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Financial Quotes on Credit, Debt and Credit Cards

Financial Quotes On Credit, Debt And Credit Cards

by / 1 Comment / Sep 08, 2015

Closing out our series of guides, CREDIT CARD IDEAS offers you some light reading with quotes by a number of sources, from financial experts to comedians. We hope you enjoy them. And if you’re interested in learning more about credit cards and financial responsibility from the experts, check out the author links. Many of the financial authorities quoted here offer books and other resources to help educate consumers about this important topic.

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“There are no shortcuts when it comes to getting out of debt.” ~ Dave Ramsey

“We all think we’re going to get out of debt.” ~ Louie Anderson

“The whole point of credit cards, the way they are rendered most profitable, is that we dig ourselves into debt and stay trapped there forever.” ~ Brett Williams

“When I was young, people lived paycheck to paycheck. Today, it seems like they live from credit card payment to credit card payment.” ~ Robert Kiyosaki

“The average American is nearly $7,000 in debt.” ~ RamitSethi

“The fact is, nearly 75 percent of Americans who use credit cards make only the minimum payment each month. At that rate (minimum payments) you could spend the next thirty years paying back a $3,000 credit card debt and give the financial institution $8,000 worth of interest. It’s the principle of compound interest in reverse.” ~ Raymond McHenry
“The only man who sticks closer to you in adversity than a friend is a creditor.” ~ Anonymous

“One of the greatest disservices you can do to a man is to lend him money that he can’t pay back.” ~ Jesse H. Jones

“It is imperative that we make consumers more aware of the long-term effects of their financial decisions, particularly in managing their credit card debt, so that they can avoid financial pitfalls that may lead to bankruptcy.” ~ Daniel Akaka

“The minute a Wall Street firm purchases your debt, your bank no longer has it on its financial statement, which then allows the bank to look for more credit card customers. That’s one reason why you get so many credit card offers.” Robert Kiyosaki

Students and Debt

“Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It’s a trap for the rest of your life because the laws are designed so that you can’t get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy.” ~ Noam Chomsky

“Many kids come out of college, they have a credit card and a diploma. They don’t know how to buy a house or a car or health insurance or life insurance. They do not know basic microeconomics.” ~ Jesse Jackson

“Typically, students slide into debt through the extension (by credit card companies) of unaffordable credit lines.” ~ Robert Manning

Good Intentions

“In January we start saving money, getting out of credit card debt, funding our retirement accounts, and we’re doing wonderful. Then, every single year like clockwork, starting in November, all of you fall into this trap that says, ‘I have to buy this gift. . .  I can’t show up at this party and not have something for everybody.’” ~ Suze Orman

“You goal should be to pay off your credit card bills in full at the end of each month and set aside money toward your emergency savings.” ~ Suze Orman

Credit Advice

“If you don’t have the money management skills yet, using a debit card will ensure you don’t overspend and rack up debt on a credit card.” ~ T. HarvEker

“I don’t use a debit card. The safest thing is a credit card because you’re using the bank’s money. If someone accesses your information, they are stealing the bank’s money, not yours.” ~ Frank Abagnale

“You have two pages, that’s the whole credit card agreement. The terms are clear and flat and easy to see so anyone can read them. So you could lay four credit cards in front of you and say, ‘Oh, that’s the one that has the highest rate, that’s the one that has the really scary provision that could hurt me.’” ~ Elizabeth Warren

“I have always advocated doing everything possible to pay off credit card balances; it’s good financial management and the ticket to a strong FICO credit score.” ~ Suze Orman

“High bankruptcy rates, increased credit card debt, and identity theft make it imperative that all of us take an active role in providing financial and economic education during all stages of one’s life.” ~ Ruben Hinojosa

“If you have a debt issue or credit card issue, start dealing with it. If you have a tax issue, don’t just say, ‘I’m not going to file.’ There are ways to deal with these things, but you must communicate with your creditors, whether it’s a credit card company or tax department.” ~ Hill Harper

“A cash advance on a credit card is one of the worst types of borrowing because the interest rate is typically 21 percent or more.” ~ Suze Orman

Privacy Issues

“Oh, I think there are a lot of people who would be buying and selling online today that go up there and they get the information, but then when it comes time to type in their credit card they think twice because they’re not sure about how that might get out and what that might mean for them.” ~ Bill Gates

“Everything we do in the digital realm – from surfing the Web to sending an e-mail to conducting a credit card transaction to, yes, making a phone call – creates a data trail. And if that trail exists, chances are someone is using it – or will be soon enough.” ~ Douglas Rushkoff

“Social security, bank account, and credit card numbers aren’t just data. In the wrong hands they can wipe out someone’s life savings, wreck their credit and cause financial ruin.” ~ Melissa Bean

“All they need to do is to set up some website somewhere selling some bogus product at twenty percent of the normal market prices and people are going to be tricked into providing their credit card numbers.” ~ Kevin Mitnick

“I trust online banking. You know why? Because if somebody hacks into my account and defrauds my credit card company, or my online bank account, guess who takes the loss? The bank, not me.” ~ Kevin Mitnick

“There are many random, unprotected sites online that appear safe to use and are ready to accept credit card information. You wouldn’t give a stranger off the street your credit card information, so be extra cautious about who you are sharing it with online.” ~ Alexa Von Tobel

Credit Repair

“If repairing one’s credit is as easy as sending some dispute letters to the credit bureaus then why doesn’t everyone have good credit?” ~ Tyler Gregory


“Americans used to be ‘citizens.’ Now we are ‘consumers.’” ~ Vicki Robin

“You don’t realize how much you use your credit card not even to buy things. It’s a card you get so you can navigate society.” ~ Adam Carolla

“A budget is telling your money where to go, instead of wondering where it went.” ~ John C. Maxwell

“The thing about credit cards is that they assume an importance in our lives that takes them far beyond an innocuous piece of plastic in our wallet, directly to the heart of the way we live. For some of us, they’re all about convenience; just another way to conduct financial transactions. These convenience-seekers use credit cards at will, pay them off each month and reap the rewards points. For these people, plastic is fantastic. For a large proportion of us, however, credit cards are the way we fill the gap between the lifestyle we can afford and the lifestyle we actually live. To these people, a credit card is a ‘frenemy’, loved and hated in equal measure. The trouble is that once you get used to the idea of supplementing your income with someone else’s cash, it becomes a difficult habit to break. So we love the card for its access to what we think of as ‘life’, but hate it because those bills roll around with monotonous regularity, reminding us of our excesses.” ~ Allison Tait

“You don’t build wealth with credit card rewards and airline miles. You can’t beat the credit card companies at their own game.” ~ Dave Ramsey

“In childhood, a library card take you to exotic, faraway places; in adulthood, a credit card does.” ~ Evan Esar

“In 1973, a woman could not get a credit card without her husband or father or a male signing off on it.” ~ Billie Jean King

Humorous quotes just for fun

“Act your wage.” ~ Dave Ramsey

“A bank is a place that will lend you money if you can prove that you don’t need it.” ~ Bob Hope

“If you think nobody cares if you’re alive, try missing a couple of car payments.” ~ Earl Wilson

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” ~ Will Smith

“We didn’t actually overspend our budget. The allocation simply fell short of our expenditure.” ~ JP Getty

“Someone stole all my credit cards, but I won’t be reporting it. The thief spends less than my wife did.” ~ Henny Youngman

“It’s amazing how fast later comes when you buy now!” ~ Milton Berle

“It’s easy to meet expense – everywhere you go, there they are.” ~ Anonymous

“Christmas is the season when you buy this year’s gifts with next year’s money.” ~ Anonymous

“Stores are never nice to people. They’re nice to credit cards.” ~ J.F. Lawton

“Today, there are three kinds of people: the have’s, the have-not’s, and the have-not-paid-for-what-they-have’s.” ~ Earl Wilson

“The best protection against identity theft is bad credit.” ~ Johnny Corn

Though you have reached the end of our series, we would like to remind you credit card aficionados that CREDIT CARD IDEAS provides many, many articles, reviews, tips and just about any information and resources you need to make an informed decision about credit cards. We hope you have found our “Tips and Info from the Experts” series helpful and informative, but please don’t stop there. We invite you to explore our site further to enjoy all that we have to offer.

About the Author

Elizabeth Boyd is a financial writer and paralegal. She has written extensively for the financial and credit card market for several years and feels strongly about making consumers aware of their choices and rights.

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