Millionaire Reacts To: Insane Credit Card TikToks

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About this episode:
Is it just me, or are more and more people taking crazy leaps in logic to make their credit card habits make sense? Check out these wild examples and decide for yourself whether credit cards are tanking our collective IQ.
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[@TheDeanosaurus]

BIG L on the "pay it" mom for ragging on your kid for not knowing something YOU SHOULD HAVE TAUGHT THEM. You played yourself.

[@jackiekjono]

Kind of publicly shamed herself there.

[@lotsaspaghetticodejr.6488]

I just paid off my first credit card last night. Had a balance of $3,500 at 28.99% I threw $350 a week at it for 10 weeks Now I have one more card with $7,500 Time to grind that one down next

[@cajbaf]

Good job. Good luck on the other.

[@Silverdragon517]

You can do it

[@victorblas3483]

You got this! don't use that first credit card anymore and keep the momentum going!

[@lotsaspaghetticodejr.6488]

Thanks everyone! What's been the most liberating part of this is that I realized if I can throw $350 a week away at credit card payments, once it's all said and done I can do the same thing toward investments! My mortgage is only a 3.75% rate so I would get a far better return, even at a CD. So for my particular situation it would make more sense to invest, and less sense to pay down my mortgage.

[@giggle1971]

That’s awesome! Good for you!

[@robertl7239]

I've carried an Amex card for over 20 years and it's PAID IN FULL every month.

[@Gmac_Greg_M]

Same except I’ve had it for 12 years. AMEX paid for my recent remodel of my Condo.

[@_NoHandle_]

Same here - the 6% cash back I received for grocery purchases is nothing to sneeze at.

[@TheSnitzel96]

@@_NoHandle_u got 6% with Amex ???? In Italy we have like 3 bonuses 😂

[@tyshaw1732]

​@@_NoHandle_sounds like u got bcp

[@nemegl5]

Same have never paid interest on any credit card, never carried a balance going on 17 years

[@TheBudgetWarrior]

I love my cash back credit cards. Pay them off every month (for years) on time. I also log all receipts into one spread sheet and keep track of spending by category. If I or my spouse use cash it’s like throwing money into a black hole. Credit cards are a tool for me to track spending.

[@angeleyes4561]

You can do the same thing with a debit card.

[@TheBudgetWarrior]

@@angeleyes4561 True, but I am responsible with my credit card, get cash back, and have more consumer and fraud protection.

[@ZenoX41]

You are the exception! But I think when they says cash they mean debit.

[@JaySmith-pv2mw]

I actually don't know the interest rates on my credit cards because I pay them off each month. I don't pay interest.

[@DCGEMINI202]

Idc if my apr is 1828% It doesnt matter if u pay them back in full

[@bradk8590]

Been using credit cards for 99% of my purchases for the last eight years. In all that time I think I paid interest on a statement once when I setup autopay wrong.

[@DevHazy]

Same

[@alinatamashevich3354]

Weird, I have a debit card and don't have to worry about interest. Pay cash.

[@DCGEMINI202]

@@alinatamashevich3354 very dumb way of thinking. I have 24 credit cards and never worry about paying interest. Main difference between us is I gain rewards and security where u gain nothing and put ur self at a higher risk of fraud

[@davidharvell3191]

I have a middle ground position on this TBH. I think you're right when it comes to the risk and people getting into bad situations to get rewards. At the same time, I use credit cards for everything. BUT I never make any purchase that I don't have the money for (not in the future, in the bank now) - I track everything. I never buy anything just to get points, but I happily collect points on things I would buy anyway. I don't think I'm getting rich off of points, but it does help me maximise the efficiency of my money. Now, I agree that if you are not prepared to be VERY disciplined, you're better off to cut them up.

[@ProbablyBased]

This is the correct position, and I wouldn't consider it a middle ground one. You're pro-responsible use of credit cards, which is what everyone who uses credit cards is also. I have never met someone who thinks they're getting rich off points. It's a strawman for the Ramsey personalities to use

[@TheBudgetWarrior]

It’s a tool for tracking spending and results in less spending for me. I track every transaction in a spreadsheet and know how much we are spending in various categories. It’s like a game….a card for amazon, a card for Walmart, a card for grocery stores, and a card for everything else.

[@bradk8590]

Ramsey's advice isn't a middle ground position, it's a blanket debt=bad stance that leads to some mathematically suboptimal advice and completely ignores reality in some cases like homebuying. It's not bad advice because a lot of people are dumb with money and the biggest consequences for being dumb happen with debt, but if you've got any good amount of discipline I would recommend The Money Guys instead. I like their analogy of debt being a chainsaw - useful but dangerous.

[@nobeliefisok9174]

You have the correct position, and the entire Dave Ramsey Family of shows has the wrong one.

[@ccastro416]

It’s so simple to follow this structure of discipline yet we are at all time high credit card debt.. the main issue I see is people are afraid to talk about money.

[@Aren-Tibbs]

I am among the half of Americans who don't know what my credit card interest rate is. I pay in full every month to avoid paying interest. Knowing how much interest I'm not paying is a waste of brain cells.

[@EnufAlrdy909]

Yep.. They can raise my APR to 50% and set my late payment penalty to $500 and it wouldn't make any difference to me.

[@azgardenlover370]

I have 2 credit cards that I use for the cash rewards. I just deduct it from my check register as if it was a check. No surprises at the end of the month. Just reconcile the statement and schedule the payment. No interest due, and money back to me.

[@javaskull88]

Same.

[@kirkfriend5410]

I'm from the UK purchased "The total money makeover" by Dave about 4 years ago and lived by it ever since. I am 34 and would have paid off my house in 3 more years.

[@uah9]

Have you paid your student finance (or not have it)?

[@kirkfriend5410]

@@uah9 I did pay it but mine wasn't as much as I dropped out of uni.

[@uah9]

@@kirkfriend5410 fairs, that's the bit I'm a bit torn with. Doesn't make sense to pay £25k to them when I can spend that on a house and won't pay a penny back if I left work tomorrow

[@kirkfriend5410]

@@uah9 Yeah it's a lot of money but it does continue to eat into your income for years to come especially as you start moving through your career. I found this on the gov website on the interest rates: 6.25% if you’re on Plan 1 7.8% if you’re on Plan 2 6.25% if you’re on Plan 4 7.8% if you’re on Plan 5 7.8% if you’re on a Postgraduate Loan plan. You get a bigger return paying back your student loan than you would on paying down any mortgage. So in the long run you'd be better off paying it off sooner. However, if for some reason you need to buy a house sooner whether that's due to extremely high rent then I suppose that's a good move. You can always pay more off on your student loan once you have your mortgage.

[@kirkfriend5410]

Let's say your on £60,000 a year, Plan 1 now starts costing you £260 a month.

[@Krinbo]

George knows what we want: him reacting to idiots on the internet.

[@nobeliefisok9174]

To bad he made lots of over statements sensationalizing generalities as all-inclusive and that he was insulting to the Mother.

[@MrMoonDollar]

That first dude makes about as much sense as burning cash cause oil heating prices are high.

[@TopVillain]

It’s a business not a personal account businesses use credit even the most profitable company in the world takes out loans

[@scarling9367]

Makes perfect sense for a business. There's lag time between the start of a project and a return on billables.

[@MrMoonDollar]

​@TopVillain better if a war chest or rainy day fund could cover late client payments or unexpected issues like he said. If you need high interest debt, you probably shouldn't be using it.

[@justinkroeker1464]

It’s a business, if he had the cash in a bank I 100% agree with him. As long as he’s not paying interest

[@TopVillain]

@@MrMoonDollar it’s an American Express most likely he pays balance off in full every month if not interest is a write off

[@hockeyhalod]

The Money Guy would say, "Don't get caught swimmin' Nekkid"

[@nobeliefisok9174]

The Money Guys don't support this animosity towards credit cards. They understand how credit cards are a very useful tool for some people, and quite bad for other people.

[@hockeyhalod]

@@nobeliefisok9174 While true, Don't get caught swimmin' nekkid.

[@ACMonster42]

Great reference!

[@DaveM-FFB]

I owned a business for 30 years. We never used credit card debt to finance operations. But we also didn't use our personal cash or savings. We used a business line of credit to manage cash flow and growth. The interest rate was much lower than bank credit cards, and the interest was a manageable business expense.

[@paulej]

Why not just put aside a certain amount of cash and never borrow at all? You knew what the monthly payroll would be and given the years you ran the business, I assume you had a good idea of the expected quarterly receipts would be.

[@DaveM-FFB]

@@paulej You could do that with a staff of one or two people, but larger companies rarely ever do that. Our customers would take 2 to 3 months to pay us after we submitted our invoices (if no costs were in dispute). Meanwhile our loyal staff got paid every 2 weeks without delay. Most of the time we needed a $200K - $300K credit line to manage the cash flow gap between payroll and receipt of customer payments. And we were just considered to be a small to mid sized company. We budgeted the finance cost in the price of our services. It wouldn't be prudent to use our personal cash in lieu of a line of credit, plus it would've limited our growth potential.

[@tcgtpl]

That $50k spend to get a $750 ticket for free example is using rookie numbers. Besides, that’s money I had to spend to live anyways, like utilities, gas, groceries, etc. which I can get better than 1 pt/mile per dollar spent anyways. If you’re saying people can’t be responsible with using credit cards then you also better be against using coupons & businesses having sales because people can’t control their spending with those either.

[@DerbyPy]

Yeah his second example sucked tbh. Like spending money you otherwise would have (important distinction) and getting cash back or points is great as long as you pay your balance off in full each month Credit cards aren’t for everyone the same way alcohol and gambling can be harmless to some and deadly for others

[@mattgalindo2695]

There are too many benefits from CCs. Just a small amount of self control can earn you thousands in free money

[@greggpurviance7252]

Mess up once, to the toilet it goes

[@phenom568]

Not to mention security. If someone steals your CC you turn off auto pay and work with the company to clear the debt. If they steal your debt card...well enjoy the next several months of fighting with your bank to get your money back meanwhile you have no access to that account assuming you have any money left in it.

[@mattgalindo2695]

@@greggpurviance7252 it's pretty hard to mess up. Just set everything to auto pay and enjoy the free money

[@mattgalindo2695]

It's really easy not to mess up, just don't spend what you don't have and set everything up for auto pay. After that it's literally free money

[@greggpurviance7252]

@@mattgalindo2695 except #1 is not "easy" for a whole lot of people

[@nobeliefisok9174]

I do not know what the interest rate is on my credit cards. None of them. I have zero need to since I never carry a balance. All credit card balances are paid off every month, 100%. That has been true since I was in my early 20's and I am in my early 50's now. The interest rate only matters to people carrying balances, and in my opinion no one should carry a balance on a credit card. But thankyou to those who do because they subsidize the rewards I get. 😍

[@TanManFixes]

ur a clown for loving debt LOL

[@spencer34716]

This is where Caleb Hammer has it right: There ARE some people who are credit card people (i.e. using a credit card as a debit card and paying it off completely at least monthly). I haven't paid credit card interest in nearly a decade - since becoming single again - and I'm taking both of my adult children on bucket list vacation this year with airfare and hotel completely covered by points! I only use my card for necessities and planned purchases within my budget.

[@tyrecarmon20]

Same here! Wife and I budget every month and make sure CCs are paid off. Also we taking another trip in a few months lol

[@gibblespascack1418]

And that is how you properly use a Credit Card..... Just like cash...

[@Lumaga]

Absolutely. George's (and all of Ramsey's personalities') absolutist position on credit cards is willfully ignorant.

[@Jackthgun]

I’ve never paid credit card interest. I think it’s a fair criticism of the Ramsey group that they are too debt adversed when everything can be ok if managed right

[@robertgworek2497]

I agree with you, and I myself use my credit card carefully and I buy only staff that I need, but I also agree with Dave, that it's better to stay away from credit cads. Most people, even when they pay balance always on time, are susceptible to overspending. You have to not only pay the balance on time, but you also need to keep a nice spending list, so you not buying unnecessary things.

[@duanewolfe2321]

6:38 This conversation takes me back to the movie Dumb and dumber when Jim Carrey has the duffle bag full of IOU's including the one for the Lamborghini lol.

[@Ilovefall24]

I just paid my last credit card off. And had a cutting up party. No credit cards for me. Thank you!

[@stevenporter863]

Good for you - if you are part of the 49% who don't pay their card off monthly. Otherwise, just use the card as you would cash and pay it off at least monthly.

[@stolensilver5811]

Good job!

[@DCGEMINI202]

Now ur accounts will get closed and ur credit score will b in the 400’s for all these new closed accounts

[@stevenporter863]

@@DCGEMINI202 People closing their credit card account(s) generally don't care about credit score - actually they think having none is better. Personally it looks like they just gave up and were beat down by society.

[@nobeliefisok9174]

Would have been a lot better to keep the credit cards, but store them somewhere safe and not use them.

[@PleaseEnlightenMe82]

If you are disciplined and spend only what you can afford you can get free flights without debt by paying off your card monthly. Where people get in trouble is not staying disciplined and overspending

[@pranavkhanna1547]

I have followed Tom Lee all last year, and he was right thus far. With SPX above 5000 what assets/sectors will drive the next bull trend. I cashed out before the last dip, now I have less than a 200k to average down with. Any ideas? Should I get into short positions in the remaining Q1 or is it headed higher?

[@karenwilliams9653]

Don't be in a hurry to get back in. The market needs several days of strong performance to signal that the downturn might be over; It's a time to be largely, if not entirely, in cash

[@TonyRiley-qb7sw]

Holidays are over, there has been heavy spending for households. I hope the Santa Rally keeps going strong.

[@kendavies8351]

I feel that one. I just bought SOFI, TSLA NVDA, I also included MSFT and ServiceNow, as well as some energy plays like WFRD stock.

[@karenwilliams9653]

Its unclear which stocks and sectors will continue driving the uptrend. Stay away from readjusting if you do not have guidance from a plannner and investment strategist. My finances have been in order since I got a wealth planner like Monica with large following working for me.

[@TonyRiley-qb7sw]

Who is this Monica you speak about? I have been searching for an advisor who can direct us on where the economy is headed new year.

[@greggpurviance7252]

Know Ramsey hates AMEX but the regular amex card is a charge card, not a credit card, although they will gladly change charges to credit

[@miwako1431]

My fear with not using credit cards at all is fraud. I never want to put my debit card online because if someone steals it, or the card is charged wrong, I dispute the charge and then don't pay. If my rent money is stolen, I have to try to claw back the stolen money from the bank, which is a lot harder, and probably won't happen before my rent is due, causing a whole new problem. I agree that chasing rewards is stupid though. For a lot of these things you have to work so hard chasing points to get anywhere close to what you paid to have the card in the first place.

[@krissimons1339]

I agree and so neither my wife nor I have any debit cards, just ATM cards. We don't want to fight with the bank to get our money back if the card gets compromised. I have had credit cards that got hacked (probably at a gas station) and it just took a call to the credit card company to reverse the charges and send out a new card, so no money out of my pocket not even temporarily.

[@amymorketter2954]

i am waiting now for the return of thousands of dollars stolen from my bank account because i used my debit card at the gas station- so yes- you are right!

[@charlessnyder9684]

Yep. NEVER use a debit card!

[@411sponge72]

I couldn't agree with you more! I had my debit card hacked a while back and had to wait a week to get another card and it was such a pain. Putting my regular bills on a credit card protects MY money from being stolen directly form my account. Everyone thinks that people who use credit cards are irresponsible when it comes to money. However, I still stick to a written budget and pay off my card each month so I pay zero interest. On top of that, I get cash rewards on all of my purchases. I've gotten thousands of dollars with my cash back rewards. Do I make purchases on my card because I get that cash back. Absolutely not! These purchases are my normal monthly bills and with that cash back, it's like icing on the cake!

[@annoyingpokemongaming9577]

Debit cards have the same protection as credit cards now.

[@mangoman9290]

16 years and not a single cent of interest on my credit card, no annual fee, no temptation of extra purchases and all the points I accumulate I spend buying gas for my car which I need to buy anyway. Sure, I am is the minority otherwise the credit card companies would be broke but it can be done.

[@Patrick-pt2yd]

This is me... unable to pay off the credit card debt at the end of the month. But I'm learning and not charging anymore... focused on saving emergency fund and then paying off debt!!

[@caseymyhro3769]

This is the one topic that I disagree with. The Ramsey Show crew act like EVERYONE is irresponsible with credit cards. If I have to pay for necessities like groceries, why would I use cash when I can get 3-5% cash back on a credit card? I pay off all of my credit cards every month and never carry a balance. I don't spend more just because I use a credit card. Not using a credit card on necessities is like throwing money away. Not everyone is irresponsible with credit cards.

[@V8Brah]

They have to stick to a script. Otherwise their message falls apart.

[@TanManFixes]

"Americans’ total credit card balance is $1.129 TRILLION in the fourth quarter of 2023". let that sink in. so yes....in fact most people don't know WTF they are doing, and owe way more money than what they can afford. and your "cash back" argument....let's say you spend $300 on groceries, that's 9 dollars. congrats on that. people need to focus on maxing out retirement. not "saving money from my credit cards" ...

[@dirtyblueshirt]

@@TanManFixes so the solution is to teach people how to use credit cards responsibly, not a simplistic condemnation of debt. $9 from groceries may not seem like much, but it's nine *free* dollars and it's every month. Plus there's the extra interest you earn while the money sits in your bank account rather than the grocery store's until the credit card bill comes due. Again, it's not a large amount on its own but it's free and it happens every month. Are there people who can't handle credit cards or other debt? Of course, just like there are people who can't handle alcohol. In both cases the solution is to deal with the people who actually have a problem rather than trying to nerf the world.

[@paulej]

@@dirtyblueshirt I agree with you on all points, except the interest benefit from having money sitting in a bank account. Let's say you spend $500/mo on groceries. During the month, you are putting money into the bank to cover that card balance. When it's time to pay the credit card bill, you pay it and have $0 remaining. Then you start buying groceries while you're replenishing the bank account. When the end of the month comes, you have $500 and you pay the card and again leaving $0. This cycle repeats, and so on average you have $250/mo earning interest. Now suppose you use a debit card. In that case, you would be spending it as you fill your account, so there may be no interest. However, if the paycheck goes in on Friday, but you don't spend the grocery money until the following Friday, you have money there 50% of the time. The net result is an average monthly balance of $250, and thus earning the same interest. Likewise, if you first save up the $250 and then each month use a debit card and simultaneously replenish the account with your income, the net result is the same (or perhaps even better): you would be earning interest on at least the $250 each month. The only scenario where the credit card appears to help you earn money is when you're flat broke and want to save money through the money to pay that $250. And that's not a financial place anyone wants to be.

[@Bagley2014]

​@@paulej the payment date for a credit card is about a month after the statement/closing date. So if you put $500 on a card one month, you won't need to pay that $500 until the following month. Which means that, rather than dropping from $500 to $0 when you pay the bill, you should be dropping from $1000 to $500. Because you don't pay the first $500 bill until shortly before you're given the second $500 bill. That's why people say you can earn interest. It's because the money you spend mid-March isn't taken from your account until early May, despite the fact that you get the bill mid-April. That's probably also one reason why unsuspecting consumers end up in credit card debt. Your bank account swells a bit at the start of use, making it seem like you have more money than you actually do.

[@sasukesuite1]

“Credit card companies are smarter than you.” Please explain to me George how I will fail to pay off my $1k credit card every month $130k in my savings account? Creativity is encouraged, because it’s a mathematical impossibility in my eyes.

[@user-strength10]

congrat's on the 200k sub's george, been following since your second vid on this channel

[@joesanders7779]

Sire, thine Ad-read made mine mid quarters ache with laughter. I commend thee on thine glorious homage to Ben Franklin.

[@jonathanforbes3906]

I pay my card off every month, have for 13 years. You either can or you can't. I don't charge anything I don't already have the savings to pay for.

[@TigranGertz]

Exactly

[@reidsoliday210]

Are you poor ?

[@jonathanforbes3906]

​@reidsoliday210 I grew up very poor and now am not bad off but this is a habit I have always used no matter how much I have made.

[@Tsuter1978]

Exactly the right way to work it.

[@Ms.MD7]

Same; no balances at the end of the month is the way to go.

[@cindyclinton2807]

The commercial was hilarious!

[@MegaBabygal1]

You're funny guy, funny as funny funny! And thank you for helping me with these videos! I bought your book too! You're funny!

[@javaskull88]

TLDR: “I got no cash, so I don’t have a cash flow problem.” Yikes.

[@deadboltheart]

Another great video, thanks! I think the market is over-heated. And I am concerned that people are focusing less on fundamentals and just chanting the mantra of dollar cost averaging and driving the market higher without considering fundamentals. It is a catch-22 for me. I mean I like stock prices going higher but I also hate buying over-priced stocks and ETFs. Personally, I have stopped buying growth ETFs- they are ridiculously over-valued. Dividend stocks and ETFs are a little better but they are still over-valued. There is some hope with small and mid caps. I am not sure they are undervalued but at least they are less over-valued..This pattern offers a valuable insight for strategic planning. Despite these trends, i have delve deeply into active trading and managed to grow a nest egg of around 100k to a decent 432k in the space of a few months... I'm especially grateful to Tobias Hawke, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[@DaDrUnKenGaMeR]

Exploring new investment opportunities demonstrates your proactive stance towards financial growth during these volatile times. Diversifying your portfolio can play a crucial role in effectiveIy mitigating risks..

[@SCH0OLP0KER]

Tobias gave me the autonomy I need to learn at my own pace and ask questions when I need to he’s so accommodating.

[@nofearnone11]

When it comes to investing, we want our money to grow with the highest rates of return, and the lowest risk possible. While there are no shortcuts to getting rich, but there are smart ways to go about it.

[@501blackhawk]

Tobias Hawke’s understanding of market indicators is impressive. He knows exactly when to enter and exit trades for maximum profit. His siignals are top notch.

[@RuyVictorio]

I was big on gold and silver but a few months ago I discovered Bitcoin and Ethereum. Listening to lots of stuff from Tobias Hawke has been really helpful in my journey..

[@alechorn1109]

You missed the best Franklin quote. “ There are only three things in life you can trust. An old dog, an old wife, and ready money. “

[@Lumaga]

You mean "Beer is proof that God loves us and wants us to be happy."

[@rh-bd6wv]

For me, credit card purchases discourage spending more than spending cash. When a cash purchase is made, I have no record of the spending and it is like it never happened. A credit purchase is recorded on the account statement, forever reminding me where my money went.

[@Bamapride1985]

I am the exact same way...

[@TheBudgetWarrior]

Yes. I am the same way. It is a tool to track spending. Cash is a black hole. The cash back is just a bonus, not the reason for using credit.

[@greggpurviance7252]

The same thing happens with a debit card

[@pdxmusl1510]

​@@greggpurviance7252 Yep. But my debit card doesn't reduce my expenses by 7-10%. My credit card does.

[@user-ph6yh4hs9z]

When you pay in cash just get a receipt,like at the grocery store or walmart. Receipt says pmt method ,cash. Proof.

[@mst-pierrem5729]

Omg a million in debt with 1 plastic card.... 😅 I'm overflowed with anxiety by proxy!!!

[@DenzelNapoleonRodriguez]

I have no problem getting all my free rewards and points because I have discipline. I think discipline is key I always the have cash to pay my bills and I just choose to use my credit card to pay the bills first and then pay the card off In full each month

[@pete5691]

I have bills on a credit card that I’ve never paid a cent of interest on.

[@paulej]

Yeah, same for me. I also set my cards up to pay the full balance when it's due. That said, I always pay early. I don't like waiting until the last minute. Nonetheless, I have the autopay enabled just in case I forget.

[@Alexandra11090]

Agree. Utility bills, grocery bills, gas charges. These are easy auto charge credit card payments for me. I don’t worry about “overspending” these aren’t areas of my life that I overspend generally.

[@TigranGertz]

Did you miss the part where I paid the card in full and paid 0% interest 😂 You skipped the most important part of the video

[@alexpietsch7997]

Keep talking brokie

[@thehomeless_trucker]

​@alexpietsch7997 How does using a free payment method make someone broke?😅 It's literally just a form of payment.

[@thehomeless_trucker]

It's because half his commentary works have needed to be thrown out of the video as they would be false statements (like claiming you pay 22% on 300k) they needed to make it sound like you're paying interest to hold up their script. Lol

[@LiamRichie825]

Of course he did because it doesn’t go with the narrative

[@Diverse0725]

I can watch these videos for hours😂😂😂 love these reactions

[@str8nashtygaming466]

I will never understand these "finance experts" saying that using your credit card for purchases you were already going to make (like gas, groceries, and some bills) is a bad thing. If you have the cash and paid the balance in full at the end of the month you're making money on the cash back. Im not talking about making additional purchases, but expenses that were planned and budgeted for. No interest paid.

[@LindseyHarvell-vc4ez]

And that’s why you’re always gonna be broke and unfortunately never accumulate wealth.

[@jhook479]

I think its a blanket statement that helps more people than it hurts. I think the temptation for a LOT of people is to overspend when they use CCs. I'm not one of those people. This advise is FOR those people.

[@Everythingeverywhere03]

I told my 10yrs old I dont have money to get him his game, and he said “but you have credit cards” so I explained to him, the money in that card is not mine it belongs to bank, and if you borrow or use it you will have to pay it back..(and now he hates credit card, he prefers cash because it his and he can use it without have to worry paying back anyone😅)

[@TanManFixes]

thank you for being a smart human being. I'm teaching my kids slowly, they are barely 5 lolol

[@user-pp3dl8id7r]

Congratulations on 200k!

[@DaveM-FFB]

I use credit cards for travel, restaurants, groceries, and online purchases. I always pay them a bit early and in full every month. I adhere to a tight monthly budget. If I hit the budget threshold a few days before the monthly cycle ends, the cards go in the drawer for a "time out".

[@jackiekjono]

There are a frighteningly large number of people who don't understand the basics of how money works. I once had a customer who paid with a check at one of our locations. Since we don't typically accept checks at our locations, the check had to be sent to our main office and went missing in transit. I was expecting the customer to be frustrated by this but, her level of upset was through the roof. And after listening to her rant for about 3 minutes, it finally dawned on me that she thought that just because she had written the check, that the money was already gone from her account. I had to calm her down enough to explain that the money is still in her account as long as no one cashes the check. I explained what a stop payment was and how she could request one if she felt it necessary and I offered to reimburse her for the stop payment charge at the bank. She had no idea how that worked.

[@ericaterrones16]

Best sponser segment ever! Wouldn’t mind them if they were all that fun

[@gokeymasterflex]

Points are amazing if you use a credit card as a debit card set up auto full pay

[@chuckiedavidson719]

His way of doing business is way more stressful than worrying about a customer not paying right away.

[@RyChOr2005]

My cash back from my credit card goes directly in my long term ETF portfolio each month automatically. You just need to budget to help live below your means and credit cards can really pay dividends (literally)

[@SS-fs3wo]

I guess the idea is you don't buy anything you can't get in cash but if you close an old credit card your credit gets hit. I have a few cards that I just don't use. I pay off my balance every month also so no interest is being added to what I spend.

[@jdredman]

If you purchase things in cash, what do you need credit for?

[@drewmcclintock7034]

shoul always use old credit cards. Use it for a small purchase every 3-4 months just to keep that account open.

[@angelwings1]

I’m pulling all the faces George is pulling at this first guy 😅

[@riftwalk2546]

The whole idea you present with credit cards is not the whole picture. Yes, you will get 1.5-2k if you spend credit 100k (need to pay the credit back. it's not free money). However, if you spent 100k cash, you get nothing. If you're going to give finance advice, please dont just say the bad things about X and ignore the good things.

[@oddballchic]

Most people can’t pay it back.

[@pdxmusl1510]

The issue is that by taking such hard line stances. They choose to purposefully give terrible advice to some people for the sake of their brand.

[@karoosten232]

The “pay it now” mom completely let her daughter down by not teaching her about how a credit card works BEFORE she had one!

[@scottstempmail9045]

@@oddballchic Oh really?

[@oddballchic]

@scottstempmail9045 Really.

[@punkbassandcovers]

George - we gotta hear your hometown Boston accent now that you got the South out of the way 😂

[@nobeliefisok9174]

Some people spend more money when using credits cards. I do not. I have stayed within my budget, and added more to my savings than expected in every year for more than 30 years. And that is with being an over-saver for retirement. I also have used cash on average less than once a year for decades. Credit cards are a perfect fit me. And they are probably a negative for most people.

[@pdxmusl1510]

I'm a similar way. I use envelope budgeting. It's just done virtually. I hate spending money. There's no method of spending that would make me spend more. The whole reason I started envelope budgeting was because I was so against spending money it was to my detriment. 😂. If I spend more it's because of envelope budgeting. It's definitely not the card.

[@anniealexander9616]

I'm working on $200 bonus rewards now. $0 annual fee. Ive never paid a penny in interest. I get paid every week and pay the card every week. The majority of the chargers were 6 months of car insurance. I get a discount for paying in advance. I use it to fill my gas tank, buy groceries etc. I use credit cards and I'm very frugal. I haven't even turned on AC yet. Last night i made a burger at home with raw vegetables and ranch on the side. Ingles had the meat reduced for quick sale $2.14lb. I made patties and froze them. The veggie mix was $2.99 for 2lbs. My meal was less than $1 including my diet soda i found at Aldi $3 for a 12pk. My dessert was a couple of vanilla wafers. $1.24 for a huge box at Walmart because it was slightly crushed on one corner. I'm cheap as hell but i put a $10k roof on a 0% card for one of my rental homes. I worked 330am till 4pm Monday thru Friday and 6 hours on Saturday. I paid it off in 4 months even though I had 0% for 15 months.

[@soumyajeetchakrabarty6872]

This has been hilarious yet insightful…..love from India

[@gjchawks17]

I get what you're saying about the miles and the math of dollars to miles back to dollars, however if I get a free flight to fly home to see my family every year and a half just because I spent money on that card I'll do it. They haven't collected a dime of interest off me for 6 years, I don't see the issue here.

[@christyyoung4310]

ive got a sneak peak on his next vid; its interviewing people at a humane society you will see

[@shroomer3867]

About the second one with the flights and credit card bonuses, fun fact you can just buy VIP lounge access in most international airports and at most it costs somewhere between $25-50 which is much cheaper than the annual fees of an AMEX like card IMO

[@wkdravenna]

That guys American Express card with the giant limit ain't gonna get you no where at Costco. good luck 😅

[@alinatamashevich3354]

Money talks BS walks!

[@josephcler3299]

I'd said this before, but my wife and I have used a credit card for years and have paid it off every single month without ever paying a penny an interest. To us its for the convenience.

[@KadenBera]

Currently reading his new book, it makes sense, but he make so many references to what he said in the book haha. Edit: Loving the book btw!

[@AnalogWolf]

These are great (if not sad) videos, but I also have to give you credit for having an LP of Frontiers by Journey on your shelf! I thought something in the background looked familiar....

[@ctcgregeurope22]

Norway is a near cashless society. Visited last month, and the only places that accept cash are the grocery stores and most tourist traps. Outside of that, if you don't have a credit card, you're SOL.

[@robertb4101]

😂 lol. Looks like y'all finally caught up with Tigran.

[@user-vx1zc3te4u]

Hmmm…. Going to have to call BS on this. My wife and I both signed up for the AMEX Platinum Business. Both got 250,000 sign on bonuses (500k points) to spend $15k within 3 month. Both of us did that within the first month. We also get $400 each in merchandise from Dell each year for free, free TSA precheck, free Clear Plus, $200 per year in flight vouchers, free access to 2k plus airport lounges, and other benefits. The annual fee is $800. Our family of four are flying to Paris business class with our free bonus points and have enough left over for a couple more international economy flights. $800 annual basically pays for it self and with the bonus points, totally worth it. If we flew all economy, the free bonus points would pay for like 4-6 international flights for a family of four if flying economy. And we pay our monthly bills in full every month, so no interest.

[@louisvillaescusa]

As soon as I was able to afford it, I made a promise to myself to never hold over balances on any credit card. I just wish that I could lend money to people at the interest rates that credit cards charge.

[@reneekhan84]

Didn't Ramsey JUST CALL Mark a Communist on 4/15....

[@aas55]

Credit Card points guy scratching himself like Tyrone Biggums

[@rolandosouffrain7957]

I have 15 credit cards and luv them all 😍😍😍😍

[@robertm8380]

Credit cards are better you get your money back if you purchase things online if you use debit its more difficult to get the money back

[@fleurelise997]

No one: Literally, not a single person: Landscaper:: "If you're using cash all the time, you have a cashflow problem" That one fried my brain. Like how??? 😂😂😂😂😂

[@PhilipBelmont]

Lol the first tic tocker, Tigran Gertz is very entertaining, and a bit of a trash talker, and his landscaping company does do incredible work. But his spending and attitude towards debt are totally insane.

[@filibustergaming3848]

I bought a house a few weeks ago because I used credit cards responsibly, building credit and always paying off in full. How would you build credit without credit cards?

[@gunning4tech]

An old saying my step dad used to say was, "A fool and his money are soon parted."

[@Peter-kt2gb]

Why are we playing Chopin for a Ben Franklin ad read? 😂

[@taylolz]

Ben Franklin was ahead of his time

[@SmellyBeanCheese]

I'm addicted to points in a min/maxing kinda way, not a "gotta make number bigger" kinda way.

[@sasukesuite1]

At 6:06, when I saw the Stanley cup, I knew it was all downhill from there.

[@NutTheft]

I get the thought of why you'd give this as general advice, but frankly, Credit Cards can be really useful. I have mine on autopay, I only pay stuff with it that I would get anyway and it has no annual charge or something. It also gives me bonus points that I can use and some benefits I can have require a Credit Card to use, too. Like, when I want to get a meal delivered, I get a 6 % discount just by a roundabout way of using my CC. Furthermore, the money I have as a balance on my CC is money I keep in the bank to collect interest. If you are truly responsible and you use a Credit Card correctly, you only have benefits and no downsides. If you're more inclined to spend money because it's not hitting your bank account directly or something like that, you should never consider it.

[@jl3303]

The trick is you treat your credit cards like cash. Never have more balance than you can pay in the moment. Using credit cards speeds up the growth of your business exponentially, you just have to be a big boy and be responsible. If you can’t even manage a budget then your business will fail no matter how you fund it.

[@UncleDavesKitchen]

Love George, hate the crazy music background, is this a dance video?

[@ginger-ale7818]

I have about $300 dollars in debt right now and owe $0 on my next payment date. I use my credit card so I can build up a credit history, because there are things, like a house, that I will never have without real debt. But for now, while I’m young, I carry nothing. The rewards points are just a bonus for spending money I very much do have.

[@Silverdragon517]

I paid mine off and it was the best decision I made. I feel so relaxed now and not scared to lose my house if I lose my job. The “ no mortgage” peace is invaluable

[@donnahampton3632]

I watched the whole ad for delete me! Cute!

[@SportySwiftie13]

I love how you put in you play stupid games you win stupid prizes.

[@gthree0239]

I have to say I work for a company that gives bonuses each quarter of airline miles. We use those to fly for free and we don’t have to spend thousands on a credit card to do so. This might be the one exception to the rule.

[@theresahaskew7555]

Your team needs to explain the 'cash back' system.

[@DCGEMINI202]

They dont know how it works. They use terrible examples of 1% cash back cards and people not paying it back and accumulating interest.

[@_JanetLouise]

LOL ... good stuff

[@muddlemann]

After more than two decades of digging myself out of credit card debt multiple times I said NO MORE! If, and that's a BIG IF, you can control yourself and pay your card off each month etc., etc., then maybeeeeeeeeee a credit card is for you. For the other 99.9% of just say NO folks. Been credit card and credit card debt free for years and I ain't goin' back!!

[@scoutandscooter]

I'm still a credit card user. Figure our last trip home to NYC - Annual credit card fees $100, Uber $16, train $5, flight $22 processing, taxi LGA to UES $65, apartment for two weeks for cat sitting $0.00. Taxi UES to LGA $65, train $5, Uber $16. Of Course there was the other $5,000 for living VERY well in Manhattan for two weeks. All paid by auto pay next billing cycle. BTW, I have no idea where the $1,500 in cash went, but I can see every CC charge.

[@asoggyburger479]

Second hand smoking or second hand TikTok exposure, which is worse?

[@mathematician1234]

I watched this, and then I immediately watched it again. I have not done that since the original Star Wars in 1977.

[@Enki1013]

You are so fun to watch. I love redeeming my pretty points, but I am also what Clark Howard called a "convenience user." Edit: Being a convenience user takes "conscious effort" and I know that is how the companies get you hooked. So be diligent.

[@bookwormbon482]

9:07 Will Delete Me be available in the UK in the future?

[@katyedwards3935]

Don't you have to submit your personal info to that site so they can remove it from sites? I'm confused.

[@TrickyMickTrucking]

Just look at the trucking industry to see how bad it is running a business on debt. All these companies hopped into the business during covid with massive profits buying trucks that cost twice what they were actually worth and are now going bankrupt because they can't afford the payments, maintenance, and the low rates some are experiencing.

[@StolenJoker84]

I use my credit card monthly. I also pay it off monthly. I actually got it because I needed money, but have always used it in a manner that allowed me to pay it off, 100%, every month. I’m now in a much better financial situation than I was when I originally got my card, and now I just use it to pay for subscriptions (like Netflix, for example) - mainly because I’ve already got it set up this way, and if I’m spending the money on things like that, I might as well get a few points out of it.

[@glenngardiner]

Always love the disagreeing comments on Ramsey posts. People just love and defend debt. If you use your card and pay it off weekly or monthly that’s great but MOST people do not handle debt well. Right now we have record levels of credit card debt in the US and that generally points to danger.

[@ScotianBlooded]

I have never paid interest couldn't tell you what % my cards have

[@noeevazquez5956]

The truth is that if you’re wanting to do a 9-5 for your entire life, the Ramsey plan is for you. Businesses you need to have credit. Not saying get out 100k to start a business but atleast 5-10k.