WARNING: Never Use Your Debit Card

[sson]

I think people with no self control should avoid credit cards like the plague.

[badgerrrlattin]

Paying off the card in full EVERY month is key.

[videogiocatore]

I hate when YouTube recommends financial advice that doesnt even apply for the continent I live in.

[BanditKiller]

FYI: If you choose to get a credit card, YOU are responsible for paying everything back otherwise interest will start to build up!

[silvernblue]

This is absolutely valid so long as you don't overspend. That's what gets people is they end up in a situation beyond their means and get stuck deep in debt

[MicrowavedBurrito]

Debit uses YOUR cash NOW. Credit racks up a bill you gotta pay at the end of the month, and if you don't pay on time, you'll be paying late fees aswell, also depending on the bank they can make you pay late fees endlessly... Debit doesn't do that. Sure, there's no cash-back percent rate, but it's YOUR money, so no end-of-month bank-bills.


Long story short, if you can use a credit card responsibly, and you'll never overcharge yourself, go for it. If you don't wanna take the risk of endless fees, use debit.

[obnoxiousNoxy]

It's a little more complicated when you live in a country where 90% of credit cards offer no perks at all and the perks that do exist are lame.

[jorrie]

Noooo.
In my (Western European) country we use debit cards 95% of the time. That's why we have less debts 🎉. Cause in the end you're paying for the card and to (temporarily) borrow money.

[MrGomulsky]

For me as a European, specifically a Pole, using a credit card in this way is complete nonsense. In our country, there is no such thing as points, exchange for flights, etc., nor is there a credit score, at least not in the same form as in the USA.

[mimikanahd]

Just remember credit cards are the banks money, not yours. Paying it back is essential.

[rick.austin]

Theoretically all correct. Take the human factor into account and you realize that most people don't have the financial discipline to pay in full every month. No matter how many yt videos teach you that.

[grrman]

Literally the only people who should use credit cards are those who can afford to pay them off in full every month.
Otherwise you should never touch one

[rslover]

Problem with this is that most people, even though they pay it off every month, spend more when using a credit card than with a debit. And you can still dispute charges on a debit card, as long as it has the Visa/Mastercard logo on it it's the same protection.

[toralayous]

Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!

[AliAhmad-grhk]

I live by the moto if I don’t have the money for it then I don’t need it. Took me 8 years to pay off my credit card debt and I swore I’ll never open one again and I’m still true to my word.

[GlizzyRaider]

Credit cards are not bad! A lot of wealthy people tell you they are bad and to cut them up… in reality people are just not disciplined. Think of it as money you were going to spend anyways.

[CaptainRedHat]

For most banks in the us you’re not liable for fraudulent debit charges either.

[kurt]

Bad advice. There's been multiple studies that show people spend about 15% more when using their credit card over cash. Now you could use your credit card to pay fixed bills like car insurance, internet, etc, but really, the rewards you get won't add up to much

[topsykretts]

You should always use your own money. Listen to Dave Ramsey.

[davidpeat]

I got into serious trouble with credit cards when I was 18. Credit score was 64 at one point. Took YEARS to get out of it, but I learned my lesson and when I finally could get accepted for one again, I did exactly this but with the utmost discipline.
Eventually dragged my shit credit score all the way up to the 600’s. Which don’t get me wrong isn’t amazing, but it’s above average and shows you the power of actually being diligent with your finances. Credit is a tool, just like a nailgun, you can use it correctly or nail yourself to a wall.