Could You Live Without Credit Cards?by Tim Manni
Personal finance blog “FiveCentNickel” asks their readers to imagine a world where cash is king in a recent post titled “Is It Possible to Live Without Credit Cards?”
The notion may seem unrealistic to some, especially in this uncertain economic environment where thousands of Americans are unemployed or under-employed and rely on their plastic to get them through each month.
However, ‘Nickel’ says the key is for consumers to change they way we think about spending. If you’re of the opinion that banks have been working against consumers, then it’s time to end your dependence on the financial products they offer. But not all the blame surrounding our financial woes should be placed on the shoulders of the banks, writes ‘Nickel.’
While banks have been widely criticized for increasing credit card rates and fees, balking at the foreclosure effort and for not reinjecting bailout money back into the economy, consumers themselves have moved away from a sense of pride in their financial responsibility. Whether it’s overspending or walking away from their homes, Nickel writes that “our principles have deteriorated.”
‘Nickel’ encourages consumers to retake the driver’s seat by hunkering down and realizing that we don’t need to depend on our credit cards. By paying down debt and budgeting to increase our savings, ‘Nickel’ says that we can begin to transition to a world where using cash as well as our debit cards can become sufficient.
If you don’t agree with industry and/or business practices, your best course of action is often to simply stop using their products. The same is true for the financial industry. Reevaluate your priorities, change the way you think, pay down debt, save your money, and start using cash and/or debit for more of your purchases. You have a voice, don’t be afraid to use it!
It’s obvious that in this post ‘Nickel’ is responding to the overwhelming criticism consumers have with the banking industry, and to that point, we think their conclusion is concise and logical — “If you don’t agree with industry…stop using their products.”
What we want to know is, is this solution practical for you, and are you willing to change your lifestyle to live without credit cards?