- Personal Finance
The Benefits and Short-falls of Living a Cash-Only lifestyle
More and more people are cutting up their credit cards and living a cash-only lifestyle either because of their own credit card debt or because they merely want the added freedom. I have lived using cash only for the past 4 years. I do use a debit card but only rarely. And in most cases a debit card can be used in lieu of a credit card. When I purchase items on the internet I use my debit card, when I need to buy a metro card, I use my debit card. There have been very few instances when my debit card was not accepted. I decided to give up credit cards when I researched how much money I was being charged in interest and how the New World Order was benefiting from our credit system. What are the benefits of living a cash-only lifestyle?
The Benefits of a Cash-Only lifestyle
No Interest: This is the most important reason to start living a cash-only life! I'm sure you've all heard that if you pay the minimum on your credit card you will end up paying an enormous amount of money on interest. If you owe $1,000 on a credit card and pay the minimum each month it will take you 18 years to pay off and you will have paid almost $2,000 over the original amount! For $2,000 it takes 30 years to pay off! Moreover, If you owe $10,000 dollars in credit card debt and pay only the minimum at a 17% interest rate you will pay $3,550 dollars in two years but your credit card debt will have only declined by TEN DOLLARS! And, according to creditcards.com most people in America owe more than $15,000 dollars in credit card debt!
No Temptation to Overspend: If you don't have enough money to buy something you simply don't buy it, there is no temptation to purchase an object if you are short of funds. If you really want it you will save up for it. Also..and this may be a little off-topic, but avoid going window shopping or watching T.V. All these things do is make you covet things that you don't need. It's much easier to keep control of your spending when you are not constantly bombarded with advertisements and subliminal messages to buy buy buy.
Privacy: Cash is untraceable! If you use a credit card your every purchase can be scrutinized and manipulated whether through print ads in your credit card bills or computer ads that just happen to appear next to your email account! Not only that but your whereabouts can be traced using your credit card.
Peace of Mind: I can't extoll this enough. It is a great feeling to have no bills coming in every month. It is a freedom that is priceless.
The Negative Aspects of living a Cash-Only Lifestyle
Difficult to rent a car and other things: There may be instances when you will have difficulty purchasing things just using cash. Renting a car or a moving van requires a credit card. In these instances you might have to borrow a relatives credit card. I'm sure there are other instances when a credit card is required but I haven't had any except the two mentioned above.
Must have another source of I.D.: I have run into instances when certain agencies wanted more identifying cards than my drivers license and a debit card. In all instances (so far) I have talked my way around it but this is a problem and might become an even greater problem in the future. If you have or can acquire another identity card with a picture on it that would be optimal.
Must have a stash of cash for emergencies: Credit cards are great for emergencies. If you do not wish to have a credit card you must save up and have a certain amount of money on hand in case of emergencies. I have not found this to be a problem, simply save up a certain amount of money and do not touch that money for any reason other than a dire emergency. Yes, it may take a bit of discipline but you will get used to it.
While there are negatives to the cash-only lifestyle the benefits far outweigh the negatives. Not only will you have greater control over your money but the New World Order will have less. And, yes it may be a little less convenient but what you lose in convenience you gain by not paying interest and not overspending. I hope that you will consider this lifestyle not only for your own personal welfare but also because the big banks that run the credit schemes in this country are benefiting from our use of the credit system.
My interview about living without credit cards.
- Can you live without credit cards?| Reuters
(Reuters) - As more cyber thieves steal personal and financial information, can you insulate yourself from the risk of having your money and identity stolen by giving up credit and debit cards?Many consumers