Cutting 90 cards

Thursday, Sep 20 in Credit cards | Comments (8)

Question: Brenda has 90 credit cards in a safe deposit box. She wants to close them out, but wonders what she and her husband will do if they need something. Dave almost blows his top and declares that it's time for an on-air plasectomy.

Dave Ramsey's advice: My heart's thumping just talking to you. You're scaring me to death!!! You have 90 credit cards and you think that has anything to do with security?!! Cut those suckers up right now and close them down. You can use a debit card for anything that you use a credit card for. You are a case of identity theft looking for a place to happen. Get rid of these credit cards!

Listen to Dave

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And don't forget to call the creditors and close out the credit card accounts. Just cutting up the cards doesn't close the account. The closed account will show on your credit card then as a closed account. This is very important to both the identity theft issue and your credit score. Important in a positive way. If you close them out with the creditor then no one can steal your credit card # and charge purchases with it.

# Posted by Lorna Brown | 9/21/07 1:22 PM

This was one of the best calls I've heard! I was CHEERING as she disected those first three cards!!!! I'd love to hear what happens with the card companies when she tells THEM what she did! YOU GO GIRL! And Dave, YOU GO TOO, Congrats on your new show and thanks for your help to all of us!

~Jessica in Washington

# Posted by Jessica | 9/21/07 2:20 PM

That call was so funny, I would love to meet
that woman. She sounds like a hoot. She was
inspiring and hope she follows through and
destroys all those nasty credit cards.

# Posted by Vicki | 10/9/07 1:46 PM

Am I on planet Earth? 90 credit cards? Whatever happened to common sense? I had 2 credit cards before but 90 credit cards? Even if she had no balance on all those cards, what's the point in having 90 credit cards available? If each of those cards had a $2000 - 5000 limit, that's the potential for $180,000 to $450,000 of crdit card debt?!!!

# Posted by John | 12/3/07 4:20 PM

I had 8 credit cards and KNEW I was spinning out of controll when I found Dave through FPU at my church. Thank God I did! I only have 2 more to pay off and I will be debt free except for the house! 90?!?!?! How can shekeep them all straight?

# Posted by Debbie | 3/31/08 4:11 PM

Wow, this is incredible! 90 cards?

I'm glad that more people are being set free from financial bondage. We took the Financial Peace classes at my church a year ago. It helped our finances so much. My husband has been laid off twice during the past year and we're doing ok!

# Posted by Thrifty Karen | 4/5/08 1:58 PM

p.s. Stumbled this one. Maybe more people will be sent your way, Dave.

# Posted by Thrifty Karen | 4/5/08 1:59 PM

I got to sit with Brenda and her family this weekend for dinner after the KC live event. A nice and kind woman with a wonderful family. Happy Birthday to her again and it was great to meet you!

# Posted by Cindy | 5/4/08 12:39 AM

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