Credit Cards: The Business of Enslaving Poor People

The path to victory is abstinence. Don't entertain this idea. Cash is king.

Credit card companies nickname peeps who pay the cc in full every month "deadbeats" lol

How about not subscribing to the "eat now pay later" theory at all??🤔 Like Willie D famously said " if u can't pay in cash you can't afford the shit"💯

I used to have 21k of credit card debt. I was very asleep behind the financial wheel. No idea what I was paying in interest per month. I was the kind of guy credit card companies loved. When it finally realized how much I was paying in interest. I got really angry with myself for how it could have become so bad. So I aggressively paid it all off. Canceled two card and now have one. It stays at a balance of 0. The moment I use it to buy anything and it hits my card. Is the moment I pay it. I’m grateful to have woken up to it, but wish it didn’t take me so long for me to do so. I wish there was a class in high school that went over these things in life.

I use credit cards only when I see discounts for credit card payments. Also credit cards are great when you buy something with no cost emi discount for the longest tenure and then pay it off in full as soon as the amount appears on the statement effectively allowing you to use that no cost emi interest discount as an upfront discount.

Credit cards in my opinion were the start of the affordability crisis. governments and corporations can simply keep raising prices because they know you have a credit card you can use to “buy now and pay later” . Now it’s gotten to the point where people are paying rent, groceries and other stuff on credit

I disagree with all of Dave Ramseys social views. Financially he is 1000% correct

It is no coincidence that credit cards rose to become normal during the 1980s. The start of the neoliberal era

Credit cards are the devil

I’m short, to avoid paying interest, pay the statement balance in full, on or before the due date. This is as simple as it gets.

I have 8 card and I never use more than half of my salary on them
I purchase every thing on them
Never pay them in parts. Just pay it in full
It does have a lot of benefits

I've always steered clear of credit cards until 2 months ago when I got one for the first time at 29 for a new budget plan I had in mind. I'm really smart with my money so I didn't worry about too much. After a month of using it though, I started to see how some people could struggle with these things and I stopped using it.

My advice: If you're gonna be poor, just be poor and not poor AF, because credit cards will make you poor AF. If you really want something, be patient and save more money, get a new job, or put in more hours at work. Don't use other people's money.

This is a good video but does not look at the simple and common situation of a credit card being used to cover expensive unexpected emergencies that you don't have a lot of cash on hand for like a car repair or a medical bill not covered by insurance. Something like that forces the average person to have to make payments with interest instead of paying it all off. I'm working on getting out of debt now caused by this everyday problem. Things are just expensive. It's not like I'm using my credit card to buy a new wardrobe or take expensive trips.

If you have alot of debt, you got good credit. If you have no debt, you have bad credit. True story.

I’d rather be debt free than own a credit card. To this day, I still don’t own a credit card.

Good debt is bravery

Is it slavery when you get what you want (M) shout out to everyone who gets the reference

I grew my business on zero interest credit cards. Wouldn’t recommend for everyone but my business was profitable so I always paid the cards off and I essentially skipped over getting a loan from a bank with interest. Plus I always got a lot of rewards and points from purchasing so much. You have to be smart about it.

I use my costco credit card by treating it like a debit card. I make a payment whenever there's a balance. I don't wait until the end of the month. So basically i never use it unless i have enough money in my checking account. It's awesome bc i get around $500 cash from the costco service desk every year for using their card.

banks create the loans from thin air (not their own deposits) and lend it out at interest. its white collar crime.