There’s a prevailing belief in America that in order to rent a car you need a credit card.
Well, it’s just not true!
In most cases, you only need a debit card. Most car rental places will accept the use of a debit card.
And there are huge benefits to this, too. The most important being that when you use a debit card, you’re using money that you actually have, instead of money that you don’t.
Using a debit card, you can’t get into debt! How cool is that?
With a credit card you’re paying extra to use money that you don’t even have. And statistics show that about 60% of people don’t pay off their credit cards every month.
You can still rent hotel rooms and cars when you travel with a debit card. Just avoid the places that don’t let you. Simple as that.
And when you’re making multiple six figures a year doing online marketing for local businesses, you can afford the ability to travel the world, both in money and time.
That’s just what the guys who run Properties Property do. They work with local businesses, write the articles teaching others what they’ve learned about local online marketing along the way, and travel the world. All without credit cards.
They use what’s in their bank account! No need to borrow money anymore. They’ve earned their dough.
Some people also believe that using a debit card is riskier than using a credit card. This concern is because of fraud and theft.
If your credit card is stolen or used illegally, the issuer will cover it. Well, now it’s the same for debit cards!
Visa has a Zero Liability policy for debit cards. It says that you’ll pay nothing for the fraudulent activity of someone who steals your card number either online or offline.
That’s pretty big news! It used to be that you had to report any fraudulent activity within two days. If you didn’t, you could be responsible for up to $50.
These regulations by Visa, effective since April, 2000, make the issuing bank responsible for the same protection as credit cards.
So use Visa!
Going back to one of our earlier stats from (CardTrak) that says about 60% of people don’t pay off their credit cards every month… that statistic busts the myth that you get to use someone else’s money for free as long as you pay off your credit card each month.
Even if you do pay it off each month there’s another study (by Dunn and Bradstreet) that shows that you spend less if you use cash (or debit). You’ll spend anywhere from 12 to 18 percent less.
Why? Because spending cash hurts more. Spending credit is easily justified, so you spend more than you need to.
Turns out that rich people don’t use credit cards. Poor people do.
Yet another study shows that 69 percent of people who file for bankruptcy filed because of credit card debt. (American Bankruptcy Institute)
Stop mishandling your credit cards!
What’s the next step now that we’re a little more enlightened about credit cards?
Stop using them completely.
Start doing what the guys at Properties Property are doing and make your own income. Don’t answer to a boss. Grow as big as you want. Be in charge of your life.
Get out of debt and make enough money to do what you want without putting your life on a credit card.
A great first step is — I repeat — STOP using credit cards. Right now.
That’s what our website is about: building wealth and destroying debt. We’re here to help.
Leave your comments about how you’re dealing with debt and credit cards… and how much you love using your debit card!