The following is an excerpt of David’s interview in Top Coaching Techniques.

Ingrid: Should we even have a credit card?

David: You can have a credit card, but only if you can control your spending and pay it off every month. If not, you can rip up your card or freeze it in a block of ice so you can’t charge at the spur of the moment.

Ingrid: I know someone who has done that.

David: Only use it in a real emergency.

Ingrid: Do you have a credit card?

David: I have two, actually. I love my credit card for the frequent flyer miles. But, only have one if you are controlling your expenses and saving. Next, list everything that you spend money on. Next to it write, ‘Is this something I could easily cut with no pain, with some pain, or I would rather cut off my left leg?’ Then look at how much you would save each month if you slashed this expense.