The Student Room Group

Rich people use debit cards

i have seen a video recently when the guy said
"rich people use debit cards, poor people use credit cards"
This makes sense a bit when you realise that when you use credit cards, you go into debt very easily, and when you have debt, you can't get rich.
what do you guys think?
rich peopel can use either. it is those without money that need credit.
maybe because rich people have money? idk just suggestion
I don’t think it’s wild to suggest that poorer people either need credit to get by, or fall into a debt trap of borrowing and incurring more charges.
Reply 4
Original post by Kutie Karen
rich peopel can use either. it is those without money that need credit.

if rich people use credit, they get in debt which makes them less rich - watch this youtube short below explaining it
https://www.youtube.com/shorts/gM-2LYU87gc
Reply 5
Original post by hh1209
if rich people use credit, they get in debt which makes them less rich - watch this youtube short below explaining it
https://www.youtube.com/shorts/gM-2LYU87gc

Reply 6
Original post by hh1209
i have seen a video recently when the guy said
"rich people use debit cards, poor people use credit cards"
This makes sense a bit when you realise that when you use credit cards, you go into debt very easily, and when you have debt, you can't get rich.
what do you guys think?

can't finance your way into luxury.
Some things to consider tho - Both use debit cards for convenience. You generally need to already have money to obtain credit and rich people still use credit, they can just pay it off in full each month and gain benefits rather than pay interest, air miles, cashback etc, huge difference between short term credit and persistent debt.

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