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Better Off In the Long Run

I have always saved up for things instead of paying 21% interest. I have been driving for almost 28 years and I have still never had a car loan. I paid off my mortgage when I was 40 and am completely free of the debt trap. If you did no more than pay the minimum payment on a credit card with a $4000 balance it would take 39 years to pay it off.
maineiac04631 maineiac04631 41-45, M 19 Responses Jul 31, 2007

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i don't own a credit card either. rock on!

I guess I can't technically say I don't use my credit card, but I do pay it off every month. Though I'm not entirely debt free (still working to pay off the mortgage) that's all I owe. Other than the mortgage, I live "pay as I go." <br />
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When you're in debt to another, they take a little bit of your freedom. I prefer to make my own way.

Debt wants everything you own and more. Take some advice from Benjamin Franklin 'Beware of little expenses; a small leak will sink a great ship'.

What a great story, I sometimes listen to Dave Ramsay and he always preaches financial indepence of credit.

yeah, looking at the statistics on credit cards makes me think it's voluntary servitude.

I don't use credit cards either. Like you I would rather save up for the more expensive things rather than go into debt for them. I live on a budget and that allows me to save up for the more expensive things I want. I pay cash or use my ATM card for everything I buy. I like not living in debt and not having to worry about making credit card payments all the time.

I totally agree - if you travel long distances for work, for instance, then you might need just one card for emergencies. I had a credit card when I was in college and woooo - was that hard to pay off. My husband's a lawyer. Without a little bit of his good windfalls, I'd still be struggling to pay off my credit card debt for college 10 yrs after I graduated. The interest and the finance charges really get ya. My husband is the only one of us to have an emergency credit card and he uses it for things like business lunches and gas for his car when he's traveling (to the next city, for instance) to meet with another lawyer - things that are expenses and/or are tax deductible. The U.S. is a consumer country. Don't believe that you have to own everything they're trying to sell you.

Work hard, get a good job, live within your means. It's really not that difficult.

This must be one of the very first postings on EP. I haven't had a credit card in years.<br />
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Isn't it great that EP lets you show your support in cash.

BTW, I think health care is the #1 credit eater after binge shopping. Without health insurance most doctors won't treat you unless you present a credit card! I've had several doctors that wouldn't take cash b/c they're only set up for insurance & credit cards. If you don't have an ATM card that will run through as credit you're in big health trouble. I guess if we die it means more shopping for the survivors. :/

Living within your means is often easier said than done! When we look around and ask ourselves "My god how do people do it? How can they afford to get fat and buy trucks without a ton of Ramen Noodles involved?!" Credit cards HAVE to be the answer. People just don't care about overhead anymore b/c debt is expected. If you're not planning on paying then don't buy. Credit is a "helper" not THE way. The more power we give the credit score the more power it will have over us -- it's simple.<br />
Eventually debt is going to be passed on after you die b/c so many buy more than they can pay for -- the almighty quality of life is a lie our children will have to pay.

You guys are an inspiration. I'm trying to pay off my credit cards' bills and I'm going to debt free! Soon hopefully :)

I am so glad I adopted my parent's habits and ONLY use my credit card when I HAVE to (usually internet transactions, in case of emergencies, which are extremelyyyyy rare). <br />
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There was a study that showed that people spend 20% less if they pay with cash -- because they actually SEE the bills leave their wallets!<br />
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I'm so glad I have zero debt. I feel awful for my friends who have 15k + in credit card debt, but at the same time, they weren't *forced* into it.

to many companys taking advantage of people out there with such high interest. most of us dont need to get loans for most things really. if we can afford to pay off a loan. then we can afford to save and pay for it in the first place. i dont believe in having small loans with high interest. that can really make people struggle in the most horrible ways. stay away from them safe and be happy for the things you have. good on you maineac.smart thinking. if only more people were smart enough to know better.

My freaky confession is I have never had credit. I have always lived my life dealing with cash for anything I want or need. <br />
It was something my father has always told me growing up. If you don't have the money then don't get it until you have saved for it..<br />
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I have never had any debt's at all and never will.

Well done to you all.

You guys are smart to stay out of debt!<br />
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I sure admire the "Freek's" achievement: paying off his mortgage at forty years old. That's a helluva feat! I felt good and accomplished paying off our mortgage at 50. Then we went for a a few months with absolutely no debt but our ten year old car died and we borrowed to get a new one.<br />
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We use our credit card like "sasxiv," as a plastic check so to speak, paying off the balance in full every month. It's a convenience and we get a slight bit of "credit card float" doing that.<br />
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I salute you guys for your financial acumen.

I pay off my credit card in full every month - never let the balance carry over.

Living within your means is the number one financial tip, and living without credit card definitely helps in that.