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this post was submitted on 24 Aug 2025
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In fifth grade my teacher retired halfway through the year. He did nothing wrong, it was just his time to retire. So he taught half the year while training his replacement to take over. He is one of the best teachers I ever had.
On his last day he left us with this piece of advice.
"Credit Cards are a scam." Then he explained in detail how they can be used to trap you in debt and keep you struggling. He said always use cash when you can, otherwise don't buy what you can't afford.
That was the only financial advice I ever got in all of my 12 years of schooling.
True, I only use them for convenience. I have extended warranty and travel insurance included in my credit card. But I never buy on credit. I just use the card as a payment method.
The problem is that credit cards can be useful, but you need to have a certain mindset with money to have them. If money is an one-off switch instead of a number, you're going to be ruined by debt.