent and it affects my budget immediately. What I care about is that charges take about 2 months to come out of my checking account. A charge I make 1/1 won't be removed until the end of February for illustration. So this gives me up to 2 more months that I can do something CONSTRUCTIVE with my money. As in not spend it. But keep it invested or whatever. The result of this plus my 2% cash back effectively lowers my expenses by usually around 5-7%. But ive had good months hit 10-12%. Just unusual. This is not a lot of money. And no I'm not getting rich. But everything I'm doing i would be doing even if I didn't have a credit card. The only thing a credit card adds as extra steps is the payment. So I get 5-7% off all purchases. I then take that amount extra I didn't spend and put it into my retirement. I've calculated out if I do this for 20 more years. It'll pay for around 2 years worth of income in my retirement. Which again. Isn't a lot. Its not making me rich. But I think doing almost no extra work with no risk for 2 years of retirement income is worth it.

[@anndeecosita3586]

It’s not that complicated. The “points” can redeemed for “cash”. I get store gift cards and VISA gift cards.

[@anndeecosita3586]

@@tristan2332I have redeemed my points for gift cards and for VISA cards aka money. Usually I buy my cousins’ kids Christmas gifts but last year I cashed in points and sent them very nice telescope and microscope for Christmas. I just told the company to mail it to their address. I didn’t have to pay postage.

[@marylambros2149]

Mr.David, when I was in my early 50s, I started listening to you on the radio at night. You were my wake-up call as the retirement years approached quickly. I no longer take advice from moneyless friends, family members🙄.

[@Primitive_Code]

It's all about choices. Rachel is right, they are really good at selling their products but they can't force you to get credit cards, it's up to you to say "no" or resist living for other people.

[@jaysant6958]

I’m trying hard to see the other side of the argument, but so far I agree with you.

[@masoquistaeo]

You are correct, nobody is forcing anyone to get credit cards. But when you are under constant marketing influence (and we are talking years if not decades for most people), that can affect your perception. Combine that with most people saying it’s ok to have them. And then, add on top of that when people get in a desperate situation. That’s how many start using them, and it snowballs from there. There are of course the people who are trying to keep a lifestyle that they can’t afford (that’s a whole other issue). Yes, I agree with your comment, but I also understand how all those factors combined can make people get something they don’t need (CC) and start getting in trouble for it. It may be legal, doesn’t make it right. Like cigarettes, it may be legal, but what is the benefit for an individual to smoke other than to “help with stress”(there are many other ways to handle stress). Yet we know that smoking can cause cancer.

[@SamWesting]

@@masoquistaeo Not just marketing campaigns. It can be your coworkers & neighbors. You heard of keeping up w/the Joneses, right? People just need to learn to live within their means & not use envy as an excuse.

[@daveyohnson6418]

In the mid-nineties, my Mother retired, and had fixed income on SS . She was amazed at how many credit card offers she was getting for outrageous credit limits. So she proceeded to apply for and open over 200 different credit cards. total line of credit at peak was over 250K. The local paper did a story about it. Luckily she had enough self control to not use any of them. although I dont know if this would be possible modern day, it amazed me how far they would have let her go.

[@jaysant6958]

I don’t quite understand why most of the blame is on the credit card companies. Not once did they mention fault of the consumer here when talking about the bad effects.

[@Aristaifly]

I think because the question was stated from bank's point of view.

[@lisaporter3301]

Why blame the pimp when you can blame the prostitute?

[@prenticehammond2003]

Support your post office. Get all sorts of cards as long as they have no annual fee and make sure you do correspondence via paper, not electronically.

[@lacoradancy6329]

“It’s more than Chevy pickup trucks going through mud puddles” 😂

[@mbank3832]

People just love collecting, from baseball card, to Pokémon cards and even credit cards 👍

[@FellowFirearmsEnthusiast]

I've only ever had one credit card. If I can't use cash, it goes on the card. It gets paid in full every Friday. I've never used a debit card, nor would I with all the theft out there. I also go to the bank once a month after the 1st to withdraw my spending money for the entire month. It's a blessing I can spend my VA disability on whatever and just use my work income to pay bills.

[@Raida7]

As a non-American, the concept that you can go to a store to buy literally clothes and get offered a credit card. And you can get it! On the spot? How many banks, financial institutions, credit unions.... And then they all can be a back end for so many cards and offers for so many stores 😮

[@dividendfire855]

I get 5% cashback with my credit cards and I never run a balance, it’s not hard….

[@alinatamashevich3354]

Name the card

[@dividendfire855]

@ I rotate 3 cards, citi custom cash Discover Chase freedom flex All 3 yield 5% cashback

[@zianyang1011]

On which card can you get 5%? I only know cff on a limited category during a quarter.

[@davidglad]

Rotating categories is annoying. Although if you have sufficient bank and brokerage balance with them, BofA's cash card actually is 5.25% in a category of your choosing. Still often more lucrative to game those sign up bonuses and merely do minimum spend

[@zerafians8145]

@@alinatamashevich3354 most. Capital one, discover, chase (amazon)...cards with premiums should be avoided but almost all offer 1-5% cash back.

[@swayzieandchinita]

I have a cousin who proudly showed me her 30+ credit cards and how she had great credit. I broke it down to her and explained how those cards show she’s an actual risk and it can be devastating if her life were to hit a bad point. Took her a while but she got rid of the majority of them.

[@911eVoX]

She's probably living life to the fullest by taking business class flights, and points and miles

[@shadowminister4090]

I'm in Australia, so things aren't exactly the same as in the States, but there are similarities. I worked in the banking industry for 30 years, and was often gobbed smacked by how fearless people were with debt. Any time I was consolidating people's debt, I made the loan conditional on cancellation of any card I was repaying; people weren't alway happy about it. The thing that hit me was one of my work colleagues would get a "cash advance" on his credit card to pay his minimum payment! 😮

[@alexandervilla5673]

Dave jokes about payments on T shirts but I've literally seen a girl buy something totaling 6 dollars at a gas station and ask the clerk if they take after pay. Like, GIRL! WHERE DID YOU LIFE GO WRONG TO WHERE YOU CAN'T AFFORD A PACK OF GUM?!

[@gloriousapplebees]

I've proudly never paid credit card interest or fees. It's not worth it if you can't keep them paid off immediately.

[@walsakaluk1584]

Predatory lending is illegal in many countries.

[@GAFB1122]

Not in America. Predatory lending is a business model in America!

[@acevers]

If you fall for it then it's your own fault.

[@GAFB1122]

@@acevers That is the wrong attitude. Sad that you feel like that. It is NEVER ok to do another person wrong. And them "falling for it" as you say, does not make it ok.

[@jaysant6958]

@@GAFB1122How is it doing someone wrong by offering them opportunities (not obligations) to afford something that they cannot otherwise afford at the moment? Serious question.

[@GAFB1122]

@jaysant6958 When you use your superior knowledge, experience, intelligence, and skills to get someone to "fall for something," that is not good for them, that is doing someone wrong. Furthermore, your motivation is not to give them an opportunity or help them, but it is to help yourself. That is wrong, and to not do that requires morals and values. Sadly, few have morals and values. I expect you will not agree with what I said. Well, that is my serious answer.

[@northshorelight35]

I only have a credit card in order to reserve a rental car. It has a very low credit limit and I keep it that way.

[@Idaho-Idaho]

I recently decided to count the number of adds I'm subjected to in a given day. Got to over 150 and quit counting. Adds on radio, podcasts, social media, road-side electronic signs, TV, and on and on. Even my favorite online auction site is now bloated with adds on both sides and at the bottom. Ignore it all. If I want to buy something, I won't be using adds to initiate it.

[@Handle_number_7]

Wow. I have 6 and that feels like too many. Probably close half of them this year. Yeah, I'm aware that can have an effect on my score. But I'm likely 2 - 3 years from buying the next house, so not too concerned. The plus side to closing one of them is I can reapply in 3 years and be eligible for the opening bonus again lol There's nothing wrong with having credit cards when one can be disciplined, and never pay interest. And I never buy things JUST for points lol

[@Drillbitayler]

Here's the thing. If you pay off the balance every month, CCs are great. I have several and gave racked up over 35k in reward points on my business cards. IF, however, you only pay minimums or don't pay anything, well...I don't have any nice words to say. Don't get a CC ever.

[@evr0.904]

Bro bragging about his points. 😂

[@dmarshall5148]

@@evr0.904lol I know right… he’s a thousandaire, in credit card points…

[@littlebob1261]

@@evr0.904 What's so funny about points? I have enough points for 3 free nights at Hilton and get 2% cash back from my other card. Look at you, no rewards and laughing at people being responsible and taking advantage of the system that plays people like you LOL

[@Andrew-it7fb]

@@evr0.904 as opposed to the people bragging about not taking advantage of them? 😂

[@vince8436]

I knew someone with 100 cards. Never used probably 95 of them. But made a collection out of them.

[@jimmyinjapan6797]

The government should more strictly regulate this. In Australia I doubt a lender would be allowed to give you so many credit cards as strict credit checks requiring documentation on income and other open lines of credit are required for CC applications here. I was shocked when I saw in the USA they’re even advertising credit cards on airplane announcements and in supermarkets checkouts. I don’t think I’ve ever seen either of those here.

[@GAFB1122]

The United States Government is bought and paid for by the rich 1% capitalists! And these folks despise regulations.

[@sidwhiting665]

While this sounds like a good idea on the surface, I don't believe it will work as intended. The Govt makes so many one-size-fits-all rules that go overboard and have so many unintentional consequences, my thought is we need to keep them OUT of anything and instead encourage people to be wiser. You can try to strangle the credit card companies with regulations, but ultimately people have to be responsible for their own decisions. A nanny state only creates babies.

[@GAFB1122]

@@sidwhiting665 I totally disagree with you. I am a more regulation person. Obviously, you aren't. We'll agree to disagree.

[@zunedog31]

Getting approved for cards 35x over usually means the person had an 800+ credit score and takes a ton of money from the banks in the form of rewards.

[@ering7733]

It’s soooo annoying going to the store and being asked do I want a credit card for that store!! I say no and then asked are you sure? Of course the worker gets paid extra or incentive for encouraging getting their card so I don’t blame them but it’s annoying!

[@tcgtpl]

I'm a huge fan of responsible credit card use, but you really only need about six credit cards to get the most cash back/points out of your normal expenses. More than that you'll typically either have multiple cards covering the same category spend, or some cards that you use only on rare occasions, or you're not having a plan for your credit card spend (i.e. focusing on a cash back strategy or accruing points/miles for travel.)

[@rainfallforsleepandrelax148]

I admire America and other countries for providing land, house and goods by loan using credit cards and other means because if these things a country provide by cash, people create class stragle to get land, house and goods. So, instead of hating credits, please teach us to use it wisely.

[@XennialGuy]

4:21 Samuel L Jackson or Jennifer Garner? I don't think either has any trouble getting a part.

[@MsDezB1]

LOL, I love Dave but I was thinking the same. Sam Jackson never seems to stop working. That man works like he's still paying down student loans.

[@Stayc3]

I was literally looking for this comment. lol. Sometimes he makes absolutely no sense

[@m.f.richardson1602]

Way back in the day 1965, in math class. Teacher told ús in the future we will be living off plactic 😢. I don't use plactic. I pay cash

[@reviewsbygen5591]

Me too but many places have gone cash less. We went to Legoland in Florida and it’s completely cash less.

[@charlesyoung9980]

35 CREDIT CARDS?? That's more plastic than Kim Kardashian

[@esmyval8948]

😂

[@rtel123]

Answer: the banks want to share the risk around! :). I do have a half dozen cards that I pay off every month. That is because the rewards are on different categories, so I use the card with the best rewards for the purchase type. You want more than one in case one fails due to technical problems or theft.

[@cathy7562]

I'd rather have some cash at hand if the credit card payment fails. Much easier than. juggling among 6 credit cards for some not so great rewards. The other day I received a pre-approved AmEx credit card offer bigly advertised for airfare miles, and I almost thought of it for more than a minute when I read that the annual membership fee is almost $700 just to have the card, and the provision to get a certain number of miles was to spend minimum $8,000 in the first 6 months, and who knows afterwards???. First, paying membership on any credit card is beyond stupid, no matter the rewards. Second, why would I have to spend $8k in 6 months on anything? Aside from mortgage and all utilities, phones, etc. there's no need to spend more than $1k/month for food and other discretionary stuff.

[@marygreen1271]

I have 1 credit card and use it almost exclusively. It's paid off by direct debit every month. I never pay interest but gain points which I redeem against groceries. I feel a bit guilty that your interest payments are paying for my gains so I give my gain to our local food pantry. Credit isn't always bad but be mindful with it. Best wishes to all and wishing you a happy new year from Snowy Mountains Australia.

[@sctexan5392]

Making money off of you is secondary,; they make their money off of "using" a CC.

[@gonzalorojo6815]

I have around 20 cards, autopay them every month and been traveling highly subsidized all year

[@MR3DDev]

It's not hard. Sometimes banks have offers of some hundreds dollars for spending X amount in X amount of time. If I can reach that amount with my monthly spending I get the card and take the free money.

[@RPR999]

i have 1 credit card and all my electric /water bills, phone bill and internet goes to that 1 card. its useful in away to keep all my services in 1 place. its also used for food but if you use it for a whole bunch of fun then itll be hinder on you rather than a tool to make life easier.

[@Sarabella68]

I just remembered a thought I had when I got my first credit card in college. I thought they approved of giving it to me because they were confident that I would be financially successful soon after graduation. Sadly, this was not the case.

[@kingsgold]

You, as an adult, are responsible for your decisions. not the banks. You apply, and they will do their best to accept you because it's good for business. You, as an adult, need to know whether applying and getting the card is good for you. Hint: in 99.99% of cases, its not. Companies with Credit Cards exist to make money, one way or another. Nothing is free. Even your transactions on the card is currency for them they use to sell to companies to make profits.

[@sidwhiting665]

Agree 100%. The nanny state only creates more infants who are incapable of managing their own affairs. Govt's job is to protect you from foreign military.... not your own lack of personal will power and wisdom applying basic financial principles.

[@bChipps]

I mean to a degree but there is such a thing as predatory lending. Just because you’re an adult doesn’t mean you can’t be lied to, manipulated, and cheated by these companies to get you to sign a dotted line.

[@Primitive_Code]

It's a lack of parenting. The parents don't teach their children about finances and money which in turn teaches them other valuable things like integrity, grit, determination etc. If anything, the parents use cc and kids look up to them. Future generations are doomed.

[@1acreproject]

I am amazed, it's so different between countries! Banks always look at your credit score and active credit cards (the limits and how in debt you are) before issuing you a new one and will do the same before allowing a limit increase. I think the most cards I've seen someone have was 3. Husband and I have one each because it can be useful in an emergency but the balance is pretty much always 0. Can't fathom someone have a number of credit cards in the double digits! How do you even manage all of this? That's crazy.

[@ryand7713]

It's actually not that hard - as long as you space them out and applying when your utilization is low. I let a lot of my old ones close since they had no purpose anymore.

[@bulldogfightingforfreedom]

It depends on which financial institution, most of the big banks don’t allow. I can tell you that. Well, but credit unions, credit card companies, yes they do. The more the better.

[@Bruin2002]

It is behavioral. Credit card is extremely useful for those who are responsible. Set up auto payment of full statement balance the day you get the card. I heard people even set up payment each week, which basically makes it a debit card, and you still get all the benefits from credit cards. Use the tools the right way. I once heard an analogy that you shouldn’t cut water pipes with a chainsaw. Sure, it is fast, but it will do more damage than good. Use Dave’s own words, sure, the number of millionaires who became millionaires by credit points is precisely zero. However, the number of millionaires who don’t USE credit cards properly is also very close to precisely zero.

[@amireallythatgrumpy6508]

Those who are responsible do not live in the USA.

[@Bruin2002]

In fact, statistically, about 50% of Americans pays off their cards each month. Also, 96% of all high net worth people are using credit cards. I never paid a cent to credit card companies and getting thousands back each year by charging everyday spendings to my cards. Of course, having 35 cards is ridiculous. 😂 But generalize simply using credit card is financially irresponsible is simply inaccurate. It is like saying knives are dangerous (to kids), so anybody using it is irresponsible.

[@Imhere12345]

I had 10 of them. Only have one for emergencies. Never use it

[@MathiasJarlson]

35 is honestly impressive

[@Ruth-vy1qj]

Thirty five cards that to many. I ❤listening to Dave Ramsey and hosts. I ❤their sense of humor, educational, great information, and necessary tough love. Someone care about you will tell the honest truth. I do get credit cards companies send me mail want me and other relatives to apply for their cards. I have 2 pile keep and throw away. I throw in the trash immediately.

[@Zelfal]

Only have 1 credit card that is shared with husband we only have it for needs while husband is at work or to pay for unexpected cost that crops up always paid off before month is over, otherwise refuse to use.

[@jefffunkhouser2773]

I'm 42 and I have 0 card still

[@LyricalTampon]

Okay...

[@littlebob1261]

Nice, I'm 44 and I've gotten 2% cash back for countless years with not one penny in interest paid. Cheers

[@sametribeeverytime2]

Used credit cards for years they have never earned a penny off me, I pay in full every month mainly for the section 75 protection here in the uk, also get cashback and it improves my credit score.

[@richguest]

Nothing wrong with credit cards, I have 4 - just pay off the balance every month, period.

[@evr0.904]

Can't do math? Plenty wrong with credit cards. Get your head out of the sand.

[@BachBeethovenBerg]

@@evr0.904The math of paying off the balance every month works in your favor.

[@Andrew-it7fb]

@@evr0.904 You're clearly the one who can't do math.

[@evr0.904]

@@Andrew-it7fb Not really. Nice try though.

[@Andrew-it7fb]

@@evr0.904 Yes really. When you pay a credit card off before the end of the month, you don't pay any interest.

[@awb19892]

lots of banks will only approve you for so many cards at once. But you do have to pretty high income to get access to lots of credit. That said, if you lose your job or take a pay cut, you could really get in trouble.

[@keithkelley7585]

You must stop thinking in terms of “can I afford the payment?” Get the hell out of debt. And if you are not in debt, do not step into the debt trap. A self inflicted, terminal disease.

[@matyasfegyver2898]

I don' t know how people can live with debt. Once I took a personal loan from my brother in -law when I bought my house ,it was about $800 dollars, but I paid back in less than a month and I felt very easy after I did.

[@therocinante3443]

Everybody says, "I'll just pay off the full balance every month." They don't.

[@drewski91]

I use credit cards like cash. I pay them off immediately, have never paid a dollar of interest but have redeemed my points for vacation. Net positive for me. I understand that this is not the case for a lot of people out there. It helps to have a well paying job if you're going to mess around with credit cards. The people who should be using credit cards are the people who DO NOT need them, and vice versa.

[@shanep2760]

You can definitely tell Rachel is texting under the desk. 😆

[@Uncon-L]

I feel blessed! Believe it or not, I was not approved to any loan or payment plan for the last two years

[@cellsheet]

“The color of your plastic dictates the quality of my self identity” this is me through and through 😂 even though I paid and closed all my credit cards I still wouldn’t mind transferring my EMV chip and number to a credit card blank just so I can customize it 😂

[@blackbutterfly233ify]

I had five and no one would give me anymore. I was once mad but now I realize I am lucky

[@JewelBlueIbanez]

Canadian laws are starting to crackdown on credit card companies giving people credit they can’t afford.

[@ashleygoodrich3294]

I was approved for An American Express Gold card from a 22,000 salary. So basically you don’t have to be special. Put more cash in your accounts, banks, and pockets

[@bjkarana]

US total household debt is currently $17.94 _trillion._ Get an emergency fund going if you don't already have one.

[@curtispavlovec]

USA cc debt over 1.25 trillion dollars and record defaults incoming buckle up

[@Andrew-it7fb]

How? I mean, it's not against the law.

[@coldflu]

Understand that money is not merely paper, rock, metal, or any physical form. These are but symbols, visual representations of something far deeper: units of energy. Money is, at its essence, a tool-a system designed to record and store the time and energy we invest. Keep this in mind, and it will lead you to the wise choice of the ledger and system that aligns with the true value of your life's work.

[@IGottaSay]

6:17 Hi, if you take advantage of all benefits you’ll get that yearly fee back completely. Travel benefits are awesome, you do save plenty when you travel. You just need to know how to navigate all the benefits and use all the benefits. 🧐

[@brentedgerton9469]

It's true that these can be navigated to your benefit, but typically the cards require spending something to get something else. The idea is to just not spend in the first place and be content with less. Even if you were going to buy the thing anyway, there is still some risk associated with the debt.

[@johanlaurasia]

Jennifer Garner is not related to James Garner

[@penelopelisenbee8298]

Yes she is

[@GAFB1122]

@@penelopelisenbee8298 No she is NOT!! A quick Google search confirmed. Google is your friend!

[@drywallisinmyblood]

@@penelopelisenbee8298. No they aren’t

[@twobitsandpepper8235]

The banks do not care is the problem.

[@dorotaroter2285]

"What is in your wallet ?" Only the money I have earned and I do have actually! I am from Poland, born in communist times, and the only debt I had was my mortgage, which I had paid off within 7 years. Thanks to it I was able to leave a toxic job at my 50ies and start teaching language on line from home. I earn much less, but I earn enough to cover my bills and groceries and even put something aside. Never get into debt! Live within your means it gives such a feeling of freedom!

[@aryckrussell4174]

Gotta get those sign up bonuses baby

[@Aleksandar6ix]

I've always been good with my money, but I never learned how to capitalize on what i have and use it for growth.

[@claim_your_crown2811]

Hey, Mr. Ramsey. Do you know of the UCC 3 code?

[@markmurrell1894]

Thanks Dave. I just choked on my morning coffee when you said “Buck naked” 😂

[@alinatamashevich3354]

His brother is Buck Wilde

[@ryankueter8396]

Buck hoggin it

[@JustinCase780]

@@markmurrell1894 I know that guy and believe me he's buckin' crazy!

[@klayality2880]

If credit cards were taught in schools with the benefits and how bad interest can get you if you cant handle it, people would be well off. You should NEVER be using a debit card when you get FREE CASH BACK. If people just learned every sunday just pay off your credit cards, not once a month, you never worry cause you were gonna spend that money anyway. Again it all comes down to discipline. Love my points and cash back :)

[@stuartpaul9211]

surely, the only kind of debt to get into is when you operate behind a limited company. Now personal loans for liabilities?

[@Edgar-i2d]

You need a credit card , if you go to a hotel they need one to hold the room charges. you cant escape not having one

[@favmusicsong]

Plus car rental n meals reservation. There was a period of time I hold one for such purposes but use a debit card for daily expenses 😂

[@Puepuevortex]

In Germany the banks could be responsible. You probably have to fight for it at the court (which probably costs money and you first need to be able to affort it or manage everything to get it paid by social security). But: If the bank knew you had 34 credit cards with debt (and usually they know due to SCHUFA) then it's their fault to give you the 35th and they might loose the right to get their money back. It's not standard but it's possible. Banks do have a responsibility for their own (or to be fair their customers) money which they lend.

[@Puepuevortex]

On the other hand: When you don't pay the first three monthly payments of a loan, the banks can easily sue you for fraud. Because it's expected that you can think three months in the future and you KNEW you can not pay the monthly payments. So if you can not explain the court that something unexpected happened (like death of your partner or spontaneous serious illness) you might be guilty for fraud. So you can go to jail for it.

[@LouThaEnergy]

I have 15 credit cards lol that banks are handing them out like candy. I plan on having more while also doing the baby steps. 😊

[@andreyemelyanenko5230]

Voice of sanity

[@christopherbell7561]

What's in my wallet, "cash!!"

[@canton444]

Credit card churning for sign on bonuses. At one point we were 30+ credit cards in player 2 mode. Racked up nearly 5 million miles and points and traveled the world till we had kids. CC always paid off each month, debt free minus mortgage (3 more years left).

[@That1SupportiveFriend]

I only have 6. The first two I have through my credit union and I had to actively ask for it. The last four I have is bc I received letters in the mail stating that I’m pre approved. I still occasionally get those pre approved letters but I figured I stop now before it spirals into a situation I can’t get out of.

[@JustinCase780]

@@That1SupportiveFriend "only" ? 😂

[@johnbohr8605]

When will it spiral out of control? Do you know? I hope so.

[@mcourageous4510]

IKR?! It pisses me off

[@glendahousley6275]

Those videos do exist!

[@MunroDoctrine]

Credit cards are useful if you are financially responsible. I treat it like a debit card and pay it off as soon as it’s posted in full every month. If you can’t budget and pay them off then DO NOT own one. Simple.

[@themittymak]

if you're not completely brain dead , churning credit cards is actually quite lucrative.. upwards of 40% ROI .. 35 cards for a churner is a normal Tuesday. 35 for the financially inept is an easy path to bankruptcy.

[@garronl.7989]

"Whats in your wallet?" 😅

[@ricski64]

Dust

[@alinatamashevich3354]

Cash, and lots of it

[@Primitive_Code]

I have a George Costanza wallet. It's a hamburger.

[@creepingcharly]

My payments on my credit cards are easy...I pay the full amount each month.

[@bigmikeisaman]

70% of GDP is Consumer Spending

[@troyb.4101]

With the rates and terms they offer you don't want any credit with none of them. I have zero debt , my ranch paid off, Had a 830 credit score. I pay off the mortgage and my score went down. I wanted a small tractor for the 55 acre farm, the rates and terms are insane. I'll remain debt free , forever before I agree to pay 35% interest. What's in my wallet cash, or a debit card to my funded account. Stay debt free. invest in something other then the dollar. Banks and insurance companies are not your friend. This US economy based on debt is a failure, soon to collapse.

[@littlebob1261]

My card is free and pays 2% cash back, but whatevs

[@troyb.4101]

@@littlebob1261 When your needing 30k for a tractor, and with good income and the 830 credit score. You don't expect offers of 19% interest, and upfront fees of 20% in top of that. We had a term for that ! Loan sharks. This US economy is going to change drastically or totally collapse. On top of that Insurance companies want to get involved now insuring items. at 10% up front fees. I'll be paying cash for every thing now.

[@jayjay-iu3wc]

I am 41 years old and have never owned a credit card.....and I NEVER EVER WILL!!!!....I ain't stupid 🤷🤷🤷

[@Coolness18304]

One of the greatest gifts God gave me was bad credit. They wouldn't give me cards. Now I don't have any

[@Tashas_Travels]

And here i am, never had a credit card before (yes not even 1) I've never even had a credit score either. I'm terrified of debt, i only use my debit card with the money i earn. And yes i am busy saving for my qst car and 1st house in cash. 😂 Did i mention that I'm scared of debt?😅

[@smileychess]

I have 9 credit cards with a zero balance (debit cards only nowadays) with over $100,000 in available credit that those banks have graciously dangled in front of me, hoping I would run up debt and become their slave. But I stopped playing that game.

[@evr0.904]

You have 9 credit cards. They won...

[@smileychess]

@@evr0.904 I don't use them anymore.