LooseSuits

I haven't had a credit card for 9 years now and I'm functioning JUST FINE.

I have a Debit card for my checking account for any "CC" needs.

Yes. (Sorry for the short response, but... well, that's the answer.)

Well done RightOn & Gnorb - you're doing way better than the UK where are more creit cards than people and on average four cards to every adult.

Yeah. I hardly use my credit cards simply because the interest is extortionate. My credit cards are for emergencies or if I'm abroad and my debit card doesn't work.

Edit: Seriously, more credit cards than people!? Holy moley.

I was watching this stupid infomercial for 100% approval on car loans and they were showing all these "sob stories" about people who just swiped everything and I'm GUESSING it was supposed to make me feel sorry for them. I just sat there and though... "That's YOUR fault MORON".

One woman that wanted a Cinderella style wedding and maxed out 12 Credit Cards on the wedding and honeymoon.

Sorry, no complaining allowed, you're stupid.

The only reason I ever got a credit card in the first place was to build credit. Because we have this ridiculously stupid system built around it.

Instead of being able to go to a bank and say I'd like a loan, please look I've never had a late bill payment in my life... I have to go and say go look at my credit cards (which I don't need... except for this.)

I use them to simplify my finances a bit. Business expenses go on cardX, subscriptions go on cardY, travel goes on cardZ, everything gets paid off before the end of the cycle.

I'd rather not have them, but there is not an easy way to function without them. If I cancelled them all my credit rating would go to shit, despite having a house and car payment which have never been late.

@ RightOn

You've got a point there for sure. It's peoples own fault for having no money management skills, but what is interesting is the infomercial you mention. It's quite often these kind of companies that really put people in debt - offering loans at impossibly high rates that even a person with good money skills would struggle with.

@ Ollie

Yep, that's the latest stats revealed here. And thats not even including things like store cards which usually have double the interest rates and are far easier to apply and get. Crazy isn't it?

Yeah they sell it on TV as some sort of "see! I can make my car payments on time, please fix my credit score" scheme.

Sorry, I don't buy it.

My only real debt is to a CC I got in college for books and supplies.

I have a credit card that I'm working on paying off from my non-smart days in college. I don't use it anymore, and could definitely live without it. It's only been a headache.

@ RightOn

In the UK the average student graduates university with over £10,000 debt from low interest 'student loans' meant to go toward books and accommodation and usually get spent on every day living expenses and partying instead.

You get low interest then after you graduate it goes up. The UK as you can see by my walking encyclopaedia of knowledge :)

Yeah I'm only looking @ $1,800 on the CC from College used for books and junk.

26 years of credit cardlessness down and I'm still doing fine. :)

Peroty,

Do you own a home? There is no way I could've bought my home without building my credit rating using credit cards. I make good money and bought a relatively inexpensive home as well.

I even had trouble getting a car before I built up my credit.

That's what pisses me off about our system of credit... no one will extend you ANYTHING unless you've established your credit first.

Basically FORCING you into even the smallest amount of voluntary debt to do ANYTHING here.

It would be almost impossible, now (short of paying cash) for someone to get a mortgage/home loan, if they didn't have credit.

@debtguru: Actually, I have more credit cards than the average person. But I use them in different ways. In fact, I'm one of the few people I know who uses credit cards to make money.

I actually pride myself in being able to say yes. I do use my Credit Card -- but mostly for bucketing purchases. I try to put all my "food" purchases on my CC so I know how much I spend per month. I graduated college with a savings account and no debt (well, my car technically -- but I don't count that so much as "debt"). Credit cards can be tempting... but it's so amazingly awesome to not have debt.

Also, @debtguru: don't be fooled. Most Americans have tons and tons of credit card debt. I bet it's equivalent if not worse than the UK.

I could definitely live without credit cards for a month. That being said, like most have expressed above I also cannot see how credit can be built up without having at least one if not two on file. The longer the history of good, paid-off activity the better, of course.

If you think about revolving debt (and debt in general) from the point of view where you are simply allowing yourself to have more choices should you need them and having creditors having to compete to loan you money, your perspective might change a little bit. Some won't ever need to use debt instruments and that is fine. But wouldn't it be good to know that you have the choice of shopping around for the most competitve rates because you've established yourself as a reliable borrower? That's really all credit is. The bureaucracy of it is annoying, of course, and a bit of code reading but in essence it is unfortunately necessary.

I agree with Kyle--I might think Britons and Americans are about on par with each other as to credit card-to-person ratio.

@Ozone42.

No, I do not have a home.
Just an apartment. Houses are scary. :P

If I'm honest, I'd have to say that I couldn't live without some kind of credit for a month at this point in my life/career. Between starting a new business and getting married this year, our finances are a total mess.

That said, I barely use my credit card and am VERY slowly paying off my line of credit (50% of which is left over from a loan I gave my brother so he could finish school). My line of credit has a much better interest rate than a credit card, but still. Here's hoping one of my accountant cousins will offer free financial advice as a wedding gift!

I use mine for miles but could easily live without it. I pay it off monthly but put everything on it including groceries.

@Peroty: "Houses are scary."

How so? I find them scarily easy, and a great way to make money (over a long period of time, of course, and I hope). Some debt is good debt, such as a mortgage that you can afford.

I could very easily live without credit cards. Forever. I keep one in case I need a new furnance in February when it's 30 degrees below zero or in case the roof of my home ends up in the next field from a horrible storm. Both examples really did happen and were fixed completely within hours thanks to credit cards. You get the idea; I use credit cards for extreme emergencies only.

Scary in that it would imply I am some sort of adult. ;-)
I also may be moving in the next year or two and would rather remain unattached until I see if that happens.

I think growing up with a mum who worked in a bank has given me this horror of debt (my brother on the other hand...)

I never put on the credit card what I can't pay off entirely at the end of the month. For a while when we moved into the current flat (three years ago next week, eek!) pretty much everything went on the credit card because neither of us had proper jobs. On top of that, I was coming out the end of a post-grad course and had NO money. Now though, I've got a proper job and by the end of the year I will actually be in the position to pay off the remainder of my student debt. I can't wait.

That being said, I couldn't live without my credit card. Whilst I don't use it that much, there are somethings I just don't want to use my current account for (internet shopping mainly).

I haven't had a credit card for three years.

I'm thinking about getting one again, though, so I can go out of town on trips and reserve hotel rooms...I'd rather not do that on my debit card.

Other than that, I would use it for big expenses...say, something goes out on my car...or going to the optometrist every year or so...then I'd pay that stuff off in two or three months max, because credit card interest rates (for the most part) are insane.

I think that several people have brought up a really interesting point, that in order to get major loans for things like houses, we have to prove a credit rating, which makes it darn near impossible to escape our credit driven society.

It seems to me a bit of a vicious cycle and incredibly hard not to get drawn into the 'buy now pay later' mentality that's abundant in western culture.

I lost my CC the day I flew to the USA. It turned out OK except for the fact that I needed a CC to rent a car. In the Netherlands I can survive without one, although I use it to order things online now and then, but in the USA it is kind of hard.

yea, i've never had one

I'm with Cas. I never charge what I can't pay off at the end of the month.

I use credit cards to my benefit: convenience of not having to carry cash and the frequent flier credits I accrue.

Could I live without a credit card for a month? Yes. Would I be sad that I wouldn't be earning cash back or free airfare? Yes!