MMS007: Can You Get By In Life Without Credit?

Summary

Is our addiction to credit cards and consumer debt really a necessary evil in today’s interconnected world – or is there another way? Steve Stewart of MoneyPlanSOS joins us to explain his anti-debt philosophy and what options the average person has if they want to stay away from making expensive debt-related mistakes.  Since a few of us on the panel have well-established love affairs with our travel rewards credit cards the conversation should prove lively!

Key Takeaways From This Episode

Some important points made in this episode:

• Is it even possible to ditch credit cards in today’s world if one wanted to?
• Peter and Tom bring up some interesting proof of rewards credit cards being tied to higher spending habits.
• Will not using credit cards hurt your credit score?
• Is it safer to use a credit card than a debit card?
• Do your credit cards rewards points fall from the sky or is someone else footing the bill?

Links

• Steve likes eCredable and what it can do for people who refuse to buy into the credit score game.
• Mastercard’s zero-liability plans for debit cards.
• Canada’s credit card addiction as of this year.
• See your FICO score today.
• Canada’s credit scores are kept by Transunion and Equifax.

Panelists In This Episode:

• Special Guest – Steve Stewart | MoneyPlanSOS
• Glen Craig | Free From Broke
• Kyle Prevost | Young and Thrifty
• Miranda Marquit | Planting Money Seeds
• Peter Anderson | Bible Money Matters
• Tom Drake | MapleMoney

For a quick bio of each of our show participants, head on over to our panelists page.

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