/biz/ - Business & Finance

This guy is full of shit. Using credit cards is a great way to get cash back on every purchase and keep more money in your pocket. As long as you keep track of your spending and pay your cards off in full every month, there are no downsides. He says that you'll be inclined to spend more with a credit card, but it's no different with a debit card. Sure the money leaves your account immediately with a credit card, but you don't look at it right away. Psychologically, there's no difference between using a credit card and using a debit card.

Furthermore, cash is only "real money" in the minds of boomers. Young people don't have that feeling where handing over cash feels more "real" to them. They're used to seeing numbers in their bank account and that being how much money they have. Carrying cash feels like extra money, and young people are MORE INCLINED to spend cash than use a card.

Everything this boomer says is wrong.

Why does this boomer hate credit cards so much? I understand that if you're using a card instead of cash you might be tempted to spend more, but using a debit card feels exactly the same way as using a credit card in my opinion. Sure, the money leaves your account right away with a debit card, but I don't check it right away. It feels the same as a credit card. As long as you pay it off every month, and keep track of your spending, you can get a good chunk of money back with no downsides.

Avoid all forms of cash back. Carry money in envelopes.

Stop using credit cards.

>Stop using credit cards, even though cash back rewards give you free money with no downsides.

>>20261723
I have 25k in student loans to pay off. Still have nines years to go