We have discussed this before. You are likely an exception. In fact, having a budget, planning all spending ahead, recording expenses immediately, and analyzing one's spending patterns are excellent countermeasures against overspending--whether it's a credit card or cash.Earl Lemongrab wrote: ↑Tue Nov 21, 2017 5:41 pmBut paying cash is not the only way to control spending. It's not even the best way, in my opinion. I've mentioned before that I carefully consider every expenditure either by class (some things I've decided are always buys) or specific instance. Every cent that leaves my pocket, literal or otherwise, I know where it is going and why. THAT is how you control spending. Then how you pay is irrelevant to what you spend.VictoriaF wrote: ↑Tue Nov 21, 2017 5:05 pm I favor social-studies findings derived from control experiments over subjective perceptions. Daniel Kahneman uses a concept of What You See Is All There Is (WYSIATI). You notice when you control your spending; you don't notice it when you don't. However. for most Bogleheads, slight overspending with reward credit cards is more than compensated by travel savings.
There was another experiment where the participants were primed with financial words and images. After such priming they behaved differently from the control group in that they were more solitary, less helpful to others, and more self-reliant. Regularly revisiting your financial goals and keeping track of your progress are good ways to control impulses to spend.
However, when we speak about the population at large, and specifically David Ramsey's audience, as Mudpuppy has pointed out, the heat of the credit card bonuses chase may overpower cool reason.