Which is more financially wise to carry a balance and make payments and have a savings account or no credit balance and no savings?

Business Line of Credit

The interest on credit cards is way higher than anything you'll earn on savings. No point having savings and paying interest on credit balance.

Borrowing money at credit card interest rates is stupid. It’s financially wise to not be stupid.

I have been told all my life that you should get into a little debt, and pay it off reliably, so you can then get a favorable credit rating that would allow you to go DEEPER into debt. I have always refused to believe that.

When I got out of college, all my friends couldn't wait to get credit cards, and by the age of 25 they had maxed them out, and were paying the minimum payment every month while their debt grew and grew.

My parents had a credit card but they used it only in emergencies and for traveling, so I never got one. I never bought a car on credit or anything. Then my sweetie and I wanted to buy a house and I thought 'This will be difficult because I have no credit rating--good or bad!' But if you put 20% down on a house, you don't NEED a credit rating--plus you now instantly have one.

Anyway now I'm retired, I have a house all paid for, no debt. Who else my age can say that?

A balance on WHAT? Payments on WHAT? You didn't say. Having a mortgage loan is treated differently than credit card debt.

You need emergency savings. You also need to have a credit card that you use and pay IN FULL every month.

If you can't have a savings account AND pay off your card in full every month, you are living above your means and are headed down the wrong path.