Quote:
Originally Posted by nalc
The fact that a 15 year mortgage is cheaper than a 30 year mortgage and that living well within your means will allow you to save a lot of money for retirement means that you shouldn't get a credit card? I'm not really following the logic.
We're all agreeing that carrying credit card debt is a bad idea, but debt in general isn't bad if you're responsible. I didn't pay for my car in cash. I financed at 2.2%, then put $20K in a mutual fund. Guess what? So far, I've paid ~$120 in interest on my car loan, and I've made ~$500 (last time I checked) on the mutual fund. A few clicks of a mouse just made me $380 in the past 3 months. Cash in your pocket can make 2-8% interest, cash in someone else's pocket doesn't make you anything, and if you've got a loan that is accruing less interest than you're able to get with some easy low-risk investments, you're coming out on top.
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Hardly. I'm saying you don't need credit to survive. I said this above. Why do people build their credit? The answer is to buy stuff. You don't "need" that stuff. If your needs are provided for (food, shelter, clothing, basic transportation), then what do you need credit for?
I'm not going to be the popular one here and I am fully aware of that. I'm not trying to win an argument, just offer another option.