debbedoll wrote:How did you do that? I have never heard of getting a mortgage loan with no credit.Ignore tha Deb. Credit is a necessary evil of Life. Trust me I lived atotally credit free existance for three years and when my car broke down I had to pay through the nose with no credit history to back me up.That being said, though credit is a necessary evil, debt is not. Using credit cards responsibly does no equate with going into debt. I'm in the business of making money and if my cards don't do that for me I rarely use the.I use a 2% cash back card for everything fromgroceries to the cable bill. Right now its at 0 percent so I put the bill money in a separate savings account unti that card reaches 50% utlization then pay in full and star over. Once the promo interest rate end I'll use and IF every month. Maybe not much but a 2% savings on groceries when my local tax for food is 3% is okay with me.At 25 dollars a month in a year I've got my teenager's latest electronic gadget WITHOUT going into debt (anything you pay money to use) to do it.BK is a hard task master even when its caused by medical bills. But as they say, those who don't learn from their mistakes are doomed to repeat them. I know several multi-BK filers who are proof of that theory.
You are assuming that people who use credit incur interest. Not only do I never pay interest on my credit cards, I am returned roughly $1000 dollars per year in the form of cash back and rewards points. My cash stays in the bank earning 5% interest while my purchases float for a month on the cards.I didn't assume anything. I only pointed out the difference between using credit and incurring debt if that post was directed at me.