In my “Dave Ramseying my finances” session this week, my friend said something I found very interesting (and thought provoking). She pointed out that if you begin using cash for everything (which is what this program is all about) then at some point you wont have a credit score. When she said this I was very skeptical, I mean you always hear that you must have good credit so if you don’t have a credit score, isn’t that bad?! Then, she pointed out that you don’t NEED a score if you’re paying cash for everything. Good point! However, the thought of not having a credit score (or a credit card for emergencies – at LEAST) kinda makes me nervous. There again, my friend pointed out that you should already be prepared for emergencies since your emergency fund will be built up.
It seems that there is a plan for most eventualities in this program but I don’t know if I’m ready to get rid of the comfort and backup having a credit card affords me.
Does anyone have any advice? I am really considering doing away with my credit cards but haven’t gotten up the gumption to do it yet As with anything, its all in how you use it whether it turns out for good or bad!