Could you give up all your credit cards and just pay cash for stuff?
2006-08-08 17:02:32 · 9 answers · asked by jaimestar64cross 6 in Business & Finance ➔ Credit
Cash, debit and checks is all I deal with. I gave up credit cards along time ago. Bad memories. So the answer to your question is...YES!
2006-08-08 19:44:43 · answer #1 · answered by kaleak2000 1 · 0⤊ 0⤋
You could, but doing so actually hurts your credit because you don't have any active credit to show lenders that you pay your bills on time; so it would be reported negatively to the credit bureaus. So unless you can pay cash for a car or house and don't need credit for anything, I would recommend having at least 2 credit cards (3-5 is ideal), charging on them on a fairly regular basis (every couple months) and paying them off in full each month to maintain active credit.
2006-08-09 03:48:35 · answer #2 · answered by Questions 2 · 0⤊ 0⤋
Nope, it's just not possible for anyone coz you never know when you run out of cash. What would you do if your paycheque is delayed and you have nothing in your checking account but you need to buy something very important urgently? Wouldn't you use your credit card yet? Or would you still wait for the paycheque? I know you'd have bought the stuff long before you receive the cheque.Therefore, to own a Credit Card is a previlage and needs to be used wisely but the abuse of this previlage would lead to bad credit history. If you know how to use your credit card responsibly you are never out of money. So use it wisely.
2006-08-09 00:54:01 · answer #3 · answered by Ethan 4 · 0⤊ 0⤋
What tony said .
Also, I'd sure hate to have to pay a higher interest rate for an auto loan, pay a higher rate for auto insurance, if I were a home 'renter' having trouble renting a home and much, much, much more.
Plus, without using my rewards cards to pay for all of those things I'd normally pay cash for, grocery's, utility bills etc, (yes - paying in full, so no interest) I sure won't get my FREE first class airline and cruise tickets and all of the other FREE perks.
2006-08-09 02:14:58 · answer #4 · answered by echo 7 · 0⤊ 0⤋
Why not. Cash is legal tender in all places of business in the U.S. It may get a little tough to rent a car, but if you show up with wads of cash, you should be just fine.
2006-08-09 00:07:53 · answer #5 · answered by Mr. Knowitall 3 · 0⤊ 0⤋
In order for me to get out of debt, I had to do that. I only keep one credit card now, and that is for room and car reservations....
2006-08-09 03:09:31 · answer #6 · answered by Lady D 3 · 0⤊ 0⤋
I actually had to do this because my identity was stolen and my bank accounts wiped out. It has been so hard to do. I have to remember to have cash and then I have to limit myself as to what I can and can't buy. Not fun.
2006-08-09 00:07:25 · answer #7 · answered by BigWurster 4 · 0⤊ 0⤋
You could. But if you like to travel, it'll be tough. No rental cars or hotel reservations. (P.B. has never rented a car, its obvious.)
No Internet purchases, concert, sporting events or large ticket items that you need for an emergency.
2006-08-09 00:15:25 · answer #8 · answered by tony 2 · 0⤊ 0⤋
Yes. I do that now.
2006-08-09 00:06:59 · answer #9 · answered by Anonymous · 0⤊ 0⤋