Most people would crumble.
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I absolutely fucking love credit cards.
They’re fantastic. They’re secure. They have tons of perks. And they’re super accessible loans when you want or need them.
I didn’t get my first credit card until after I graduated college, and I’m glad I waited since they can be dangerous tools.
Spending is way too easy on credit cards. You rarely feel the purchase unless you’re very in tune with your money.
For many, credit cards are essential.
What would life be like without them?
Many people would crumble financially without them.
People used to live without credit cards just fine.
Of course people could not afford everything and either had to wait it out and save or forgo it altogether due to it never quite matching their budgets.
What would be the snapshot of your life if you did not have access to loans, credit cards, and financing?
What might you have less of?
Would you have less debt and financial responsibilities?
Would you own fewer things?
Would you be able to maintain your current lifestyle?
If not, what would shift?
Almost everyone uses some form of financing for purchases — even wealthy people since it can often be a safer avenue to use money.
Meaning, most people have some level of debt.
Unless you’re part of the Dave Ramsey cult, few people manage zero debt and don’t finance with credit cards or loans.
There is a never ending and growing dependence on loans, credit, and financing; these tools have become a dominant means for people.
The dependence is unreal because people would financially fall into shambles without them.
It sounds like a broken record at this point, but most people still can’t afford inconvenient or unplanned expenses of $500-$1000.
People are and always will be living paycheck to paycheck, and credit cards and financing will continue perpetuating this dynamic
Credit cards are not bad, it’s what you do with them that defines how useful they are to your finances.
If you find yourself to be extremely dependent on credit cards, try taking a break from them for 30 days and see what differences come about from your time away.
You may likely end up spending way less than usual.
Another Dave Ramsey tip: When you use cash, you spend less because you tend to FEEL the purchases.
I think he’s right.
Try no credit cards for 30 days, and if you do, let me know what pops up for you.
Summary — my final note to you
If you’re struggling to live without access to credit and loans, something needs to change asap. A financially leveraged life usually does not lead to productive outcomes. Keep your net worth positive and financing, loans, and credit as tools — not necessity.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.