Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yes, that's the thing. A credit score is a necessary evil. If you live in an area with a tight rental market as I do, you're not getting anywhere with no credit score. They're not going to take the time to analyze my personal situation when they've got 10 other qualified people for the same apartment. Not worth their time.
On the other hand, I like the idea of people working against our evil credit scoring system, which is a total invasion of privacy, IMO. The thing is, Dave downplays or completely ignores the level of difficulty involved in doing that.
DR says he uses a debit card, rather than a credit card. The problem with debit cards is that they are easily cloned these days and a thief can wipe out your entire bank account. With a credit card, you have far more protection. I cancelled my debit card after it was cloned twice. I don't use one at all and don't miss it. If I need to order something online, I feel safer using AM Ex.
DR says he uses a debit card, rather than a credit card. The problem with debit cards is that they are easily cloned these days and a thief can wipe out your entire bank account. With a credit card, you have far more protection. I cancelled my debit card after it was cloned twice. I don't use one at all and don't miss it. If I need to order something online, I feel safer using AM Ex.
Frank Abagnale, of the Catch Me If You Can movie that was made about him, explains very clearly why he HATES debit cards and always recommends credit cards:
As far as the religious aspect...some people aren't motivated by logic. I know that drives engineer types nuts, but not everyone's wired the same way.
Actually, the more I think about it, the religious angle does kind of make sense with respect to controlling your expenses. If you're deep in debt because of lifestyle habits - one has to "find faith" or be "born again" with a determination to change or reform one's ways. It can work for some people.
DR says he uses a debit card, rather than a credit card. The problem with debit cards is that they are easily cloned these days and a thief can wipe out your entire bank account. With a credit card, you have far more protection. I cancelled my debit card after it was cloned twice. I don't use one at all and don't miss it. If I need to order something online, I feel safer using AM Ex.
Yeah, I have a debit card but I rarely use it.
Even thought I use my credit card for most transactions, I do feel like all electronic transactions are a bargain with the devil. Everything we purchase is being tracked & monitored by God knows who.
Let's forget about the religious spin (which I don't like either) and look at the real 800 pound gorilla question: what happens to people who overspend all the time, then follow Dave's or a similar guru's advise and get out of debt and then what...? How many of them go right back into debt vs. can change their lives forever? - I'm afraid the vast majority will sooner or later fall back into old habits. Do we have any data on this?
It goes back to the nature vs. nurture question. The dominant theory of our day is that all differences between people, sexes, ethnicity and more are learned. But science IMO clearly states that intelligence is the strongest predictor of success in life (not only job performance but also health, family, longevity etc.). Intelligence is strongly hereditary. So the conclusion would be that some, maybe most people cannot follow Dave's advise longer term. This also rises policy concerns. Most importantly, we need some data to understand nature vs. nurture in personal finance.
I filed bankruptcy over 20 years ago. While in the elevator another attorney was holding the court calendar for court ..... 4-5 pages of bankruptcies. When we got to the elevator and the door opened, you could see a very large crowd. The attorney turned to his clients and remark "As you can see, this is a popular place."
I think Dave's plan is similar to an AA mentality .... there is no safe amount of alcohol for an alcoholic. Perhaps those addicted to spending can not ever use credit without getting themselves in trouble.
Actually, the more I think about it, the religious angle does kind of make sense with respect to controlling your expenses. If you're deep in debt because of lifestyle habits - one has to "find faith" or be "born again" with a determination to change or reform one's ways. It can work for some people.
Yes, correct.
It's the same idea behind 12 Step Programs. Invoking a higher power gives people an edge. I know agnostic/atheist types don't like to acknowledge that, but researchers who study this sort of thing tend to agree with that some sort of religious/spiritual faith helps with all kinds of issues related to well being.
It's the same idea behind 12 Step Programs. Invoking a higher power gives people an edge. I know agnostic/atheist types don't like to acknowledge that, but researchers who study this sort of thing tend to agree with that some sort of religious/spiritual faith helps with all kinds of issues related to well being.
It's the same idea behind 12 Step Programs. Invoking a higher power gives people an edge. I know agnostic/atheist types don't like to acknowledge that, but researchers who study this sort of thing tend to agree with that some sort of religious/spiritual faith helps with all kinds of issues related to well being.
That can also be applied to job seekers' clubs or associations - to get off your bum and go to it in seeking new employment...kind of a mantra or way.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
