My wife and I leveraged a lot credit cards to help with our rehab project at the investment property. We utilized all those 0% interest for a year cards and transferred the balances when the rates readjusted (probably not the best thing to do for our credit scores). The neat thing is that we've paid them all off, except for one which will be paid off next month. In the end we had 2-1/2 years of free money for our project and managed the cards wisely.
Despite all this, I hate credit cards and plan on never using them again. I believe many Americans now share my sentiment, especially after they wake up to find to oppressive due balances.
â€œWe donâ€™t use our credit cards anymore,â€ said Lisa Merhaut, a professional at a telecommunications company who lives in Leesburg, Va., and whose family last year ran up credit card debt it could not handle.
Today, Ms. Merhaut, 44, manages her money the way her father did. Despite a household income reaching six figures, she uses cash for every purchase. â€œWhat we have is what we have,â€ Ms. Merhaut said. â€œWe have to rely on the money that weâ€™re bringing in.â€[via NY Times]
As Laura Ingalls once said on Little House on the Prairie, "Pa always said to pay cash on the barrel." Pa was indeed a wise man.
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