A Better Way To Use Credit Cards If you Must
Credit cards can ruin your life and set you on a path destined for personal bankruptcy. Credit cards make purchasing to easy.
Here’s an example, It’s like using free money that you don’t have to worry about. You keep buying until you reach your credit limit and see that, “Declined,” message at the checkout. Declined? But I have a $3,000 limit how can it be declined.
You go through your statement one purchase at a time; yes, I bought that; yep that one too; and that one; and so on…they all check out.
Then it finally sinks in, oh my God what have I done? I have spent 3K on basically nothing and items I could have gone without.
My view on credit cards is they should be used in the following situations And only if you pay off the balance when the statement comes in.
- When you travel, for hotel rooms, car rentals, airline tickets
- For security reasons, so you don’t use your bank card
- For points, Air Miles, or cashback
- To track purchases for tax purposes
The only other time is when there is an emergency and you don’t have enough money in the bank, or have a line of credit. By the way a line of credit is better than using a credit card for emergencies.
In this post, you’ll find a variety of hand-picked resources related to help you stop using credit cards. These resources were written by a variety of authors which give you a wide perspective and different points of view. Before you get to the resources here are 10 tips I’d like to share with you to help you stop using credit cards as a form of borrowing.
10 Tips To Stop Using Credit Cards
1. Freeze the limit on all your cards today unless you can do tip No.2
2. Pay off your credit cards and cancel them If you can.
3. For credit cards that you can’t pay off and close, try and get a consolation loan.
4. Open a line of credit for emergencies and close your cards.
5. Eliminate the points and cashback mentality UNLESS you have the discipline to pay off your credit card in full each much.
6. Understand that using credit cards for all your purchases strengthening the habit of using them and allows you to purchase items you can’t afford. Break the habit by using your bank card and see how you change your purchasing habits because now your paying cash and not using credit.
7. Create a budget to better understand what you can spend.
8. Create a cash reserve fund so you don’t have to keep credit cards around for an emergency.
9. Figure out how much interest it cost you MONTHLY to use ALL your credit card – The amount will be an eye-opener, you may find a large portion of your income is going towards interest payments.
10. Figure out how many years it will take to pay off your credit cards if you keep making minimum payments – It will surprise you.
A Collection of Articles Related to Credit Card Spending
Sections Included In This Post:
- Credit Card Debt Statistics
- How Credit Cards Can Ruin Your Life
- Credit Card Alternatives
- What Happens When You Stop Paying Your Credit Cards
- How To Stop Spending Using Credit Cards
- How To Cancel A Credit Card
- Credit Card Debt Horror Stories
- Courses Related to Credit Card Use
- Google Book Search Related to Avoiding Credit Card Use
- Latest Searches Related to Avoiding Credit Card Use
- Latest News Related to Avoiding Credit Card Use
- Tweets Related to Avoiding Credit Card Use
- Videos Related to Avoiding Credit Card Use
If you find this post useful please consider sharing it. Thanks!
Credit Card Debt Statistics
How Credit Cards Can Ruin Your Life
Credit Card Alternatives
What Happens When You Stop Paying Your Credit Cards
How To Stop Spending Using Credit Cards
How To Cancel A Credit Card
Credit Card Debt Horror Stories
Courses Related to Credit Card Use
The Latest about Avoiding Credit Card Use
In this section, you’ll be able to stay up to date on the latest related to this topic, including the latest news, Google searches, videos, what people are tweeting, and more.