Should I Cut Up My Credit Card To Get Out Of Debt?

One of the most popular methods for getting out of debt is to cut up your credit cards.

Good Debt vs Bad Debt

Cutting up your credit card is a great idea for many reasons.

Good Debt vs Bad Debt

Pros Of Cutting Up Your Credit Card

Here is the first reason why many people cut up their credit cards. It is a means of paying off credit card debt faster than it would normally be paid.

Pay Off Debt Faster

You may be wondering why your credit card statement is so high when you’re sure that the only thing you bought was a coffee at Starbucks.

Save Money In Interest And Annual Fees

People often feel better about streamlining the mess of cards they’ve acquired over years.

Streamline Your Spending

One of the best parts about not carrying a credit card is that you have fewer bills.

Fewer Bills To Manage

Harder to get credit. It can be hard to get loans from banks without a line of credit and will take time for new habits to form and for you to build up savings.

Cons Of Cutting Up Your Credit Card

Cutting Up Your Credit Card Is Inconvenient

Some people may choose not to cut up their credit cards because they perceive it as being more of an inconvenience.


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