Walking away from credit cards

From (CNN) — Credit cards are as much a part of the American economy as $20 bills, but a fervent subset of consumers has sworn off plastic money altogether.

“Credit card debt is our biggest hindrance in being able to take care of our families and set ourselves up for prosperity,” said finance student Brad Chaffee, 34, of Charlottesville, Virginia.

“If your paycheck is going toward paying all these credit card companies off, you can’t get very far,” added Chaffee, who has a Web site called enemyofdebt.com. “You certainly can’t use your income as a wealth-building tool — which is what it becomes when you don’t have all these debt payments. I feel very strongly about that.”

So do thousands of others, many of whom are followers of charismatic financial expert Dave Ramsey, whose Web site, books, arena rallies and radio show on 400 stations hammer away at the “freedom from debt” theme.

“Debt is not a tool; it is a method to make banks wealthy, not you,” says Ramsey’s Web site, where users can find blunt advice on how to deal with creditors and develop sound money habits. “Debt is dumb.”

Read the full story at CNN

Leave a Reply