Paying off all our credit cards and cancelling them and living off cheque / savings accounts rather than credit.
We did this about 5 years ago before COVID uncertainty and the current cost of living crisis and I’m just so relieved we don’t have to worry about paying anything off.
If you’re good about treating it like cash, credit cards aren’t a bad thing. The cashback/rewards are nice as they are not taxable. (At least in the US)
That said, for some the temptation of credit is too much.
The gamification of credit card points can be a problem, too (overspending on stuff you don’t really need or want to get those rewards). I use a credit card for this, too, but it can be murky waters if you don’t have really good planning and impulse control (which I will admit I don’t always have myself).
Paying off all our credit cards and cancelling them and living off cheque / savings accounts rather than credit.
We did this about 5 years ago before COVID uncertainty and the current cost of living crisis and I’m just so relieved we don’t have to worry about paying anything off.
If you’re good about treating it like cash, credit cards aren’t a bad thing. The cashback/rewards are nice as they are not taxable. (At least in the US)
That said, for some the temptation of credit is too much.
The gamification of credit card points can be a problem, too (overspending on stuff you don’t really need or want to get those rewards). I use a credit card for this, too, but it can be murky waters if you don’t have really good planning and impulse control (which I will admit I don’t always have myself).