Is is possible to live without a CC in 21st century?

Sharon87

I got a credit card out, and sometimes I wish I hadn't, but it was useful for an 'emergency' having to go to see my dad in hospital in Hull, when I live in London. Luckily it's still 0% on purchases.

After this one gets paid off, it's going to be used rarely, for big purchases that I will pay off straight away for the protection. Maintain my credit limit so I can get a cashback credit card and use that for monthly spends and pay it off in full. The key to cashback cards is to keep the limit low, so you can't overspend.

I prefer having credit card debt to overdraft debt, as I it is separate from my every day spending. I would prefer to have savings, but I can't really save too much at the minute with debt!

Rupert_Bear

hubris wrote: »

I am seriously considering cancelling my two credit cards. I use them for day to day purchases and pay off the full amount every month. But today the convenience of carrying them allowed me to be pressured by family into making a purchase I would not have otherwise done. I have no debts at all aside from my mortgage.

I know that credit cards carry these benefits:
1. Protection against goods not delivered etc.
2. Often needs to be swiped by hotels etc. as security.
3. Helps build/maintain credit rating.

Are there any other 'must-have' reasons for keeping a credit card, and are there any ways to benefit from the above three points without actually having a credit card (I'll keep my debit card). Of course, what I could do is keep my credit cards hidden at home only to be used in true emergencies and tell my family that I have cancelled them.

Thanks.

Just ask the people who are undeclared bankrupts on how they manage without cc's.

finbow

As others have said, I could live without a credit card (I pay off in full each month), but I think I'd be crazy to do so. So many people I know have had fraud on both debit and credit cards and the hassle I have seen people go through to get the thousands they've had stolen from their debit cards has convinced me to only spend on a credit card, where they always write if off with no hassle.

izools

Rupert_Bear wrote: »

Just ask the people who are undeclared bankrupts on how they manage without cc's.

*Undischarged bankrupts.

But you've got an excellent point. As my signature says, living without credit for a year taught me more about money than I could have ever hoped to learn as a credit worthy individual.

I carry this knowledge to this day and could have cards coming out of my ears if I chose to but really have no need or use for them.

Paulgonnabedebtfree

It's perfectly possible to live without one but I would probably choose not to.
Even if I were debt free (dream on!! ) and had a healthy bank balance, I would prefer the protection afforded by a card in case a company I ordered from went broke etc. Apart from that I'm self-employed and occasionally need to replace equipment/fix vehicle etc. - though I suppose even this could be done by building a much larger balance in my business account.

EDITED TO ADD. I lived perfectly happily without a credit card or any kind of other loan from 1975 (age 18) until 1987. My first ever bit of credit history was at the age of 30 when I wanted a loan for a cheap car.