I stayed in a hotel a few months ago... had no credit card so I paid cash. The clerk insisted that I also paid a damage deposit ($75!), returnable the next day.

Good thing I came prepared for that! My goodness. Yeah, eventually my having a secured credit card will be a good plan!

I agree with you losthope, we need a little credit. That is my goal for 2009 to settle my last remaining three debts. I would like to get a credit card now to re-establish my credit, but if I do these collection agencies will notice and it will make it harder to settle for what I want. The key to settling debts is to show nothing.

I agree with you joe...been a cash guy for yrs now BUT without a good credit history or even a history for that matter society frowns upon you. Get a good credit history and revert back to a cash society. Thats my GOAL!!!
I bought a new car with a cashiers check....they must've thought i stole it, it was unheard of....PS i didn't need a SUV or CADDY, just wheels with warranty.....House is next. 25% down keeps CMHC out of the picture but i will need credit...
Think of how many people would be out of a job if there wasn't ANY credit???? Like Monty said.....credit's not evil, it has it's uses for the general population(business is different).. But it can turn you into a devil...
Oh..Happy New Year and a NEW beginning for some of us!!!!!!

I completely agree. It would be so nice to be debt free. Unfortunately we live in such an high credit society and it's so easy to get things on credit that you don't even realize you are in over your head until the bills start to come in.

I agree, this time around for me was exhausting at times trying to settle my debts.The next purchase for me will be a home, and you need credit for that.The downpayment will be atleast 25%.

Cheers

Credit isn't a bad thing. It has a time and a place.

It's good to take on debt if you can afford it. I recommend debt for a house purchase. I don't recommend credit for consumer items that go down in value.

You've need enough cash in the bank to take care of 6-12 payments.

Quite frankly how can a person purchase a $200,000 house with cash.?

People these days are really into instant gratification. Their long term view is about 3 months. They aren't looking into the future with their debt purchases.

If a person has enough cash in the bank to make a consumer purchase, why on earth would he buy it on credit.?

Having a good down payment for a home is a good idea. It's better to own then to rent. It's all a matter of time and discipline.

Thanks, but i don't think anyone is going to listen.I learned fom my experiences that cash is the best way to go.If i can't afford it, then i don't deserve it.I have not used credit in three years and to tell you the truth i don't miss it.The only credit purchase i will ever do in the future is a home, and if i have it my way i will be putting down a hefty downpayment.

Cheers

How profound...

I'm indebted to you for granting us your wisdom! :)

This is my new motto.