In a discussion on debt management, Ramsey emphasizes that playing with debt is unwise, especially with enticing offers like low-interest credit cards. He highlights the minimal interest earned on savings and notes that many credit card deals carry hidden risks, such as deferred interest, which can lead to significant financial burdens if not handled properly. The conversation steers towards the dangers of becoming too comfortable with debt, which can ultimately result in life-changing financial decisions that stem from impulsive spending, particularly during major milestones like weddings.
"You made enough to buy a biscuit," Ramsey quipped. "You don't beat Bank of America. The only way to beat them is to stay away."
"You've spent hours screwing with this in your mind," Ramsey explained. "It paid you about $1.16 an hour."
That's gross. You don't want to put that ring on her finger and say, 'Thank you, Bank of America.'
Collection
[
|
...
]