“31% interest rates can do that to you.”
The credit card companies are going to kill the goose that laid the golden egg. I haven’t used a credit card in years and I hear more and more people say they’re going to pay them off and go to using a debit card.
And it will serve them right that the market drove them under as they blindly drove consumers under.
>>The credit card companies are going to kill the goose that laid the golden egg. I haven’t used a credit card in years and I hear more and more people say they’re going to pay them off and go to using a debit card.<<
No need. If you pay your credit cards down to zero every month (as EVERYONE should), there is no charge. I haven’t paid a dime in interest or any charges in 20+ years. And it is good to have the credit available in case of emergency (it would have to be a heck of an emergency since I keep 6 months’ gross pay in a liquid account).
A debit card is a bit more dangerous, since it is your money. I like to use the other guy’s money for a few weeks.
Years ago we had about five cards total. Paid them off in 2000 and have not used credit for anything, including our vehicle purchases.
We do not impulse purchase anymore but we plan for our needs and then our wants.
It was hard at first but we are so used to not having any bills, other than our utilities, that the mental burden has been totally lifted. We can never envision having debt again.
I use my one cc constantly but I keep it paid off constantly also so I don’t pay any interest. I also don’t carry cash anymore so the constant drain from my pocket on chips and coffee and stuff like that has ceased. I have more at the end of the month.
I hear more and more people say they’re going to pay them off and go to using a debit card.
Yep, I’m a few payments from getting to zero balance. I’ve been avoiding the cash back arrangements but now will be using them.