Investor Kevin O'Leary Says Credit Cards Aren't 'Evil'— But Dave Ramsey Warns They're A Snake That'll 'Bite Your Freaking Head Off'
When it comes to credit cards, Kevin O'Leary and Dave Ramsey may as well live on different planets.
O'Leary, famously known as "Mr. Wonderful" from "Shark Tank," believes the problem isn't plastic — it's people. In a November post on X, he laid out his personal system: "Credit cards aren't evil, bad discipline is."
He uses three cards, all with clear roles: one with a high limit he never touches online, another capped at $2,500 for digital transactions, and a third joint card strictly for shared household expenses. "Set limits, separate risk, and stay disciplined. It saves you a fortune," he said, warning that most people get crushed by 22–24% interest because they lose control of their balances.
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That kind of control-focused approach works for O'Leary — but it's exactly what Dave Ramsey says is a financial illusion.
Ramsey has spent decades preaching the opposite: that credit cards are designed to hurt you, no matter how good your intentions are. During a call on "The Ramsey Show" titled Can I Have A Credit Card If I'm Responsible?, a listener named Josh from Youngstown, Ohio, asked if it was okay to use credit cards just for rewards, while paying them off in full each month.
Ramsey's answer?
"It's like playing with a very large old snake that knows his stuff. He's gonna bite your freaking head off."
He told Josh, "You do what you want to do — but I wouldn't do it."
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That venomous analogy sums up Ramsey’s entire philosophy: it doesn’t matter how clever you think you are — eventually, the system bites back. He even admitted he has wealthy friends who use credit cards responsibly, but still retused to endorse the habit.
His blog echoes the same message — only with national urgency. According to Ramsey Solutions:
“Credit cards have become about as American as apple pie, baseball and reality dating shows. In fact, 8 in 10 American adults (82%) have at least one credit card.
Unfortunately, all those credit cards have led to a whole lot of credit card debt across the country. About $6,730 on average, to be exact!”
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So where does that leave everyone else?
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