You’re not the only one. According to a LendEDU Poll, about 33% of consumers without credit cards find them unnecessary. I, for one, have never had a credit card. I don’t feel like I have missed anything, either. How about you?
Having a family member who worked long and hard to eliminate her credit card debt, then close her credit card accounts and cut up her cards, I knew I never wanted to own a card. I know myself and, when I am depressed, shopping is one thing that helps me to feel better. I knew having a credit card would be a bad idea just for that reason. I also knew I’d end up using it in ’emergencies’, which I did not want to do.
I simply didn’t want to put that kind of stress on myself. I’m not saying I have zero debt, but I am saying I know it could be far worse. I’ve never found a situation where I even needed a credit card but, if I ever do, I know it will be time to reevaluate my stance. As it stands right now, I find them unnecessary.
A person once told me I had to have a credit card for big-ticket purchases, like when I wanted to buy a manufactured home. Instead, I found that a cashiers check from the credit union was more than adequate when buying a new-to-me home. By purchasing the home that way, all at once, when I signed the papers I did not shoulder myself with debt for years to come and there was no extra debt for interest on a loan or credit card fees. A win-win-win, in my opinion.
When paying up front with cash, there is no need for loan approval and credit checks. They are getting all their money right at the point of sale, and you have no further financial obligations to them.
For now, I’ll stick with paying cash or by using a debit card. What are your thoughts on this topic?