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November 3rd, 2009

Could You Live Without Credit Cards?



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.

Here’s the bottom line, according to ‘Nickel’:

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?

Could You Live Without Credit Cards?

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2 Responses to “Could You Live Without Credit Cards?”

  1. Mitch Says: November 8th, 2009 at 1:46 am

    I’ve cut way down from where I used to be. Used to have 11 cards, and now I’m down to 2, and feeling pretty good about it.

  2. Tim Manni Says: November 9th, 2009 at 1:06 pm


    Cutting down indeed! Did those 11 cards include things like gas cards, store cards, etc? Are you worried about damage to your credit?

    Very impressive, thanks for commenting,

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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