I have, for the last 30 months had no credit card. I have lived in that time with no debt except a mortgage and Student Loan. Everything. Everything I have purchased has been with cash. I have not seen any restriction on my day-to-day living with using cash. I actually found i am happier financially. I’ve not suffered.
No loans. No pay-day loans. No credit cards. No store cards. Even cleared my Student Loan. Then today I was served this comment:
You should really have a credit card to help you keep a credit rating. Should you wish to move home. Get a new mortgage with another lender. It’s sensible to have one and it’ll give you protection on big purchases should the company go bust.
For years I battled debt and the spiralling drowning prison like state. Then, when I come out the other side – well almost – I get advice like that.
My response was simple, black and white. No, I don’t need and won’t be going back to that way of life. I will use cash or wait until I have enough, thanks.
Fortunately thanks to the likes of: Dave Ramsey, money saving expert, the minimalists and become more with less my lifestyle means I really don’t need a credit card.