Any cash cows here ? Not too many left.

[RidgeRunnerWVa]

Just for friendly conversation :

For about 3 years I have not had a credit card/ debit card/checking account. I pay for everything with cash or money order. I have vowed never to borrow again.
I pay my utilities at a magazine shop that charges a $1.00 fee and the payment goes immediately and directly to the phone company or electric company. It has been an adjustment but it seems like my life is less complicated and more practical. If I don't have the cash I don't buy it. The only account I have is my savings account at a credit union. I hate giving the banks fees to use my own money. If I had it to do over again I would have paid cash for everything from the start and invested my extra money in land.
Just my thoughts.

 

[riptides]

In order to obtain country style living in my part of the country, I have gone into debts that are over my eyeball.

I use mortgages, equites and credit for everything. I cannot remember the last time I saw cash. /forums/images/graemlins/smile.gif

-Mike Z. /forums/images/graemlins/grin.gif

 

[Bird]

Staying out of debt is generally a good thing, but always paying cash wouldn't suit me very well. Seems to me that you have to either go to that credit union often for cash or carry more cash than I want to carry all the time. I guess I'm must the opposite from you; almost never pay cash for anything. We use credit cards but pay in full every month. I sure wouldn't want to pay their interest rates, and I even get a tiny rebate so it's a little cheaper using the credit card. Then I pay the bills on the Internet so I rarely write a check and never carry the checkbook with me when I leave home. And of course, I have no bank charges to pay, except when I used the debit card at an ATM machine, which probably happens 3 or 4 times a year (it's cheaper to pay the ATM charges than to drive all the way to my credit union).

 

[JeffRey30747]

First off, I hate owing anyone money. So, we are on the same page there. However, debt is from time to time a necessary tool to accomplish your goals. I try to never pay fees to banks unless I absolutely have to do so. My checking account is "free" and they actually pay me interest. A very meager amount, mind you. I think I earned $1.68 all last year. My savings is a money market checking account that is linked to a separate account at ingdirect.com. Interest is much better there. My credit cards are all fee free with the exception of Cabela's Visa that gives me $30.00 merchandise credit every year when I pay the $25.00 annual fee. All the cards are reward cards. The bank gives me an extra incentive to use their card in place of cash. My wife and I do this regularly but we use them like cash and only charge things that we can pay for immediately. We never carry a balance over to the next month except in extreme circumstances.
Right now, I don't owe for anything except the short term float on the credit cards. That will soon change as our place is very cramped with the new baby and we will be going back into debt to build a house on the property soon.
The $1 fee to pay bills would bother me. It would require a checking account to get around it, but surely some bank near you offers a deal that doesn't include a lot of fees.

 

[scott_vt]

Afternoon Ridge,
I think your on the same page as me /forums/images/graemlins/grin.gif I have two credit cards that I dont use /forums/images/graemlins/grin.gif Sometimes you need the darn things to rent something and I guess its a safety net also. What I try and do is use my debit card which is direct to my checking account. To me thats like paying with cash and there is no charge for doing it that way. The only time I get wacked is when I use someone elses ATM machine, then I have to pay a fee /forums/images/graemlins/confused.gif

I used to get depressed when all my credit card bills came rolling in I couldnt stand it any more /forums/images/graemlins/frown.gif I finally got myself bailed out and when I do have some extra cash, I can automatically transfer it to my ING Direct account. There are enough normal bills rolling in like utilities, insurances, taxes etc that I surely dont need any extras /forums/images/graemlins/grin.gif

Oh yeah, I sleep better at night /forums/images/graemlins/grin.gif

scotty

 

[reb]

I share your conservative outlook.

I have been debt-free for about 30 years. I have a two credit cards, but use only one and pay it off every month. The credit card is handy because it is almost necessary for internet shopping, which can result in considerable savings (as "saving" is popularly defined). I also bank at a credit union, where the checking account is free, including checks, and pays interest.

I hear all the arguments about borrowing and leverage, but don't buy them. Paying interest seems like a waste.

 

[Highbeam]

I'm with you Bird, there is a happy medium. I rack up airline miles with my credit card usage so we always use it. The CC usage is particularly convenient to purchase fuel. I keep some cash on hand but can't remember the last time I used it.

 

[SnowRidge]

<font color="blue"> And of course, I have no bank charges to pay, except when I used the debit card at an ATM machine, which probably happens 3 or 4 times a year (it's cheaper to pay the ATM charges than to drive all the way to my credit union. </font>

I operate in a similar manner to you, Bird, but I've got you beat on the ATM charges, even though my credit union is 600 miles away. I have never paid any ATM charges. I just pay for my groceries with my ATM card and get cash back. The credit union does not charge me for it, and neither do the grocers. /forums/images/graemlins/cool.gif

 

[RidgeRunnerWVa]

My 18 year old daughter and 22 year son old some get credit card offers all the time..IE: credit cards..When I get the mail I tear them in 1/2 and put them in the trash. When they move out on there own then they I will not be able to do anything about the credit card offers to them ( same with my wife /forums/images/graemlins/grin.gif )

 

[sneaky_pete]

I'm with Bird - I don't like to carry cash and pay everything electronically or with a credit card, but pay them all off in full every month without fail. The only debt I have is 0% financing on stuff I would have paid cash for anyway, like my Kubota tractor.