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Credit Cards?

Do you and your SO use Credit cards?

We have chosen not to and sometimes it does make things harder but I think it helps our credit.

 
hsmominky

Asked by hsmominky at 4:51 PM on Jul. 31, 2010 in Money & Work

Level 23 (16,376 Credits)
This question is closed.
Answers (24)
  • We don't have any. The only card we have is the prepaid debit card his paycheck is loaded onto every two weeks.
    It would be easier if we could pay for something (gas two days before payday) with a credit card, but really. If we can't afford the gas, how in the Hell would we afford the interest and all that that goes with a credit card? I think we've made the right choice. :-)
    Kiwismommy19

    Answer by Kiwismommy19 at 4:52 PM on Jul. 31, 2010

  • Nope, we decided before we got married that we would not acquire any debt other than our student loans. We have paid cash for everything, so far (7 years).
    Erin814

    Answer by Erin814 at 4:53 PM on Jul. 31, 2010

  • What's the opening line of the Dave Ramsey's Show "Debt is dumb, Cash is king, and the payed off home mortgage has taken the place of the BMW as the status symbol of choice"! Another one of my favorite quote from Ramsey is Broke people giving financial advice is like a shop teacher with missing fingers.LOL! Look at the habits, spending, of MILLIONAIRES! They pay thing for things with CASH!! (Real Cash, none of this charge and pay it at the end of the month). Look at the habits w/real people that have real wealth. They are living below their means, pay with cash, and don't have debt.
    SAHMinIL2

    Answer by SAHMinIL2 at 6:21 PM on Jul. 31, 2010

  • Yeah, I agree about the debt thing. The only debt we have is some student loans (almost paid off!) and some medical bills. :-( Not so almost paid off.
    Kiwismommy19

    Answer by Kiwismommy19 at 4:55 PM on Jul. 31, 2010

  • We use a CC for convenience and pay it off each month. We don't like to have too much cash on hand. You can improve your credit if the card is used like this.
    elizabr

    Answer by elizabr at 4:56 PM on Jul. 31, 2010

  • I hate credit cards, but I have been told that NOT having a major credit card hurts your credit. Don't know if that's true, but I will take my chances without mine. (Got the darn thing paid off a few years ago-thank goodness!)
    heathermarie32

    Answer by heathermarie32 at 5:12 PM on Jul. 31, 2010

  • We also follow Dave Ramsey and we cut up all of our credit cards in 2008. We use actual cash for anything that we go 'shopping' for and our debit cards for paying bills.
    slw123

    Answer by slw123 at 9:04 PM on Jul. 31, 2010

  • I think we are all in agreement that CC debt is bad. Paying it off each month is just a convenient way for us. Basically the same as paying cash. We are on a strict budget and only groceries, gas, etc is put on the card.
    elizabr

    Answer by elizabr at 5:14 PM on Jul. 31, 2010

  • If you don't ever use a credit card you will have a lower FICO score which means you'll pay higher interest on things like mortgages, car loans, etc. If you never plan to buy anything with credit, that's fine but if you need a loan for large purchases banks want to see that you can handle credit wisely. The ideal for your FICO score (paraphrasing from Suze Ormann) is to have a couple cards with a small balance on them and to make payments on time.
    JessWulf84

    Answer by JessWulf84 at 6:03 PM on Aug. 1, 2010

  • I think it has been too acceptable to buy things that you cannot afford on credit. The reason so many people are having to file bankruptcy is because of credit. Our motto is that if we need it, God will provide it.
    hsmominky

    Comment by hsmominky (original poster) at 4:53 PM on Jul. 31, 2010

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