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Savings tales: Life without credit or debt

No more credit -- or debt
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No more credit -- or debt

Americans are using credit cards less and paying down debt, but some Bankrate readers aren't satisfied with taking a few steps to reduce their reliance on credit. They want to eliminate it from their financial lives entirely.

Some are forgoing credit by choice. Others are being pushed into it. "It's simple. These days, I don't have any choice," says Gregg, a Bankrate reader from Springfield, Mo.

He is just one of many of our readers who responded when we asked them to share their stories about giving up credit -- and debt. Here are a few of tales of living off the credit grid.


 

 

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REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.08%  0.04 4.12%
15 year fixed refi 3.18%  0.03 3.21%
10 year fixed refi 3.21%  0.04 3.25%
 
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Product Rate Change Last week
30K FICO-based HELOC 4.30%  0.03 4.27%
50K FICO-based HELOC 3.96%  0.01 3.97%
100K FICO-based HELOC 3.81%  0.01 3.82%
 
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Product Rate Change Last week
60 month used car loan 2.75%  0.10 2.85%
48 month used car loan 2.99%  0.07 3.06%
60 month new car loan 3.20%  0.05 3.25%
 
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Product Rate Change Last week
1 Year CD 0.99%  0.01 0.98%
2 Year CD 1.22%  0.02 1.20%
5 Year CD 1.87%  0.04 1.83%
 
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Product Rate Change Last week
Balance Transfer Cards 15.76%  0.01 15.77%
Cash Back Cards 16.44%  0.04 16.48%
Low Interest Cards 11.04% --0.00 11.04%
 
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