Ramsey Refuses Credit Cards

by anne on August 25, 2006

Dave Ramsey, who teaches folks how to get out of debt and stay out of debt, hates credit card debt. Small wonder, when you consider credit card debt is unsecured and the cost, or interest rates, are, for the most part usurious. When you realize that, at 18% you’re paying $18 for every $100 you charge, you begin to get the picture.

I was tickled, when looking at Ramsey’s site to see that for his various products and services, he does NOT accept credit cards! What a concept. He will only accept debit cards. Debit cards take the money right out of your checking account; it’s almost like writing a check, except the withdrawal is instant.

That instant withdrawal means whatever you’ve purchased is paid for, period. And it’s also a whole lot easier to stay in clarity about how much money you’ve got and how you’re spending it.

Consider using only a debit card for credit-card-type purchases.

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{ 2 comments }

DEBTective October 3, 2006 at 11:57 am

You said it, dollface! Dave’s way makes a lot of sense and it’s the best way to deep-six your debt and connect with your cash. Thanks for spreading the word!

Lisa July 16, 2007 at 4:43 pm

Another Dave Ramsey fan here! Trash the credit cards, make extra money to pay off debt. Works for me!

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