Quote:
Originally Posted by nyrfan
I'm not going to get into what I think of DR, but I will tell you this is NOT the correct mentality. By not using CC's you are losing all sorts of money and benefits. I have over 400K in available credit between credit cards and LOC and I have 0 revolving debt. I pay everything and anything I can with some type of rewards CC and I mean everything I can down to a pack of gum. The reasons are simple, buyer’s protection, rewards, 0 liability on purchases to name a few. Cash provides NO benefits, NONE. Every purchase I make over the course of a month on my CC is paid in full, I never carry a balance. So not only am I in the same debt position as someone using cash but I am making something from every single purchase. For example, I have one CC that pays me back 5% monthly for my gas purchase, another that pays my back 5% for restaurant and groceries purchases, one that has double miles when I spend on electronics, etc. By using cash only, you are losing money.
The bottom line is live within your means, don’t overspend, use CC’s to reap the benefits they offer, and pay in full every month.
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I do the same thing. I have NEVER carried a credit balance in my life. I basically get paid every year to use a credit card. Its a great deal for me.
HOWEVER
I can see where this comes from, some people need a structure and a direction. The Cash thing is normally a bad idea, but some people need it to be able to break the habit and get n the right path.