Posted on 12/09/2009 7:40:48 AM PST by BenLurkin
Credit card reform kicks in Feb. 22, but it won't matter to these 5 readers. They cut up their cards and are going debt free. They share how they did it.....
(Excerpt) Read more at finance.yahoo.com ...
I don’t carry cash (which I tend to spend) but rather a Debit card.
We have one credit card for emergencies only. Like Dad busting a clavicle this summer. The house and that bill are our only ones.
It can be done.
i really do not understand how people can get themselves into bad credit card debt unless there was some unforeseen emergency.
my wife and i use our card for everything and we pay it off every month
never carry a balance
heck they pay us to use it for crying out loud
why would i pay cash when i get perks for using the card and pay absolutely NO INTEREST fees or annual fees
It changes lives for the better.
We too have stopped using credit cards except for the AMEX which is used only for travel expenses and is paid in full immediately. Our debit card serves all our needs just fine and we have savings for unexpected expenses. We have saved a ton of money over the past couple of years and will be able to offer our daughter and her new husband a generous cash gift to help with a downpayment on their first home. Life’s been good to me so far....
Yes, it can be done...just don’t have a balance or an expense that you can’t pay off.
>> They cut up their cards and are going debt free.
“Cash Only” is NOT synonomous with “debt free”.
You can live debt free and still use credit cards. Just pay them off every month.
For me, giving up the convenience of CC would be insane. But then I have the discipline not to buy more than I can pay for each month. YMMV
And that takes some sacrifice.
So far, we have given up our landline and gone to Magic Jack.
Given up Directv and gone to Netflix.
Started buying Angelfood and planning meals around what they offer.
Here in MI, we may lose Dad’s job anytime. We are living debt free.
Show me an 80 year old snake handler that hasn't been bit in his entire life, and I'll point to him as the guy that should get a credit card.
None for me.
Just debit card.
Ditto. We put almost all of our monthly expenses on one credit card.
We use a cash-back credit card and they PAY US to use their card. Thank God we are healthy and able to pay it off IN FULL each month. IT is a big credit card bill each month— but it makes it easy to see how well we are doing about conserving and spending. The data is all in one place.
Bump
Yes, it’s quite possible for those that have done it and are able to, but I don’t think it’s possible for many.
And Credit Card companies call people like us "Deadbeats."
I’m just about to get my second $500 from my credit card and I’ve never paid one penny of interest to them. If you’re going to spend the money, you may as well get paid for it. Debit cards dont give you cash back.
Optimism and irrational exuberance get you into credit card debt. Then, you get laid off, divorced, or get sick and WHAMMO! Also being shopping addicted can get you there.
parsy, who has been there before.
Parsy!
Merry Christmas Dear Heart!
i remember a few year back when we were told that our savings rate was the worst in the first world and we needed to scale back our use of credit cards and our spending
So on the radio a couple days ago I’m told that Big Ben is concerned that we aren’t using our credit cards enough, dammit we’re not spending hand over fist and it’s going to destroy our economy.
I wish these people would get their stories straight. Until they do, my cards are going to stay right where they are, used for online shopping and paid off every month.
If you want to shop online without having an actual credit card, buy gift cards and use those, also useful for those services that may automatically renew without your intervention. Go ahead, charge me for another year on that $0 balance gift card...
Not only that, a credit card allows one to keep cash, rather than spend it. I take the literal view of cash — that is green pieces of paper with dead presidents on them. Further, it puts another layer of safety between the buyer and vendor. I can stop payment on a credit receipt, but try getting money back when paid in cash.
I don’t ever use a debit/check card though, excepting at the issuing banks ATM. I have two checking accounts at different banks, one of the debit cards has never been used, so it should be pretty safe from being hacked.
Likewise! I have my Charlie Brown Christmas Tree up. ($10.00 at Walgreens) I sprung $3 more and got some wreath lights to put on it. “Tis the season to be jolly!
parsy, who is jolly, and freezing
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