You know the vicious song and dance, the endless cycle of paying off debt, then spending it a few days later because you want or need something. I think we’ve all been there. The question then becomes, “how do I break this cycle” People that find they can pay the minimum balance easily and keep using that money right after they make the payment are doomed to repeat themselves until the end of time. Only through financial freedom from debt can you break free and live your life the way you want.
So how do you go about cutting the cord from this dependency on credit? You keep seeing your paycheck vanish the moment the money reaches your account, only to get a little more wiggle room.
The best way you can start minimizing your debt is to get rid of those cards. Canceling them might worsen your credit score so your best and simplest option would be to cut them up. It may sound a little silly but without a way to buy something in the spur of the moment, you have no way of spending your money on things you don’t need.
I will say that if you’re going to commit to the idea, you have to go all the way. That means erasing any history you have with sites like Amazon. This will make it hard for you to enter your credit card information and buy something absurd.
Of course, there are always emergencies, to which you can speak with your bank to get the information or a replacement card you need.
More than likely, as long as you have a decent nest egg in your savings account, you can start saving and break the cycle that comes with credit card debt.
Before you decide to cut up your card, make sure you have some contingencies in place. You can also simply lock your card up. The idea is to get rid of frivolous spending, not leaving you high and dry when you get in a car accident. Whether you want to cut up some extra credit cards and keep and emergency card or simply lock them all away, you should stick with what works for you.