{"id":1603138,"date":"2022-08-12T11:34:56","date_gmt":"2022-08-12T15:34:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1603138"},"modified":"2022-08-12T11:35:05","modified_gmt":"2022-08-12T15:35:05","slug":"personal-finance-guru-dave-ramsey-reveals-the-key-to-enduring-high-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/personal-finance-guru-dave-ramsey-reveals-the-key-to-enduring-high-inflation\/","title":{"rendered":"Personal Finance Guru Dave Ramsey Reveals The Key To Enduring High Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fpersonal-finance-guru-dave-ramsey-reveals-the-key-to-enduring-high-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1603138&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Over-reliance on credit cards and a lack of self-control can be devastating during periods of <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">economic<\/a> <a href=\"http:\/\/dailywire.com\/topic\/recession\" target=\"_blank\" rel=\"noopener\">turmoil<\/a>, personal finance guru Dave Ramsey explained in a Friday interview with Fox Business.<\/p>\n<p>According to the <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">Bureau of Labor Statistics<\/a>, year-over-year <a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">inflation<\/a> reached 8.5% in July, with the slight moderation from the 9.1% reading in June <a href=\"https:\/\/www.dailywire.com\/news\/white-house-starts-victory-lap-amid-slightly-less-dismal-inflation-reading\">driven<\/a> by lower prices at the pump \u2014 even as prices for food, new vehicles, medical care, and shelter continued to rise.<\/p>\n<p>Ramsey responded to Americans\u2019 increased usage of credit cards and rewards programs by noting that such strategies will only worsen budgetary problems in the future.<\/p>\n<p>\u201cWe\u2019ve seen decades since we\u2019ve been in this bad position. And people are going to fix the inflationary problems, the pressures with the wrong tool,\u201d Ramsey <a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/dave-ramseys-inflation-survival-tips\">explained<\/a> to Fox Business host Neil Cavuto. \u201cAnd the credit card is the wrong tool. It\u2019s going to cause them problems later. It comes home to roost. It\u2019s really sad.\u201d<\/p>\n<p>Indeed, the number of general-purpose credit cards surged past 500 million for the first time ever during the second quarter of 2022, according to a report from <a href=\"https:\/\/eresearch.fidelity.com\/eresearch\/markets_sectors\/news\/story.jhtml?storyid=202208040800PRIMZONEFULLFEED8612202&#038;provider=PRIMZONE&#038;product=FULLFEED&#038;category=sectorNews&#038;gic=25\">Fidelity<\/a>. TransUnion Vice President of Research and Consulting Michele Raneri noted that \u201chigh inflation and rising interest rates\u201d are primary challenges impacting Americans\u2019 personal finances.<\/p>\n<p>Likewise, total household debt rose by $312 billion during the second quarter of 2022 to reach $16.2 trillion, with credit card balances seeing their largest year-over-year percentage increase in more than 20 years, according to the <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc\">Federal Reserve Bank of New York<\/a>.<\/p>\n<p>Ramsey suggested increasing financial discipline as a more viable strategy. \u201cWhatever you\u2019re doing, look out there into the future and say, \u2018Where\u2019s that going to? Where\u2019s that going to take me?\u2019 Then that kind of critical thinking will lead you back to doing a budget,\u201d he said. \u201cWhat happens in your house \u2026 is way more important than what happens in the White House. So don\u2019t let these outside variables destroy your future by you not controlling you.\u201d<\/p>\n<p>Several financial metrics suggest that consumers\u2019 financial troubles are on the rise following COVID and the lockdown-induced recession. Debt service payments for consumer loans as a percentage of disposable income have risen from 5.1% during the second quarter of 2020 to 5.6% during the first quarter of 2022 after a marked decline, according to the <a href=\"https:\/\/fred.stlouisfed.org\/series\/CDSP\">Federal Reserve Board of Governors<\/a>.<\/p>\n<p>Despite the economic turmoil, President Joe Biden \u2014 who <a href=\"https:\/\/fred.stlouisfed.org\/series\/CPIAUCSL\">began<\/a> his tenure when inflation was 1.4% \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-america-had-zero-percent-inflation-in-the-month-of-july\">took a victory lap<\/a> in reaction to the most recent price level announcement. \u201cToday we received news that our economy had 0% inflation in the month of July,\u201d he told members of the press. \u201cHere\u2019s what that means \u2014 while the price of some things went up last month, the price of other things went down by the same amount. The result: zero inflation last month. People are still hurting, but zero inflation last month.\u201d<\/p>\n<p>The newest inflation report occurs as the Biden administration <a href=\"https:\/\/www.dailywire.com\/news\/vp-harris-breaks-tie-senate-passes-democrats-inflation-reduction-act-climate-tax-and-spending-bill\">endorses<\/a> the Inflation Reduction Act \u2014 a $740 billion package that includes $369 billion in climate provisions. Vice President Kamala Harris cast the tie-breaking ballot in a party-line Senate vote earlier this week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over-reliance on credit cards and a lack of self-control can be devastating during periods of economic turmoil, personal finance guru Dave Ramsey explained in a Friday interview with Fox Business. According to the Bureau of Labor Statistics, year-over-year inflation reached 8.5% in July, with the slight moderation from the 9.1% reading in June driven by &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1603311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1603138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1603138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1603138"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1603138\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1603311"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1603138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1603138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1603138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}