I know the obvious reason to this question. It’s more convenient to be able to purchase the things you need and want right now rather than wait to save the money. I get it. We all get it. We all (probably) have some sort of credit card debit that looms in our shadows. But these companies are crooks and we should all strive to get away from them.
Think about the freedom, financial and emotionally, you could have if you could cut up all those cards and move on in life without someone having their hand out monthly. It would be an astronomical life step, but would it affect your quality of life?
For five years, I lived without a credit card. Not so much as a store credit card. You know what I did in those five years? Not a whole lot. Except pay of the $22,000 debt I had accrued by getting credits cards for years before that. It taught me how valuable money really is. If I wanted to do something, I had to budget for it. It’s made me a lot more cognizant of what I am spending and I’m a lot more receptive to spending and saving habits now.
I would recommend that anyone having a hard time with their debts take a strong look at their budget. See where you can cut corners. I might have been limited in those five years and I might have been down to about $10 to my name the day before pay day, but it’s one of the best things I ever did.
And I didn’t do it by myself, I used Cambridge Credit Counseling. I had heard about them on the radio and decided to look into it. At the time, I had just been spinning my wheels with my credit cards. Together, all of the minimum payments per month were over $600. After CCC took over the accounts and negotiated the interest rates down, I ended up paying less than $400 per month. They put me on a payment plan so that I would know exactly how much I owed and exactly when I would finish paying.
There are other companies besides Cambridge that are there to help you. The first step is doing the research and deciding to get out from under the debt that has been weighing you down.