When it comes to debt, there's no greater voice than Dave Ramsey, a gentleman I respect greatly. My wife checked out his book from the library when we relocated to the Midwest two and a half years ago. We followed his plan step by step until our debts were eliminated with the exception of our mortgage. We're on the fast track to pay it off and finally be debt free. After much serious discussion, my wife and I made a deal about the one remaining credit card we still have. Our promise to each other is to use it only when the funds are already in our checking account and to make sure the balance is paid in full every month. We agreed to cut up the card should we ever pay interest on the card.
Some day our credit card company may want to break up with us. It's not because we're late with our payments. In fact, it's the opposite. We're getting quite cozy using our rewards card to earn money every time we charge while saving on fees like car rental insurance that is covered when we use our card.
Any time I meet a Dave Ramsey follower, I share my story about how I can make a credit card payment whenever I want and that my wife and I pretend our credit card is actually a debit card. The difference is in the rewards. It all comes down to discipline. A cozy credit card relationship isn't for everyone. It works for my family and we take an extra vacation every year thanks to the annual rewards check we receive. Before you make any changes to your financial plans, I do recommend you get out of debt as fast as you can. Have a great day.
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