Are Credit Cards OK if You Pay Them Off Every Month?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 11 June 2021

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Christy Wright, Anthony ONeal, and Dr. John Delony. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's Friday, and this is the Ramsey Call of the Day, part of the Ramsey Network.
0:11.1	Joining me today is Ramsey personality, Dr. John Deloney.
0:16.1	Jason's in Houston, Texas.
0:17.6	Hey, Jason, how are you?
0:19.9	Good, how are you? Good. How are you?
0:21.1	Better than I deserve. What's up?
0:23.7	So I run a wholesale trading business, and so I have to spend around $40,000 to $50,000 per month
0:31.7	on inventory. And so right now, I know how you feel about this, but right now I put it
0:37.4	on a credit card
0:38.3	and basically it gives me around $2,000 month in cashback.
0:44.0	And so what I do is I just basically live off of the cashback and then all of my business
0:48.2	income, I just invest it.
0:50.6	And so I was trying to see what the pitfalls of this are, I guess.
0:56.1	So, yeah.
0:57.9	Well, these kinds of plans only work if everything goes perfect.
1:05.4	If your sales go down four months in a row, you're freaking bankrupt.
1:12.8	Right, but I'm only buying, I mean, I'm only buying $40,000 a month is only what you're
1:17.7	buying.
1:20.0	Right, right, no, I'm buying based on what my customers order from me.
1:23.8	So it's like they order first and then I just drop ship the item to them.
1:27.9	Yeah. So then why are you having to borrow money?
1:33.3	I'm not doing it to borrow money. I'm mainly just doing it because it's saving me $2,000
	...

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