Credit card debt is a very serious problem in America today. A credit card gives a person the ability to obtain instant gratification which is tempting. I think the best way to prevent impulse purchases and debt is to cut up your credit cards.

Here are my top 5 reasons why…

5.        Credit Card companies are very smart

Credit card companies are a lot of things, but dumb is not one of them. You may not like or agree with their business practices, but they are very smart. Their marketing is phenomenal. Think about it, they make money two ways. When you use your card for purchases and when they charge you fees. They are coming up with new ways to achieve both every day.

4.        Credit Cards are tempting

Credit cards tempt you into buying things because they can provide instant gratification. If you didn’t have a credit card in your wallet, you couldn’t make an impulse purchase unless you had the money.

3.        Your Debit Card can do the same exact thing (without the credit part)

You do not have to have a credit card to rent a car or buy a plane ticket. A debit card works the exact same way. Your debit card also has the same protection as your credit card. You can find Visa and MasterCard’s Zero Liability policies on my Resources page for more details.

2.        Purchases will not follow you home

When you buy on credit I can promise you one thing, they will send you a bill. They will send you one each month until you do not owe them anymore money. When you use a credit card the purchase always follows you home, always.

1.        You don’t need it, I promise.

The number one reason to cut up your credit card is simply because you don’t need it. If you don’t have it, you would figure out a way to get everything you need and want. If you don’t have it, you would budget much better (direct correlation). If you don’t have it, you couldn’t go into credit card debt. If you don’t have it, your stress would be decreased and you would have a much simpler financial situation.

If the thought of giving up your credit card scares you to death or if you think you just can’t get through life without it, I have the answer. Just take it out of your wallet for a month and don’t use it. Put it somewhere safe, but not in your purse or pocket. Then give it a month and see what happens, what do you have to lose?

I teach proven common sense financial principles. I am here to motivate, coach, and help you develop a plan to achieve your goals. I promise you there is a better way and I am here to walk you through this process. If you are struggling or just feel like you can do better, I can help. If you’re ready to get out of debt, I can help. I offer a Free consultation so we can learn more about each other. I can help and I’m only a phone call away.

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Financial Coach      |      Jimmy Spithas      |     jjscoach.com