Existing With No Credit
The trouble with credit cards and all credit basically is that not too many people accept the facts about how credit functions. You are loaned money, believing that you will pay it back fast, however you are stuck making payments for years, with the cost being two, three, or four times what you paid for the original product. Also credit cards will drain you of your money.
What are the methods for living without credit.
1. Acquire a debit card. A credit history is not required for this. When you use a debit card, you can only spend funds you actually have.
2. Want a vehicle. Purchasing a brand new car is not a wise investment, as it decreases in value the moment you drive off in it. Do your homework and locate a used vehicle that is within your budget. After this, take the money you used to spend for car payments and put these funds into a savings account with interest, so when you require a new car, you can use cash to pay for it.
3. Put yourself on a budget each week for lunch, gas, leisure activities, and anything else, and don't go over your budget.
4. Would you like to purchase a home. Today, you can choose to purchase an owner-financed home. If you can put down at least ,000 and are able to make house payments on a regular basis, you can find homeowners who will be willing to negotiate with you. If you have not saved up ,000 to put down on a home and you don't know if you can pay every month, you shouldn't buy a home. Beware: Various problems can arise from owner financing, so be sure you use your personal attorney to review the contract for you.
5. A cell phone company could require 2 years worth of good credit and a contract. As an alternative, for cell phones, you can get a pay-as-you-go plan. Some of the available plans are quite reasonably priced, with some being as low as to per month for unlimited minutes.
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