life without credit

[Mr Speirs]

I have no Credit Cards and never have done.
I have had 2 loans, 1 which was paid in full and never defaulted which was for a Mini Cooper Sports (old style)
I bought my current car on finance but when I wanted to start biking I took out a loan which paid off the car finance and bought my SV, still paying that loan back but again never defaulted and am very close to having enough money saved to pay that loan off in full early which would leave me almost debt free...(however this has been the most painful amount of debt due to crashing my SV and the value of my car has plummeted, but I have learnt a lot from it)
The only other credit I have got is for my Ducati again never defaulted.
Oh and student loan which will be paid off in March's pay check.

So in a few months time I will only have the Ducati on credit so about £3500.

Credit is fine as long as you are sure you can pay it back, its when you default that you will get stung. I have always thought the only thing I would get credit on is vehicles and a house. Everything else is paid for.

Originally Posted by Bibio

so what everyone is saying that they have never bought a sofa, carpet, bed, or other stuff on credit because they have not had the funds available at the time of purchase?

Yup, bought stuff on credit when younger and just married, etc. Interest-free credit for white goods quite often.

Times change and 19 years after leaving Uni with a £4500 loan and 18 years after buying first house things are different.

No mortgage (but never actually begrudged having one as most folks have at some point, eh?)
3 credit cards, all with zero balance (used for online purchases)
Paid of car loan at work (real low rate of interest) last month after 18 months of 5-year loan
M & S store-card, haven't used it for years, zero balance

Now saving for the first time.