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Living without credit cards after getting out of debt (1 of 2)

| May 15, 2014 | Debt Management |

Many Wisconsin residents depend on credit cards because it is now the easiest way to pay for things. Hardly anyone carries cash anymore and many places do not accept checks. Additionally, a lot of spending is done online these days, and credit cards are the most common method of payment.

But serious credit card debt can arise quickly and seemingly out of nowhere. Using a credit card to pay for things in stores or online can feel like having a limitless amount of money. However, when the monthly statement arrives or your credit card is denied you may get a serious wake up call.

Individuals who find themselves in over their heads with credit card debt may turn to bankruptcy or another debt management solution for relief. But even after relief is granted, individuals often still need to learn how to prevent their credit card debt from getting out of control once again.

As we discussed in an article on our website, debt management experts recommend living without credit cards for a while to people who have struggled with serious credit card debt. Although this may seem like an impossible feat for consumers nowadays, it is entirely possible. Here’s how:

Start paying with cash only. When you’re just learning money management skills, it might be best to withdraw cash from your bank account before making purchases. Holding the cash in your hand signifies the true cost of your purchase and taking the extra step of going to the bank may cause you to rethink whether the purchase is necessary.

Please check back tomorrow for the rest of the tips.

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