Ramsey Solutions personal finance experts Dave Ramsey and George Kamel joined 'Fox & Friends' and shared tips with Fox News Digital on how to live without credit cards amid high interest rates and inflation.
Personal finance expert Dave Ramsey of Ramsey Solutions, best-selling author of "Baby Steps Millionaire" and other books, told "Fox & Friends" on Monday that the best way around high rates and rising debt is to ditch the credit card altogether."I got rid of the credit cards a long time ago and went to a debit card," he said.
One of the main concerns consumers have about letting go of their credit cards is losing their credit score. "The algorithm that FICO uses to create your credit score is 100% based on how much you play ‘kissy-face’ with the bank," he said.SURGING INFLATION: HOW TO TRIM $200 FROM YOUR MONTHLY BUDGETRamsey Solutions found that 36% of Americans can’t cover a $400 emergency — and instead turn to their credit cards for that type of need.
He added that inflation is "a little scary" for everyone, but he said it's worth remembering that "you don’t make good decisions when you’re afraid."
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