Credit reports are also used by employers, insurance companies, etc., so it’s not smart to allow your credit to deteriorate, even if you plan to never borrow again. Plus...you need a credit card to buy an airline ticket, rent a car, make on-line transactions, etc. Credit reports matter.
How long would it take to rebuild your credit after a default?
versus
If I continue to pay the mortgage, how long will it be before my equity in the house rises to meet the amount I will have paid?
I would recommend that everyone in this situation carefully run the numbers for themselves, there is no one right answer.
Nope. You don't need a credit card for anything. We were on the Dave Ramsey plan long before there was a Dave Ramsey plan. We buy absolutely nothing on credit and have no credit cards. I don't care what my credit score is, because I make very little use of credit. Ramsey says the only thing you should ever buy on credit is your house, and we're close. The house and one of our cars are the only two things that we owe a dime on. Everything else is a cash transaction. I buy plane tickets, rent cars, hotel rooms, etc etc, with my Visa debit card. No credit app required. All you need is money in the bank.