I have recently paid off and cut up all credit cards. Do you think that all Americans should do the same?
It is such a relief to not have all that debt hanging over my head. I also pay cash for EVERYTHING now...if I don't have the cash...I don't have what it is that I wanted.
If everyone in the US was to do this, how would it effect the banking institutions as well as our society as a whole?
2007-02-19 05:34:52 · 6 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
In addition:
I also seem to have MORE money now...not paying the credit care company is actually quite nice!!
No more fees no more APRs to worry about...
2007-02-19 05:41:57 · update #1
If everyone did this, the banking institutions would crap themselves. They would have to find new ways to make money.
They would also have to compete more, driving down rates.
The problem is that not everyone can pay off their debts.
2007-02-19 05:43:23 · answer #1 · answered by davethenayber 5 · 1⤊ 0⤋
"Debt" is a four-letter word... like f---- or sh--... I avoid it whenever I can!!!
A couple years ago, I kept getting credit card offers. I finally wrote a letter telling them to take me off their mailing list. I thanked them for the compliment of considering me a good credit risk, but that I believed that credit cards were the devil's tool to enslave mankind.... and I think that was the wording I used, too!!
I think it takes a lot of maturity to wisely use credit of any kind, and simply removing that temptation may not make much of a difference for some.
2007-02-19 13:43:14 · answer #2 · answered by Yoda's Duck 6 · 2⤊ 0⤋
Credit cards are bad when you don't know your limit or use them casually. But debit cards tend to be a pain as well. Case in point; over draft fees.
2007-02-19 13:38:27 · answer #3 · answered by Count De Monet 3 · 1⤊ 0⤋
You recently paid it off. A lot of us do that every month, plus have no fees, finance charges. That works.
2007-02-19 13:43:39 · answer #4 · answered by lillilou 7 · 1⤊ 0⤋
I agree Credit is EEEVVVIILLL!!! I live on cash now and always will!
2007-02-19 13:42:15 · answer #5 · answered by 'Lissa 5 · 2⤊ 0⤋
I hope all keep using them because they put good cash in my pocket
2007-02-19 13:46:34 · answer #6 · answered by lovejuicelotion 1 · 0⤊ 1⤋