Life Without Credit Cards And The No Credit Needed Experiment
I want to thank those of you who have clicked over from Money Magazine. Author Donna Rosato interviewed me a few weeks ago and yesterday, her article, Life Without Plastic, was published on the Money Magazine website. My family and I are profiled on page 6 of the article. The print version of the article will be in the July issue of Money Magazine – on newsstands this week.
(If you missed it, please click here to read my original welcome message, written yesterday when the article was first posted on the Money Magazine site. You’ll find tons of general information about me and my websites.)
Since so many of you are new to my site, I thought you might like a little background information.
Thee years ago, in April of 2005, I sat down at my computer. I was depressed and worried. I had two kids and a great wife, but our finances were a mess. We had less than $500 in our savings account, I was barely funding my retirement, and we were almost $12,000 in debt. Feeling frustrated, I decided that I was tired of being broke – and I determined to do something about our situation.
For months, I had been listening to Dave Ramsey talk about debt reduction. I decided to follow his ‘Baby Steps’. But, I didn’t really know anyone else who seemed interested in talking about debt reduction and I really wanted a way to connect with like-minded people. So, I found a site where I could start a ‘blog’ for free – and No Credit Needed was born.
Since that day at my computer, my life has changed, dramatically. I managed to pay off all of my debts, build up a decent emergency fund, fully-fund several retirement accounts, purchase a newer automobile with cash, and live without using my credit cards. Now, instead of living life worried about bills and paperwork, I look forward to planning for my future and managing my finances.
No Credit Needed is more than a blog. It’s an experiment. Can a modern family of (now) 5 live without borrowing money? And, my honest answer is, I don’t know. But, for more than three years, I’ve managed to not only live without debt, I’ve managed to thrive without it. So, until further notice, I’m still rocking on, No Credit Needed!
I’ve written several articles about credit cards and why I don’t use them, including -
For those of you considering this way of life, let me assure you of two things – it can be done and it does take a lot of work. I strongly recommend that you live on a written budget. My preferred budgeting software is published by the good folks over at You Need A Budget.
I’ll remind you that I am not a financial professional. Instead, I’m very much just a regular guy. I have an awesome wife, three great kids, a job, bills to pay, and a future to plan for. No Credit Needed is my attempt to share my own story. And, hopefully, from time to time, it will inspire or encourage someone else.
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