The Bank Transfer day was a huge success; tens of thousands of people moved their money from large multinational corporate banks to small local banks and credit unions. Hooray.
Time to get rid of your credit cards.
I've been living without credit cards for more than a decade. I don't miss them at all. People say to me:
But you can't rent a car or buy a plane ticket!
Wrong. I have a Visa-logo debit card and it works fine for both.
But what about your credit rating? In the mid-600's, thank you very much. And that's with being poor as church mice.
But I can't live without a credit card! That is your problem. You think you need one of those things to survive. The buts and what-if's come at me all the time. But I'll tell you what you don't know about living without a credit card:
I know exactly how much money I have and how much I can spend every month.
I never worry about the interest going up.
I don't worry about how not paying this bill will affect that account.
Yes I have to live on what I make. But that means I'm living in a reality-based personal economy which has lowered my financial stress more than any other decision I've ever made
Yes sometimes I have to go without or wait to get something that I want.
But my total outstanding debts are less than $3000, all of them medical expenses.
Can you say that?
Cut them up. Pay them off. Get a logo'd debit card for a year that's tied to your actual checking account forcing you to live within your means. The credit card companies are desperate for your business, if you ever change your minds they'll be glad to take your money. But the more people who opt out of credit the more likely those companies will be to be willing to cut you a better deal.
And believe me, living without the loan sharks breathing down your neck is so much better than being able to buy something you don't really need right now.