opinion Finally closed my last credit card!

[tonyk2000]

I finally did it No more credit cards in my life. Just closed the last one.

Sort of a personal development - better understanding of what money is, and why debt is bad.

So, now I am free. No need to think what date is now (Did I pay to xxx bank already? Didn't they change anything like statement dates?). Spending only your own money - debit cards, prepaid cards, reloadable virtual cards for internet - what can be better?

I would not mind using even old-fashioned paper checks if OK for the recipient, but no more credit cards. Or credits in general...

Yeah, also no more "miles" or cashback. Banks, at least in my country, offer such things exclusively or almost exclusively for credit card holders. Not a big issue.

Also. One may or may not be religious, but still... The following should be respected:

The Holy Bible:
If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him.

The Holy Quran:
Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest.

And, the last but not the least:

 

[.X.]

Awesome!! Credit card debt is the worst, but everyone needs revolving credit to keep their credit score up. I use the Bank of America 3-2-1 card, what I do is put everything on that card, I mean everything, then pay it off at the end of every month.

 

[LeggateListings]

I finally did it No more credit cards in my life. Just closed the last one.

Sort of a personal development - better understanding of what money is, and why debt is bad.

So, now I am free. No need to think what date is now (Did I pay to xxx bank already? Didn't they change anything like statement dates?). Spending only your own money - debit cards, prepaid cards, reloadable virtual cards for internet - what can be better?

I would not mind using even old-fashioned paper checks if OK for the recipient, but no more credit cards. Or credits in general...

Yeah, also no more "miles" or cashback. Banks, at least in my country, offer such things exclusively or almost exclusively for credit card holders. Not a big issue.

Also. One may or may not be religious, but still... The following should be respected:

The Holy Bible:
If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him.

The Holy Quran:
Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest.

And, the last but not the least:

This is exactly why Im here. Sorry it took me as long as it did to grasp this knowledge. If you owe money you cannot repay instantly, you are a slave. My husband and I are attacking our debt.

 

[Nametree]

And, the last but not the least:

The trouble is, without credit cards and a history of borrowing and repaying on time, you can be shut out of lots of essentials. In certain places you can't rent an apartment without decent credit, let alone think about getting a mortgage.

Credit cards are an instrument - if you use it right, you basically get a free loan every month and bonuses on top. But you have to pay it back every month, not just the minimum.

The video you share above starts from a poor understanding of how credit cards should be used. If you need $10k, you get a loan, not a credit card - unless you know you'll have $10k at the end of the month to pay it back in full.

It took me a long time to trust debt, I grew up in a country where hardly anyone ever uses credit cards, but when I moved to the US I realized you're very limited without credit. It's definitely a shitty system that greatly contributes to inequality - it makes the rich richer by giving them access to bonuses and leverage, and the poor poorer by giving them access to money the banks know they won't be able to pay back.

 

[tonyk2000]

I grew up in a country where hardly anyone ever uses credit cards, but when I moved to the US I realized you're very limited without credit

everyone needs revolving credit to keep their credit score up

Yeah, AFAIK U.S. residents need to have a good credit score for daily needs such as renting an apartment. Isn't it all the life in U.S. - starting with education and up to the gym membership (credit card required)? Which imho means that Americans are somewhat forced to deal with credits, interest, debts... ? I do not live in U.S. though, so - no side effects so far...

To the contrary: in other countries (in South America for example) we have the same Equifax operating... they also collect data... but, they are prohibited from assigning a credit score. This is the law. They receive data from (and distribute data to) banks and a very limited number of non-banking institutions such as mobile phone companies (post paid plans, etc). This is all. Need to rent an apartment? You may be asked to provide something like a job certificate or some sort of 3rd party references, but it would have nothing to do with a credit score (which thing is prohibited anyway) or credit bureaus. So, the life outside U.S. may be easier sometimes...