For better or worse (probably worse), credit cards are a major part of our financial world now. Cash is becoming less and less convenient to use every year, and debit cards continue to lack the same level of fraud protection that credit cards enjoy.
This isn't coincidence either. Jesse attended a "payments trends" conference in 2019, where the main topic was how to make payments easier, to remove as much friction as possible from the process of buying things. Why? Simply put, when you spend more money, more often, payment vendors make more money.
The problem is, you can't win the credit card game. Not only do payment vendors make money when you spend, the banks that underwrite credit card debt know (because they have studied human behavior) that when you swipe a credit card, you tend to spend more money. Credit card points and rewards are carefully designed to entice you to spend more money, because banks know that you will likely carry higher debt levels with a credit card.
So if you can't win the game, maybe the solution is just to opt out.
Sign up for a free 34-day trial of YNAB at www.youneedabudget.com
Also, go to https://www.youneedabudget.com/bootcamp/ to sign up for the YNAB Debt Bootcamp!
Financial Wellness by YNAB
Ep 12 Debt Story: Meet Tanya
Manual Entry Take Two
Cash is a King in Hiding
Ep 11 Debt Story: Meet Siobhan
The Allure of Plastic
Age of Money When it Just Keeps Climbing
Ep 10 Debt Story: Meet Erin
Rule Three and Alabama Football a little
Rule Two the In-Laws are Coming
Rule One in an Afternoon.
Priorities Priorities Priorities
Ep 09 Debt Story: Meet Chelsea
Goals and a Single Piece of Paper
Ep 08 Debt Story: Meet Megan
Annual Goals Reviewed Daily
Moving the Pine Needle
Hassle and Bustle
Student Loan Syndrome: an Interview with Ryan Law
No News is Good News For You
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