Reply #38: This is the absolutely best advice I've ever seen on DU [View All]

[LynneSin]

And everyone should do exactly this.

There is absolutely one reason why anyone should have a credit card and that's for EMERGENCIES ONLY!! A surround-sound home theater is not an emergency and neither is a vacation at some caribean hot-spot. Emergencys would be needing a last minute airplane ticket because your mother, who lives halfway across the country, is in emergency room.

I've been on that hamster wheel and I'm just about completely off of it (I've slowed the wheel down to a manageable speed). I've had my debt and I've cut up my cards so I can get the hell out of debt and in the past year I've made sacrifices in order to get rid of 50% of what I owe.

My advice on the plastics (which is my plan):

Debit card all the way - if you can afford it on your debit card you probably don't need it.

I keep one credit card tucked away at home for emergencies. It's actually my credit card for work which I am not to use for personal stuff unless an absolute emergency. I figured that's enough to keep me honest.

I also keep a Sears Credit Card and as long as Sears offers automotive repairs I'll keep that card simply because I can always use it for emergency card repairs.

All the rest of my cards are toast and I like it like that!