A couple years ago I considered the possibility of living without paper towels (you know, like bounty). I was curious how difficult an adjustment it would be.
I finally decided to put it to the test, and for well over a year, I've been paper towel free. I use cotton washcloths and wash them with bleach and hot water in my sink whenever I need to (specifically, I use these from Ikea).
I won't deny that, even after all this time, I do find myself wanting paper towels every now and again. Though it's quite infrequent and certainly never an insurmountable issue.
According to the European Union (via wiki), "[bleach] is safe for the environment in all its current, normal uses." The environment wins. My wallet wins.
Oh, and spare me that "try that when you have kids." I won't deny that, in this particular case, it might be a valid argument. However, parents seem overly eager to justify their poor environmental and financial choices on their kids (like SUVs). Most of the "try that when you have kids" fail the grandparent (or possibly even the parent) test.