Is Dave Ramsey Wrong About Credit? Insights from Three Experts
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Is Dave Ramsey Wrong About Credit? Insights from Three Experts
Dave Ramsey’s stance on credit usage is one of his most debated opinions. He advises against using credit, claiming that credit scores are not a true indicator of financial health. Ramsey often describes them as a measure of how well you “play kissy-face with the bank.” He argues that credit scores are irrelevant, stating in a 2020 Facebook post, “A credit score is nothing but an ‘I love debt’ score. It’s proof that you’ve borrowed money and paid it back, so you can borrow more money and pay THAT back. The cycle goes on forever. If you want a life without payments, stop chasing a life WITH payments … Don’t believe the LIE that you need a credit score. You’ll be just fine without one.”
But is his perspective on credit truly valid? GOBankingRates consulted several experts to find out. Here’s what they had to say.
The Importance of Creditworthiness
Daniel Cohen, a consumer protection attorney and founding partner of Consumer Attorneys, believes Ramsey’s view on credit is somewhat elitist. Cohen argues that every significant financial event in life is heavily influenced by creditworthiness.
“Someone wealthy may not need to worry about using credit beyond a home mortgage, but most consumers do,” Cohen explains. “If you’re rich, you can buy a car with a check while enjoying your $7 latte. But the average consumer doesn’t have that luxury.
“Access to credit allows you to make purchases you can’t afford outright by breaking them into manageable installments. Demonstrating responsible credit use and debt repayment builds your credit score, opening doors to better financial opportunities.”
Cohen highlights that credit ratings aren’t tied to income, meaning those with lower salaries can still access favorable interest rates and loan terms with a strong credit score. “Being responsible with credit can earn you financial credibility, even with lower earnings. It’s about being smart and strategic, not reckless. Embracing and using credit wisely is better than avoiding it entirely.”
The Role of Credit in American Life
Bill Westrom, CEO and founder of Truth in Equity and Credit Line Banking, shares a similar view to Cohen’s. “In 2024, credit is essential for obtaining a college education, driving a decent car, and owning a home. Without credit, we can’t live the American dream, and our economy would suffer.
“Credit itself isn’t the problem; it’s the repayment terms. This is something Dave and others often overlook.”
The Realism of Avoiding Credit
Stephen Kates, CFP, and principal financial analyst for Annuity.org, believes Ramsey’s opinion is more for entertainment and attention. He argues that avoiding credit is unrealistic in today’s financial ecosystem.
“Avoiding credit isn’t practical for managing personal finances given the widespread use of credit scores in our economy,” says Kates. “Without credit, you may be denied financing or receive higher-than-average interest rates.”
Using Credit Wisely
Cohen advises using credit to improve your scores, access the best financial terms, and afford things you need but can’t pay for outright. “The best advice for using credit is to be savvy and cautious. Don’t make rash decisions to authorize credit checks or enter loan agreements on the spot. Monitor your credit reports closely and pay attention to details like interest rates and repayment terms.
“Take advantage of great offers as your credit score improves but do so wisely. For instance, negotiate with your current credit card carrier for a lower interest rate if you receive a 0% APR offer from another provider. This can help you avoid the credit hit from opening a new account and still improve your terms.”
Managing Debt
Westrom emphasizes handling debt for as short a time as possible. “When it comes to debt, time is the enemy, not the interest rate. Debt’s expense and burden last only as long as the debt exists.
“Traditional financial advice needs to evolve. Long-term, low-interest-rate debt is still costly and controls our financial future. There’s no good reason to hold onto debt. Treat debt like an investment, but in reverse. Focus on repaying it as quickly as possible, and all credit issues disappear. The faster you pay off debt, the more you can save and invest for your future.”
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