I am one of those people who have stopped using my credit card. In the past it was too easy to run up huge bills, so I finally took a long, hard look at the road I was on and put the card away. If I paid my minimum amount each month, it would take me over 20 years to balance out to $0.00. I am making much higher payments than the minimum and am seeing great progress in pulling the balance down.
I am like a lot of people in that I’ve stopped using my credit card. I am like 8 million people, in fact. The reasons behind people not using the cards may not always be good, though. For example, if they’re forced to stop because their financial position has declined.
In addition credit cards can be good for you, according to Miranda Marquit,
Cutting up your cards and swearing never to use them again might be a bit premature. This is especially true if you plan to get a loan sometime to do something like buy a house. Credit cards can be quite useful if you use them with discretion and discipline. Plus, the right rewards program can help you improve your financial situation.
While this may be true, I’m still glad to be rid of my card. I have plenty of other credit sources to tap into for future loans.
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