One Year without Credit: Nice!

One year since I cut up my credit cards, closed my Bank Accounts and change the way I look at out our monetary system. Today, is somewhat the unofficial date in which I undertook that great step into a world unknown and feared by almost every person in the Western world. We are adapted to the world of Banking and the concept of capital. We now place value on everything with the common currency and regulate ourselves in such away that we must profit or gain in the sum of this capital. To step away from that, for most, this would be unthinkable. We would question this move as we can only function with the use of these financial institutions. I say, bull-pucky! Read on….

I never could understand how I could own something, and yet, never truly own its value and worth. I could never understand why I would need to pay for my labour credit (money) and use it to purchase material goods based on it’s value and vice versa and not the value that I put into it. Why does every transaction carry a fee… why not just give me my cash: no fees, no specail interest or no holds? Why I would need to go to a separate company or corporation to obtain my money for a small fee? This perplexed my in so many ways.

As of this day one year ago, I decided to put my money where my mouth was and make that great plunge and practised what I preached. So far the results have being mixed. The arrangement I have made have come under fire for the Bank that my employer uses for financial services. It has being a battle for them to give me cash from their Bank currency and exchanging it into cash. It is like going to the dentist and getting a tooth pulled. They get pissed, to put it mildly. I used the Bill of Exchange Act and the Bank Act in Canada to pressure them into giving me my cash. The threat of going to court is to heavy a price for them to deny me of my right under law. My employer cuts my a cheque, at great reluctance, and I cash it a their local cheque cashing outlet. No account necessary, and fees! I realize that this may not be the case for all.

However, with that minor set back, life goes onwards. With learning the value of cash, I have done many things that are now considered old fashion and out of date. With Banks pushing for everyone to move towards credit cards and electronic money, I still get moved to the head of line-ups when the ATMs(Automated tellers Machines) are down and point to point Banking machine are slow or cards are damaged.

In the end of the day, I feel more in touch with my financial lifestyle. I save in far more basic ways than what the Banks want you to do. I have cut off contact with credit companies and other financial outlets. And I watch very carefully as to what is going on in the news regarding new legislation and law in this money industry. I now have money to spend. I know how rediculious that sounds, but it is true. I have money to spend, not dredit and debt!

About a month ago now, I was sent in the post, a credit card application. I was appalled that after going to court over two years ago and winning, that they would even consider such a thing. I promptly sent the application form back with a copy of my personalized reply form. On it, it says that I morally believe that their service are wrong and that they are morally corrupting the Canadian people with their goods and that I support the criminalization of all credit institutions for their bad business and practises.

So, I hope to encourage all of you who read this to throw away your credit cards, pay off your debts and walk away from Banks. Buy only with what you can afford. Live by this simply logic: “If you don’t have the money for it, then you cant afford it.” Such a simple yet powerful statement. You can do it. You don’t need credit to live your life. Be free, stay free and spend free–pay yourself first!

2 Thoughts on “One Year without Credit: Nice!

  1. I completely agree with you, until we get to the mortgage-credit issue. I feel strongly that everyone should be able to own their own home and the only way one can realistically do this these days is to have a mortgage. That said, I’m completely against this “no down payment” situation that is now before us. That is insane, and getting people into situations that they obviously can’t afford, if they can’t save enough for a 25% down payment. I bet we see a lot more defaults in the next few years because of this.

    Mind you… Some people can buy homes with inheritance ect. — I, however, will never be one of ‘those’.

  2. Hey “T” glad to hear from you.

    Yes, the mortgage. Some people have a hard time understanding that a mortgage company and Bank are two totally different things. I guess the mix up comes from the sudden integration of Banks now having the ability of offering and selling mortgages. However, they can’t just make up the rules as they go along either. They still must apply themselves to the rules under the Canada Mortgage Act. So, in essence, you are completely right, Mortgages are a completely different animal than the Bank’s credit and chequering accounts.

    It kills me when I see people borrowing money, money they do not have, to put 5 percent down on a $200,000.00 house here in the lower mainland is just crazy. If they can only hold out for a few more years, saving until they can achieve even 25% down, the savings would unbelievable! Yes, my friend who is a Bank Manager in the TD Canada Trust Bank in Vancouver says that the defaults are already starting climb: we are at about 7% to 12% (in B.C.(British Columbia))default rate on mortgages in their first year!

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