Credit is available to almost anyone in today’s society. You can get a credit card from your bank, an in-store credit card, a loan for a home or vehicle, and so much more. With the ever-abundance of credit, it’s no wonder so many people today are suffering from credit card addictions. This can leave people with an insane amount of debt and very little control over their own finances. So to help those who feel they have an addiction to purchasing things with credit and not being able to pay back their debts, here are three tips for overcoming a credit card addiction.
Use Cash or Debit Cards
The biggest problem that arises from an overuse of credit cards is getting yourself deep into debt and not having the money to cover your charges. Ideally, you should only be making your normal purchases with money you already have. If you can manage your credit well, this means you’re able to pay the balance on your credit card in a timely manner. But if you can’t manage your credit well, Leslie Tayne, a contributor to Forbes.com, recommends only using cash or a debit card. By using these forms of payment, you’ll ensure that you’re only spending money that you have rather than money that you don’t have, which can help to wean you off of credit card usage.
Cut Up All But One Card
As was mentioned above, ideally you’d only ever need to buy things that you already had the money for. But in reality, this can’t always be the case. In these circumstances, that’s when a credit card can be useful. However, having access to too many credit cards can be what makes a credit card addiction hazardous. For this reason, Ellen Gans, a contributor to TheSimpleDollar.com, recommends cutting up all your credit cards but one. This one credit card should only be used in real emergencies. Because canceling lines of credit can hurt your credit score, simply cut the cards so you’re no longer tempted to use them.
Find Support and Help
It’s very hard to fix a problem on your own, especially one that you have a bad track record with. Because of this, LaRita Heet, a contributor to CreditCards.com, suggests getting treatment, help, and support where you can for your addiction. This could include going to Debtors Anonymous meetings, visiting a therapist, or meeting with a financial counselor to help you manage your money and keep you accountable. There are so many resources to help those with credit card addiction. Look for some in your area and start getting the help you need.
If you’re ready to overcome your credit card addiction, use the tips mentioned above to help you do so today.