Credit cards are touted to be the necessary evils which can be a necessary thing for most of us but until they’re misused. Once you start overusing it, they will become nasty little debt generators. As per reports from Consolidated Credit, the average family in 2017 owed around $16,999 in the form of credit card debt which is the debt with the highest interest rate. The people who use the credit cards seem to be blind with their increasing list of transactions that they do and this is when they start leading a life which is far away from their economic reality.
If you’re someone who has been trying hard to do away with this credit card addiction, you should know the best ways of fighting this habit. Here are few wise tips from experts that you should take into account.
1: Identify the problem
When you’re deep down in credit card debt and you’re going through dire financial situations, it’s high time you take some immediate action to come face-to-face with the harsh realities of life. While it is true that using multiple cards at the same time is indeed a big problem yet withdrawal from this issue is also tough. Fear, stress and economic disaster can make you fall in debt but if you can eliminate this credit card addiction, you will rather be able to lead a happier life.
2: Learn to say ‘No’ to credit cards
The credit card companies wish to get you within their business circle and hence whenever they get you on their list, they will flood you with offers like incentives so that you can take more credit cards which offer you short-term advantages with low rates of interest. Although this is enticing and tantalizing enough, yet you should learn to say ‘No’ to credit card offers. The more are the numbers of credit cards, the graver your financial situation will be. So, no matter how attractive the discounts are, say ‘No’ to credit cards.
3: Curb the usage of cards
There are many who seem to be so much attached to their credit cards that they think they can’t part with them. But you need to understand that parting with your credit cards is extremely necessary for leading a financially secured life. Life will go on smoothly when you bid goodbye to credit cards.
4: Start relying more on cash
Generally, everything that you can do with a credit card, you can even do those with your debit card. Hence, you should either begin to rely on debit cards or on cash when you have to pay down your minimum monthly expenses. Instead of using your credit cards and charging yourself deeper into debt due to the high interest rates, it’s better when you use the cash.
Therefore, if you’re wondering about how you could eliminate and restrict the usage of credit cards, consider following the above mentioned tips and advices shared by the experts.