Day 743 – The Wisdom of Credit Cards – Ask Gramps

Wisdom-Trek / Creating a Legacy Welcome to Day 743 of our Wisdom-Trek, and thank you for joining me. This is Guthrie Chamberlain, Your Guide to Wisdom The Wisdom of Credit Cards – Ask Gramps Thank you for joining us for our 5 days per week wisdom and legacy building podcast. This is Day 743 of our trek, and it is time for our Philosophy Friday series. Each Friday we will ponder some of the basic truths and mysteries of life and how they can impact us in creating our living legacy. As we continue on this trek called life, sometimes we have questions about life, so our Friday trek is a time where we can “Ask Gramps.” Gramps will answer questions that you would like to ask your dad or granddad, but for whatever reason are unable to. No matter how old we are, I know that all of us would like the opportunity to ask Dad or Gramps questions about life in many areas. We will address areas such as finances, relationships, health/fitness, business/work, home repairs/renovations, seasons of life, spiritual/Biblical questions, and any others that come our way. As your fellow sojourner and mentor on this trek that we call life, it is my goal to provide you with practical wisdom and advice about any area of life. It is crucial that I receive a constant flow of questions, so please submit your questions to [email protected], send me a message at the bottom of any page on wisdom-trek.com, or text me at 740.350.5732. And I will answer your questions on our Friday podcast. We are broadcasting from our studio at The Big House in Marietta, Ohio. As we now enter the holiday season of Thanksgiving, Christmas, and New Years, many people in the western countries will be faced with the choice of how much they should spend on gifts for family and friends. Most of us are tempted to spend more than we really should. The unfortunate reality is that many people also make these purchases with credit cards when they have no plan or idea of how they will afford those same purchases. So the question for today is: “Hey Gramps, is it wise to use credit cards, or do you advise not using them at all?” The Wisdom of Credit Cards This is a tough question because there are no clear-cut answers. Some financial advisers, such as Dave Ramsey, teach that you should never use credit cards, and I understand why he teaches that. Many people do not have the financial discipline to use them prudently and effectively. So my answer is, it depends. If you know that you are not...