Purchasing anything that you desire without paying a single penny; sounds too overwhelming? This is exactly what credit cards empower you with, where you can get your hands on any item without even paying any sort of money. Well, technically speaking it is only the half-truth and half-lie of this financial tool.
First of all, get this thing straight into your head that the amount of money that you spend on your credit card is not theh money you actually owe. In the end, j you have to repay the credit card amount in time just like any other debt. There is no denying the fact that a credit card can be extremely helpful during the time of genuine need. However, if you start using your credit card every now and then for the smallest of purchase, then it can also create havoc.
How credit card actually works?
Having a credit means that you don’t need to carry much cash, and you can simply pay with the card. A credit card gives the person to buy things immediately, for which they might have to wait a long time if they decided to use their own money. So, portraying credit card as a complete villain might be totally wrong. They indeed can be highly effective if used properly.
However, the excessive use of credit card is the great indicator that it’s not you controlling the card, but the card controlling you. Addiction to a credit card is as bad as the addiction to alcohol or drugs. The only difference is that credit card addiction can directly deteriorate your finance. Certainly, there is no detox centre for credit card addicts so, it is important that you get out of this addiction before it gets worse and that too on your own. Now, it is true that doing it is far times difficult than saying. That’s why to help you; we have prepared a list of useful tips to get you out of your credit card addiction. So, let us see them one by one.
Tips to overcome the addiction of credit card
Have a financial plan
The first thing that you need to do is create a financial plan underlining all the expenses that you have to handle every month. Meanwhile, also prepare the list of all the credit card debt that you currently owe and how much you have to exactly pay. Most of the people who are addicted to credit cards usage have no clear idea about their total debt that they owe. So, knowing here about how much exactly you have to pay can be a great reality check for you.
Control your urge of shopping
If you immediately head into the mall when you are angry or upset, then you need to work on your shopping issue as early as possible. This is the great indication that your shopping addiction is affecting your financial stability too. Whenever you have an impulse of shopping, try to indulge yourself in other activities that you find interesting.
Reduce the number of cards you use
Well, as you have become addicted to credit cards, it is quite possible that you might be using multiple cards. It is not easy to overcome the addiction of credit card, so you need to take serious steps. Start cutting the number of credit cards that you use one by one and reduce it to zero. If there are any payment left of few cards, then you can use an urgent fund to clear them all. You can apply for payday loans as such funds have 100 percent acceptance rate.
Start using cash more
Lastly, stop relying too much on cards and start using cash instead. It might sound a bit weird, especially in this digital age where you have the options to make payment directly with your card or even phone. Using cash will give your instant reality check how much money you are draining. This will further help you to live a more frugal lifestyle and you will learn to spend your hard earned money carefully later.
So, these were the tips and suggestions that can help you get rid of your credit card addiction. Well, you certainly cannot get rid of it within overnight. It will take time but you have to stay focused until you get rid of your addiction.