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I could easily live without credit although Denniger happens to be a first rate moron who has a habit of exptrapolating any piece of negative information into an end of the world scenario.
I haven't seen my rates go up and I still offers all the time for 1% cards even though I never use them. Bought a second home just last month and got a 5% mortgage over the phone from a bank I don't even have any money in. Had I wanted they where more than happy to do the deal with 3% down and it wasn't an FHA, just a conventional 30 year that they were underwriting themselves.
Citibank is not a benchmark by any stretch of the imagination. But crackpots like Denninger will use whatever shred of evidence they can to try and validate their claims. Remember his whole business is selling fear. Once thats gone he's unemployed.
on the credit issue, no problems but it would be very inconvenient, especially with travel. there is a lot of complaining about credit card interest (rightly so) but they certainly are convenient if you pay them off monthly.
as for denninger, give him credit-at least he has a job!
i like to read denninger's column daily, along with seeking alpha and minyanville, and especially like to read the comments in the forum section. you can find a lot of information there.
i am surprised that roubini, who had somewhat moderated his doom position, is back to a doom position again:
Im: Is there a regulatory solution to the speculation issue? Is the CFTC tightening and enforcing position limits a step in the right direction?
Roubini: I think it’s an idea worth considering. I’m not usually in favor of position limits, but I think the swings in the value of oil have been extremely dangerous for the global economy. Oil at $145 was the reason—more than Lehman or anything else—that the global economy tipped into the worst recession in the last 60 years. After the collapse of the global economy, oil collapsed to $30. At $30, there can be investment in new capacity. But now it’s back at $80 and soon enough it’s going to be at $100.
Well, I shop on Amazon, fly and rent cars. Wouldn't be able to do any of that without a card,
Yep that's true. Without credit cards you would need to put down a huge cash deposit to rent a car and you wouldn't be able to reserve it in advance. Ditto hotel rooms when traveling.
And if you really want to raise alarms with Homeland Security, try buying an airline ticket with cash.
Hi all! I try NOT to use any credit cards at all! I have a myriad of them which I just need to cut them up! But, I have a system! I can't go to the mall & BINGE shop with my Gap card, Belk, Dilliards, etc.! I have to think hard before I do that!
My system is I filled a Ziplock bag full of water, put my cards in the Ziplock bag & they are in my freezer! Now, that way, I have to think long & hard if I NEED the item or do I just want to have it! I do have one card w/lots of available money if I need something for my home or auto.
Hi floridasandy, that was a cute come back! ....I LOVE it! I figured I had to do something to keep me from the great BINGE shopping I was doing way back then. I had clothes (and still have some) hanging in my closets with the tags still on them! Have a wonderful day!
Thanks for all your thoughtful replies! The reason I put up a "poll like this" is that one of our daughters is a cashier for a very busy store. She tells me that anywhere from 40% to 75% of their incoming funds are via credit cards. She also states that management is aware of the high credit card usage, and is concerned that company revenues may drop if for some reason the customers can no longer use credit cards.
It's gratifying that those on this forum have given this a lot of consideration, and that so many here are totally or virtually debt-free. It's good to remember, though, that many of our fellow citizens are not so well-informed, and their carelessness or over-indebtedness can still have an impact on us!
You must remember that even check cards look like credit cards and many go credit or debit even though they go straight to a checking account. I think it is risky to carry cash whether for yourself or your business and therefore I use my check cards almost exclusively.
Yes BUT I wouldn't want to. I have a mortgage and a ParentPlus loan. Because I can't afford to just pay off my mortgage I would have to either sell my home and move somewhere I could pay cash for a home, or rent. Both of those options would negatively effect my life. I'm also glad I was able to help my daughter with her education.
on the credit issue, no problems but it would be very inconvenient, especially with travel. there is a lot of complaining about credit card interest (rightly so) but they certainly are convenient if you pay them off monthly.
Using credit cards once in a while isn't a problem. Personally I rarely ever use then except as you say for travel or buying something online. But the question was "could you live without credit" and my answer is simply that I could live without any form of credit. But yes, there times when that would be inconvenient.
as for denninger, give him credit-at least he has a job!
Yes he does and he does it quite well as a matter of fact. He's carved out a niche and working it for all it's worth and for that I admire him. He's still a little looney though with his call for locking everyone on Wall St and Wshington up in jail. But there's a market for that stuff right now and he's filling it.
If we had no credit cards people would buy a lot less and the stores and banks know this. If we had to have the money to buy a home we would live with the Grandparents till we could afford it, because the mortgage just makes it so you have a home, but you pay triple for it over a period of time. So people end up buying a home they really don't need.
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But, I have a system! I can't go to the mall & BINGE shop with my Gap card, Belk, Dilliards, etc.! I have to think hard before I do that!
Now, that way, I have to think long & hard if I NEED the item or do I just want to have it! 
I do have one card w/lots of available money if I need something for my home or auto. 
Credit and mortgages makes your life worse
