My wife and I do not have a credit cards or checks. There are lots of reasons why we do not use them, but the main reason was to save money. After looking at how much money we were spending on late fees, interest, penalties,,,, we decided the banks were charging us too much money for such a simple service.
Credit cards – Its a personal financial decision we have made, no credit cards. If we had them, we would most probably run up the bill and put our family in debt; and that is something we do not want to do. To avoid the temptation of using a credit card, and paying the interest and fees, we just do not have any.
My ex-wife, while we were married, she ran up a credit card bill between $30,000 – $35,0000. Every card we had was maxed. It took us years to pay that down, we had to go through credit counseling, collection companies were calling all the time,,,,,,,,, it was a bad time in my life. To avoid all of that again, an to avoid the temptation, my new wife and I do not have any credit cards.
Checks – life is so much easier without a checking account. We have nothing to balance, no routing number to be stolen, nothing to keep track of,,,,,,,,.
For several years my wife and I did the typical check thing, and sometimes we would go over on our account balance. The bank would cover the balance and then charge us like $20. If the amount went over $5, there was still a $20 charge. When you have 2 people using the same checking account, its easy to get overdrawn, and that is what my wife and I were doing. One of us would write a check, leaving X amount in the account. The other one not knowing that a check had already been written would write another check. The second or third check would put us over our balance. During the course of 1 month, my wife and I probably got charged over $100 in over draft fees. That is $100 less we have to buy food with or pay other bills with.
In the long run, my wife and I decided that we could not afford the amount of money the banks and credit cards were charging.
For those that wonder how we pay for stuff, we put the money on a debit card, and pay online, or we get a money order and mail it in.
My wife and I pay our house note locally. When it comes time to pay the house note, we just bring them the cash, get a receipt, and everyone is happy.
We have been credit card and check free for over 5 years now, and it feels good.