Get rid of the potential burden of credit card debt

| April 12, 2012

The best way to get rid of the potential burden of credit card debt is to stop using credit cards. People easily become dependent on credit cards as credit cards provide the user with the ability of buying anything even beyond their capacity. Millions of people keep using credit cards without paying the credit card debt off in time and as a result add a huge amount to their personal debt. If you too belong to these people, take an oath to stop using credit cards and let them eat up your mental peace.

  • Close newer credit card – Call the credit card company to close your card. Make sure you’re closing a new credit card that has no balance. You can also thinking about closing the credit card which has suddenly raised the interest rate.
  • Don’t carry them – Don’t carry your credit cards when you leave the home, especially when you’re going for a shopping. Use cash to buy things instead of a credit card.
  • Lock cards in the locker – Apply the simple theory of ‘Out of sight, out of mind’. Lock all your credit cards in the locker so that you can’t see them every now and then. Locking the cards into the locker would help you control your impulse to use them and also the need to use them.
  • Shred the cards – It would be better to shred the credit card than you close it. Simply shred it into pieces so that you can’t swipe it. Make sure you cut it up such a way that the card number can’t be guessed by the identity thieves.
  • Implement shock therapy – Have you calculated how much money you spend in paying credit card interest a year? Have you calculated how much time you may take to pay off the credit card debts? The numbers will surely shock you. For instance, if you have a card with 1,000 USD balance at 14%, it’ll take 4 ½ years to pay it off, if you pay 25 USD per month. You will pay around 348 USD in interest.
  • Reward your efforts – Don’t use your card at least for a week and reward yourself with a treat for your effort. However, the treat should be an inexpensive one.

Say yourself ‘nope’ when it comes to using a credit card. Unless you can control your impulse, you can’t be successful in stopping the use of the credit card and thus get rid of the burden of credit card debt.

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Category: Credit Cards

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