This is my Wallet, inside I have 6 payment methods, every single one is a debit card. My credit score is 744 it use to be 811 when I have 8 credit cards open, but every single credit card I have is now closed.

Now the goal for this video is simple: to convince you that the cost of using a credit card is not worth the reward.

This is coming from a guy who made videos for years on credit cards, and recommending them.

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Personal Experience

There are some secret ways credit cards cost you money and you don’t even know


Fun facts:

First transaction cost ( to cover the cost of using credit cards, merchants try to past on the bill to you )

Second Psychologically, you will spend more when using plastic than you do when using cash, about 18% more studies show

Third and Lastly justification ( I call chasing your own tail ), you buy things you don’t need to get points that promote you to spend money you don’t need to spend



I personally Created a System:

I would only spend automatic bills on my credit cards to keep them open and pay them off in full automatically to keep improving my credit score

But every now and then I would use my credit card, it’s a dangerous game, not worth playing

Its like walking around with crack, I wouldn’t care but I liked crack I would care ( trying to resist and be responsible makes no sense )



Answering the objections

It's money I would have spent anyways

I get free Stuff ( last year I paid for my plane ticket with points ) 12%

I need to build Credit



It's money I would have spent anyways

How much money do you spend per month and why

Most people don’t know this number ( for me its $1,500)

If you are spending money that you don’t even track on your credit card, it doesn’t make you more responsible, it just give you more room to go up to the limit and spend more than you should be spending ( Debit Card Limit your Spending )



I get Free Stuff

I heard people buy plane tickets, pay for hotels, and a bunch of other stuff

But just run the numbers ( if a plan ticket is going to cost you $1,000) and you get 3% cash back

You need to spend $33,333 to get that (and let's assume you overspent 10% not even the 18% we know you probably overspent, that’s over 3k )

Ps. If you can only go on vacation with points, that’s a bad sign of your financial health )



I need to Build Credit

Its one of those ideas, that’s just built into us since we are kids ( credit is everything )

But the reason you need credit is so that lenders can get a picture of how much risk they will be taking you by lending you money and set an interest rate

They can use your income, expenses and debt to do that ( aka Debt to Income ratio)

So the bank can do manual underwriting to get all this, and they don’t need a credit score

Think about, if a man makes 80k a year and wants to buy a house, and has no debt and have a record of over 5 years working at that jobs, paying all his bills, you think they wont lend him money to buy a house



Overall: so many people get into thousands of dollars of debt, because they believe these lies or these reasons, and use them as the gateway.



Results after Closing Down Credit Cards

Not all the results I’ve liked

But its made me have to be more serious about managing my money

I talk a lot about money, but just like you, if I stop applying it, I could end up in a bad scenario.

Bad ( running Out of Money )


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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.