Confession Time – I Don’t Own A Credit Card

PinExt Confession Time   I Dont Own A Credit Card

It’s hard to believe that someone in this day and age really doesn’t own a credit card. I do have a debit card, which in truth is hardly the same. This was a voluntary choice and a choice that has been scrutinized by many from my parents and friends to the obvious sufferers – credit card companies!

I don’t regret my decision which my husband and I made over 10 years ago.

History of my Money Management Tactics

  • I am one of those people that simply can’t owe money to anyone. If I borrow, I pay back immediately or else it eats away at me.
  • I have never ever been late with the rent or a bill
  • I have never ever bounced a check
  • And when I did own credit cards I only bought what I knew I can pay for and found myself sending checks to the CC company before my bills arrived

Making the Move from Credit Card owner to Debit Card Owner

  • For me it was simple as compared to others. But one way to stay away from credit card debt is to tear them up and have only what you can at your disposal via debit cards!
  • Plus, when you have a debit card, it still feels and looks all the same, but takes away that huge baggage of DEBT from you!

Benefits of NOT having a Credit Card

  • Buy only what you can afford
  • Never worry that a bill will be arriving at your doorstep
  • Never worry that a CC bill wasn’t paid for and then having to owe 20% interest on top of the money owed
  • You can use it like a CC so people won’t be constantly asking you where’s your CC

Disadvantages of Not having a Credit Card

  • It still looks and feels like a credit card and unless you are on top of what you have in the bank, you can leave yourself completely penniless for the month.
  • Credit score and rating – a lot of people say this move will really affect my credit rating when I want to borrow money. I actually have friends that say that they need to make a huge purchase with their credit cards (owe the money later) so that they can get a better credit rating. This to me is absurd! And if you really want to get a loan, you will be able to do so by showing that you are good with your bills.
  • Emergencies – yes, this is a huge one and at times I have even considered getting a credit card just for that particular reason in itself. What if I am in a huge jam – stranded somewhere, car broken down, hospital bills – what happens? Honestly, I’m still battling with this one – so will have to get back to you later on it!

 

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8 Responses to Confession Time – I Don’t Own A Credit Card

  1. I prefer debits cards, also. Credit cards have their benefits, but you have to be very careful with them. There are so many horror stories associated with credit cards, and they just break my heart.
    Anthony Thompson recently posted..Self Manager – Brain Exercises for the Self Manager Over 40My Profile

  2. Wow no CC. My dad was the only one i knew of until recently he got one. Congrats and hope you keep it that way. CC are bad and can only lead to misery if you arent conscious with them.
    Christopher @ This That and The MBA recently posted..Week 6 Recap: Feels like I have been doing this forever!My Profile

  3. That is awesome that you are able to do it this day in age. Everything is me me me now now now we can run up debt really fast with the easy of access to money. Just like those payday loans.
    Christopher @ This That and The MBA recently posted..Week 6 Recap: Feels like I have been doing this forever!My Profile

  4. I’m still hanging on to my credit cards. Mostly because I might need them in the case of a serious financial emergency. But I also like the rewards. I pay my credit cards off in full every month so I’m not concerned about running up a balance. However, it’s quite possible I spend more money when using a credit card than I would if I only used cash.
    Shawanda @ You Have More Than You Think recently posted..5 Killer Tips for Handling Those Freeloading Friends & FamilyMy Profile

  5. Pingback: Rounding Out this Week… Agricultural ETFs, Food Prices, and Whether/Whiter To Expatriate | 101 Centavos

  6. ShortRoadTo says:

    I love my credit card points. As long as the balance is paid off each month, credit cards are a good thing. Funny though, I have asked multiple cashiers how many people pay with cash, and the usual response is 2 out of 10.

    • Marina K. Villatoro says:

      I forgot about the credit card points. My parents get tons of miles for that.

      I’m not surprised about the 20% cash these days, it’s all about debt!

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