I had once got stuck in the credit rat race. However, in the last two years I have not paid my credit card company a lick of interest. I use it each month and send them a pay in full check each month. This comes after I called them and lowered the credit limit to $500. You will find that the money you can now put into your savings will be enough for almost any emergency that can arise. Credit cards are useful. For those who can't handle credit, a very low credit limit may be necessary. I don't pay interest, and I would find a $500 credit limit to be a problem. Emergencies are not the issue. Several routine bills are charged to credit cards. I don't carry a lot of cash, and there are hazards to carrying a checkbook. The risks of using a debit cards are unacceptable. We use credit cards for most routine purchases. Travel without a credit card would be very difficult. For those who plan on obtaining a mortgage, establishing credit and using it wisely is necessary.
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