Do the majority of people have credit cards?
Yes, the majority of people have credit cards and credit card debt is one of the main reasons for personal bankruptcy. It allows people to live way beyond their means and it can ruin their lives. I know, because I have worked in the bankruptcy business for over 20 years. I have seen marriages fail because of the abuse of credit cards, the financial burden it creates and then the consequences of a bankruptcy, where you stand to lose so much and have to start over. And that is why I, personally, do not use credit cards. I put my money in a savings account regularly so I will have the money I need for any large purchases or have it in the case of emergencies. And I agree with you – if I don’t have the money, I don’t buy it. If I really want something, I will save the money to buy it when I can afford it.
