Dave Ramsey Says Credit Card Companies Are 'The Cigarette Of The Financial World.' He Warns Against Taking Their Advice On Anything

Group 1 - Financial expert Dave Ramsey criticizes the credit card industry, asserting that credit card companies do not deserve consumer trust and often provide advice aimed at keeping individuals in debt [1] - During a segment of "The Ramsey Show," Ramsey challenged a caller's concerns about closing credit card accounts negatively impacting her credit score, emphasizing that credit scores primarily serve the purpose of facilitating borrowing [2][3] - Ramsey encourages individuals to disregard credit score warnings and focus on becoming debt-free, praising those who successfully manage their finances [3] Group 2 - Ramsey argues against the notion that using credit cards responsibly is common, citing that 78% of people carry balances month to month, which he compares to the common failure to pay off mortgages as intended [4] - He advocates for the use of debit cards as a safer alternative to credit cards, stating that they provide the same convenience without the associated risks of debt [4]