Want to Pay of Credit Card Debt? Put the cards away!
The amount of credit card debt American’s are carrying is continuing to increase. The average family right now has almost $10,000 in credit card debt. So, whether you are above average, below average, or just average, you may be wondering what you are going to do. There are several things you can do, but the first, most important thing you can do is to stop using those credit cards!
January 1, 2009, the sounds of plastic being snipped could be heard around the world. Several of us have decided to step up and take control of our credit card debt by cutting them up forever. However, it doesn’t have to be that extreme. There are other ways to get rid of those cards.
For example, get your spouse, significant other, best friend, or brother to hide the cards for you. Keep one that you may need for emergencies, but do not carry it with you. Keep it at home until your urge to use it is gone. Other than that one, let your trusted partner in crime hide those cards away safely for you.
You can also get creative. Put your cards at the bottom of your fish tank. Tape the cards to the underside of the sink. Put them in the freezer – actually freeze them in ice!
Be reasonable about the cards that you think you need to keep, and those that you don’t. Do you really need an individual credit card for each department store in the mall? Each one that you got a great rate or discount on initially, but now just seem to keep accumulating a higher and higher balances. The answer is no, you really don’t need to hide or hang on to those. It’s a much better idea to just let them go. Cut them up, bid them farewell. Letting your smaller department store cards go is an excellent first step toward eliminating your credit card debt. It’s a small, but substantial, step toward making the changes that you need to make.
Just keep one major credit card that you can use when you really need it – only when you can’t use cash or checks like booking travel, emergency car repairs, or emergency home repairs. And remember… A sale at the local hardware or electronics store does not qualify as an emergency!
When deciding which card to keep, consider how long you’ve had the card, what your interest rate is, and what your available balance is. Keep a card that you’ve had for a long time, offers cash back or discounts, or that offers other rewards.
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August 6th, 2009 at 11:27 am
I’ve learned a lot in the three or four years since I started using a credit card. Booking flights and hotel rooms may sound all right at the time, but boy, will you ever regret it later.So, how do you prevent the bills from adding up? For one, use it responsibly and don’t buy what you don’t have money to pay for right then. Also, pay it off every month. Avoid using a credit card unless it’s an emergency is another good idea.
August 15th, 2009 at 12:40 am
I totally agree you have this urge to buy things and on an impulse you think “ok i can pay it later” and use your credit card. The best idea to curb your spending habits is just about becoming aware of them. Like make the list of expenses you covered with your credit card every month and compare them what they actually cost you when you pay cash for it, then see that are those real necessary items or just a product of impulse buying? Its always better to clear your credit card debt every month if possible.
August 15th, 2009 at 11:26 am
I am 100% agree that one should not used a credit card to solve your current financial crisis. It will only add to your problem.
Vikash
Debt Consolidations Details´s last blog ..A Do Follow Blog with top commentator, keyword luv, comment love
August 17th, 2009 at 6:43 pm
I took all these mesures and most important I have changed my way of thinking about money, and credit cards are no money at all. I only recommend to use your debit card and better, use cash only. If you are serious about how to get rid of credit cards debt you really need to throw them out.
September 22nd, 2009 at 7:10 am
Credit cards are like magic wands we have whenever we are in short of cash but we often end up miserable, not knowing from where to pay the debt.The measures you have mentioned here are really helpful in curbing one’s spending habits i also want to recommend that keep your credit card home until you learn to start living without them which means you are not too dependent on them when it comes to paying your bills.
October 28th, 2009 at 11:52 pm
yes i do always keep one major credit card with me so that i can use when i really need it, i don’t use cards often, i just use them for some huge shopping and not for groceries.
Moshe Lavi@ceramic knife´s last blog ..Home
November 7th, 2009 at 8:40 am
I do the same things too i just keep one major credit card that i can use when i really need it, only when i don’t use cash or checks like booking travel, emergency car repairs, or emergency home repairs.
November 24th, 2009 at 5:18 am
credit card are the most worst thing to use in your life, one reason is its double linking interest, if you have money the it is always advisable to go for debit card, rather than credit card.
December 19th, 2009 at 11:08 am
I think you are right about trying to trim down your debt, but this is something a lot of people have a really hard time doing. One of my good buddies is a great example of not being able to handle debt responsibly and is upside down on a car right now and thinks it is a good idea to take out another car w/personal loan. It blows my mind and I have told him time and time again that his best bet would be to buy a cheap car that works well and not get into any more debt. He just has to have something new though…