Not at all. I have not had one in years. Being debt free is an incredible freedom!
I believe if you want to build credit, as some point you will have to borrow money to buy a car or have a credit card. But be judicious with the credit card. Buy something and deliberately pay it off on time, monthly to build credit.
If credit can be build without the card, I say do it without a card As Hyphenbird says, being debt free is a wonderful feeling. I worked at it for over a year and got everything but the house paid off and it feels good.
I think having a credit card is helpful. I don't have one... but I do want to get one. Main reason - I travel. Last August when we traveled to visit family, we needed a rental car and we couldn't get one without a credit card even though our debit cards had enough money on them. There are some things that a credit card is just needed for. Although, they can be dangerous if you aren't wise about them!
Unfortunately, Keynesian economics dictates you must have a credit card, and at the very least occasionally use it, so you don't have a low credit rating/score or "no credit history". Having a low credit rating/score or "no score" here in Canada can be a real pain. They don't care about your savings account, it's literally impossible to get on any payment plan. From buying cable services to buying an automobile, etc.
I'm using this silly Mastercard now to alleviate this problem and I hate it, just hate it. I lose so much money each purchase in fees.
A credit card can be helpful in making reservations for cars, hotels, airline ticket, but many times a debit card can do the same thing. A credit card, if used wisely, can increase you credit score and cut the percentage on the next car loan or house loan you get.
Realize a credit card is a debt waiting to happen. Be ready to pay it off before you use it.
A credit card is often a necessity to establishing credit, which is needed to get loans for things like a car or house. Additionally, credit cards make online purchases much easier and are often required for some types of purchases.
I agree with Timeft - using credit cards for reservations is helpful.
Also, whenever you order products online it is usually better, and safer, to do it with a credit card.
It is good to have a credit card to raise your credit. Even if you have a credit card it is still better to try and pay with cash.
Check out this hub if you would like.
http://hubpages.com/hub/goodcreditspend … tsdebtfree
Yes sometimes, for Online Purchases, Emergencies and Large Purchases.
by Uneducated opinio 6 years ago
Try and refrain from using a credit card for any purchases that are not a necessity. Things want should he paid in full to avoid getting stuck in ungodly amounts of debts. I learned this lesson a little late but I did learn it ha. Try to be smart with your money. Also try to look for coupons online...
by Davinagirl3 7 years ago
My husband and I are looking to buy a house in the upcoming year. We have run into some trouble looking for a lender because our credit is, for lack of a better term, crap! I am looking for ideas on how to raise our scores. We pay our bills on time, so that isn't the...
by Sonja Day 13 months ago
what do i need to apply for a credit card?
by Susan Reid 7 years ago
JP Morgan Chase is considering capping debit card transactions to $100 or even $50. It's all about fees they charge per transaction, currently $.44 and proposed to be slashed by Congress to $.12.That's a big hit for banks, yes.But after years of "training" us to swipe our debit cards...
by amit14_2002 10 years ago
Can you assist me with the break up of credit card usage in india ?e.g if 87% of total expenditure is done on credit card, out of which 8-10% on apparel and so on for other spend categories..
by Joms2011 7 years ago
I could hardly imagine how some would have lived with it !?
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