No timgray you are mistaken. You have a hot wire and a neutral wire in a two wire system. The neutral wire is a grounded wire but NOT a ground wire. Three wire systems have a ground wire to protect people and equipment by creating a path for a short circuit. You DO NOT have this path in a 2 wire system.

Sounds like Dave Ramsey's playbook (except for the "responsible" credit card usage part...), be really smart and dump the CCs altogether!