Comments on: Life Without Credit Cards And The No Credit Needed Experiment

By: Walking Proof

Walking Proof — Fri, 01 May 2009 20:34:07 +0000

I have never used credit cards, yet have a credit score near the mid 700s.

I’m only 24 and am walking proof that you don’t need a credit card to have good credit.

By: payday advances

payday advances — Fri, 13 Mar 2009 13:43:19 +0000

Is there a way out in such circumstances? Yes, there is a way out, provided by “payday advances.” A payday advance is the timely assistance rendered by financial institutions to people who need money between their paydays.
http://thepaydayadvances.blogspot.com/

By: Henri

Henri — Fri, 06 Mar 2009 23:34:15 +0000

I honestly think it’s one of the best financial blog around. Thanks for your advices.

By: Karin

Karin — Sat, 17 Jan 2009 22:34:05 +0000

We charge everything… and PAY for everything when the bill comes in. It is only to get all the rewards. Discover had 5% on groceries and gas this past quarter. That earned us a whopping amount of money in just 3 months. I do agree…if you cannot pay your credit card when in comes in, don’t use it. Getting on the other side, not owning money… it is nice to feel in “charge” of this stuff… no pun intended.

By: macky

macky — Tue, 15 Jul 2008 15:55:49 +0000

2 years ago I just graduated from college and I was a broke young lady. I had a chunky $5000 debt, I paid it off slowly and I had $3000 debt last year. I realized I needed to get out of debt as soon as possible, so I broke out from my laziness, struggled a little bit and found a much better job. Today, I am 23 years old young, I have no debt, and even when I have to use my credit card I pay any balance in full and on time. In addition to that, I have some remarkable savings for my future that I really never thought I would have. When I started to work in the new company, I set a goal for my savings. Not only I reached it, I have far more than that. Setting goals are very important! Trust me

By: NtJS

NtJS — Mon, 30 Jun 2008 17:01:20 +0000

Love the blog! Consider us in the same ‘experiment’ – consumer debt-free for 2 years (yay!) and living without credit cards for ~4 years. We wouldn’t have it any other way.

cheers!

By: kitty

kitty — Sat, 21 Jun 2008 02:13:11 +0000

I do believe that not having a card is a valid choice. Certainly, if you cannot trust yourself not to overspend with card you shouldn’t have one. I also respect if someone chooses not to have it for philosophical reasons or out of principle.

But this sounds quote sounds to me pretty extreme. It also sounds a bit like shifting blame away from yourself:
“As a customer using credit cards you get suckered. You really get very little if anything in return for what you pay: basically you get the temporary use of low sums of money that you must pay back in full (fool) at the very least.”
What does “fool” in parenthesis mean? That people cannot pay in full? A lot of people can. I’ve been using credit cards for 20-something years, never paid a penny in interest, but collected cash back. Not to mention that I get free interest during grace period while my money are in the bank.

“You may also get to pay yearly membership fees, service fees, late charges, overlimit fees, late payment fees, as well as other fees and fines too numerious to list.”
Most cards don’t have yearly membership fees or service fees. Don’t pay late and you will not have late payment fees or fines. Most cards offer automatic payment in full then they will just take the full balance on the due date -this way you are guaranteed to always pay in full and always on time. If they are so bad, why do they even offer this option?

Frankly, I don’t understand why so many people are even tempted to spend more with cards. Didn’t you learn in childhood that if you borrow money you always have to pay it back? Doesn’t matter if it is a credit card or $2 borrowed from a friend. If you have leard this rule, you’d know that you are always spending your money whether or not you use cash or plastic. It “hurts” the same way. The only choice with cards is if you have to pay what you borrowed or a lot more. But the choice is entirely yours.

I do sympathize with those who are in debt because of unpaid medical bills. Or legal. But everything else is your own fault.

By: MoneyS

MoneyS — Fri, 20 Jun 2008 12:42:36 +0000

I could not disagree more!!! I went through the whole of University (sorry I’m english – college) without touching credit cards, I was very pleased and satisfied that I was good at managing money. Then I graduated and went to get a mortgage….one problem…I had no credit history…younger people especially need to know that they are better of with a credit card (paid off in full monthly by direct debit) than they are living with out a credit history…If you never take credit then financial companies have nothign to base the risk of lending to you when it comes to things like mortgages. Because I was told not to use credit cards I paid the price by have not credit history and therefore paying more interest on my mortgage. Stop being so extreme…keep the credit card…pay it in full, use the cas thats out on credit for the month to gain your own interest…beat them at their own game.
I’m sorry but any younger people trying to make it in the financial world will shoot them selves in the foot by not having a credit card!

By: Dan

Dan — Thu, 19 Jun 2008 20:01:13 +0000

You should bring your A-Game and turn the tables on Credit Card companies
by getting a cash rewards card and then paying your balance off in full every month. It’s a nice little interest free loan for the month too. Just leave your money in a high interest savings account until you pay the bill. I earned more than $400 dollars doing this last year. Now,
$400 dollars a year times 50 years, compounded. Very Nice!

By: Moose

Moose — Thu, 19 Jun 2008 04:48:07 +0000

Beautiful family! And great read. I’m not 100% against credit card usage but I do agree that without them, we’d probably all be better off. What ever happened to the mentality that “don’t buy it if you can’t afford it?”