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Dave Ramsey

Dave Ramsey

Host of "The Dave Ramsey Show" on Fox Business Channel and...

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Scott Bilker

Author and creator of DebtSmart.com

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Liz  Pulliam Weston

Liz Pulliam Weston

MSN Money columnist and author

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Saying No To Credit

Conventional wisdom has long held that the only way to get the things you need, such as a home or car, is to use credit cards to purchase the things you want and build a credit history. Unfortunately, too many of us have racked up a mountain of credit card debt in the process.

There are a few key ways to begin reducing debt, one of the most important being to stop paying for things with credit. We know what you’re thinking—you can’t afford to live without it. Yes, you can! And according to Kiplinger’s, credit reporting agencies are finally making it easier for you to avoid debt while still having a credit history of sorts.

A new measure of creditworthiness, called the FICO Expansion Score, is aimed at those who want to have sufficient credit history without using a credit card. Your on-time payment history for utilities, rent and a clean checking account will all add to your credit score, making it a little easier for you to get credit on good terms. So, you can feel good about being fiscally responsible, and saying no to credit cards as you pay down your debt! [Kiplinger's]

Posted: 3/27/08