If you have a credit card with cashback, and you make sure it is payed off every month, not only will you not be charged interest, but it becomes cheaper than cash. Watch out for suppliers and service providers that have a card fee, such as takeaways.
NO!! If by “get rid” of your credit cards, you mean throw them away, to me, that is bad advice.
First of all, really poor people have a hard time getting credit cards.If you have some, hang on to them… STOP USING them…but KEEP them.That will build your FICO score.Charging something once in a while is good.. but ONLY if you already have the money and pay it off immediately.Don’t let it accrue interest.A high FICO score is very useful, even to poor people.You’re offered better interest rates…and maybe some day you can buy a little house or mobile home, and get off the expensive rental merry-go-round.If you ever NEED to have car repairs, get a used car, or find yourself in a real emergency, you won’t be at the mercy of predatory lenders.The difference is huge.The only people who should throw credit cards away are those who can’t trust themselves not to spend extra money because they have credit.Don’t be one of them!
Or, better yet, get them second-hand. (Unless I need a specific item that can only be found at a retail store, Thrift stores are my go-to place for my general clothing needs.)
waycyber almost 8 years ago
If you have a credit card with cashback, and you make sure it is payed off every month, not only will you not be charged interest, but it becomes cheaper than cash. Watch out for suppliers and service providers that have a card fee, such as takeaways.
Lyons Group, Inc. almost 8 years ago
Panel 2-4: Now the plot device begins.
SusanSunshine Premium Member almost 8 years ago
NO!! If by “get rid” of your credit cards, you mean throw them away, to me, that is bad advice.
First of all, really poor people have a hard time getting credit cards.If you have some, hang on to them… STOP USING them…but KEEP them.That will build your FICO score.Charging something once in a while is good.. but ONLY if you already have the money and pay it off immediately.Don’t let it accrue interest.A high FICO score is very useful, even to poor people.You’re offered better interest rates…and maybe some day you can buy a little house or mobile home, and get off the expensive rental merry-go-round.If you ever NEED to have car repairs, get a used car, or find yourself in a real emergency, you won’t be at the mercy of predatory lenders.The difference is huge.The only people who should throw credit cards away are those who can’t trust themselves not to spend extra money because they have credit.Don’t be one of them!
Neo Stryder almost 8 years ago
That’s why I only get a debit card, because is not the first time that I hear that credit cards are a big loss of money.
Night-Gaunt49[Bozo is Boffo] almost 8 years ago
Not even debit cards. This way I have paper trail to help me make sure I know how much is left.
zippykatz almost 8 years ago
Keep the cards; get rid of cigarettes, liquor, and expensive lattes. Better yet: have fewer [or no] kids!
Night-Gaunt49[Bozo is Boffo] almost 8 years ago
Do away with all the cards, or keep just one for emergencies. No more.
reynard61 almost 8 years ago
“Buy fewer clothes.”
Or, better yet, get them second-hand. (Unless I need a specific item that can only be found at a retail store, Thrift stores are my go-to place for my general clothing needs.)
Jonathan K. and the Elusive Dream Girl almost 8 years ago
I got rid of all credit cards years ago. Not that I had that many to begin with. I have one debit card which can function as credit if needed.
No regrets.