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The study said this is the case because it’s more psychologically painful to hand over cash than it is to swipe a card, whether credit or debit.
(Ramsey does recommend using debit cards.) There’s anecdotal evidence that appears to point in this direction, too.
But what Ramsey never acknowledges is that there is no one-size-fits-all approach to personal finance or any particular financial product.
Some people handle their finances more responsibly than others.
Several studies do support the notion that consumers paying with credit cards typically spend more than those using cash.
However, a 2009 study conducted by Carnegie Mellon University economics professors Elif Incekara-Hafalir and George Loewenstein found “that credit card use did not significantly, on average, increase spending” for the study’s subjects.While compensation may influence the products we review and write about, the order in which categories appear in “best of” articles, whether products appear on our site and where they’re placed, it doesn’t affect the analysis and opinions of our writers.While we try to feature as many product offers on our site as we can maintain (1,200 credit cards and financial products!Ramsey adds to his argument against credit cards by saying, “No one ever says they got rich off of credit card points.” And he’s correct.There aren’t any credit-card-made millionaires out there.