this post was submitted on 21 Aug 2023
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A lot of the stuff Ramsey says is good for Ramsey; not anyone else, and certainly not the public. I 100% agree with him that (most) debt is bad, but having no credit is worse than bad credit. If you want a strain on the system (what we have now), you deny credit to people that aren't credit worthy (*people without credit) so that they cannot afford to purchase homes. A mortgage is debt, but it's not "bad-debt."
You clearly listen to too much Ramsey. No credit is a credit score of 0. Bad credit is 580. It is going to take time to repair either one but if you’re running a race, do you want to start at 0, or 2/3 of the way to the finish line?
Even if rates are 10%, ownership is better than paying a landlord rent. Equity, equity, equity… High interest rates are when you upgrade or purchase more property to build wealth. Just ride it out and refinance when the rates come down.
Having a high credit score makes everything easier. A high credit score is also something required for certain jobs. Ramsey comes up with “workarounds” for when his advice about not having credit doesn’t work out.
When I checked my credit score last month, it was 847. I’m sure I’m doing better than 99% of people in that regard.
When interest rates are high, there’s less demand and as a result prices are lower.
Keep listening to Ramsey. This conversation has devolved into something I’m no longer interested in, so I’m checking out… have a good one.
I lost interest when I realized I don’t care if you’re fucking up, and I don’t care if you think I’m wrong either. I don’t want to argue with you. Waste of my time. Like I said earlier, have a good one.
They're not moving the goal posts from good debt to own vs rent, the reason a mortgage is good debt to have is because it is better than renting. Consider taking out a loan for something that has zero benefit, like a statue or yourself or something stupid. That's bad debt because it provides no benefit. Being in a home builds equity. Your putting your money into a 30 year hole very slowly but it's better than a bottomless pit.
Ramsey told folks to keep making payments on student loans when the payments and interest were paused. He does not give sound financial advice.
A debit card is not recommended for day to day. If it gets picked up by a skimmer or otherwise used in a fraudulent manner, your bank account gets debited until the investigation is done.
This can take months and can involve large sums of money.
With a credit card, no money leaves your bank account during the investigation.
I'm glad that your one single experience trumps the experience of hundreds of thousands of other people who've gotten in a jam with a debit card. Good for you.
I didn't miss that part. I was responding to your main point about "propaganda from the credit card companies". If it's not propaganda and you got your money back almost instantly... then why are you still jumping through hoops to protect your money? 🤔
In Europe there is a Card Stop number you can use to block your card as soon as you noticed it's stolen.
From the rest of the thread, it seems that US laws protect credit cards better than debit.