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. While this may seem like a drastic measure, it’s actually one that many people find success with as they work their way towards living an “all cash” lifestyle.

There are pros and cons to cutting up your card so before you make any decisions on what method will work best for you, be sure to explore all possible options and weigh them against each other.

Pros Of Cutting Up Your Credit Card Cutting up your credit card is a great idea for many reasons. You’ll save money, you won’t be able to make impulsive purchases, and don’t have the hassle of worrying about how much cash will last at the end of each month!

Pay Off Debt Faster

Many people resort to cutting up their credit cards as a solution for paying off debts faster. Add the debt snowball method to the chopping, and you are well on your way to paying those debts off for good.

When we use our credit cards, it can make us feel like everything in life is within reach. We don’t have to save up for things because they are easily available on plastic. This convenience comes with consequences though and those come out in high-interest rates as well as late fees and annual fees.

Save Money In Interest And Annual Fees

Streamline Your Spending

People often feel better about streamlining the mess of cards they’ve acquired over years. It’s safe to say that no one loves carrying around credit cards, which can make them burdensome and inconvenient. But did you know they are also a cause for concern in terms of personal finance?

Fewer Bills To Manage

With no credit cards or other forms of payment that need managing on an ongoing basis, there are fewer responsibilities when paying off debts and your bank account will benefit!

Swipe Up for to read more!

Check out how we save over $31,000 in a year for free straight to your inbox!

Stop Inflation In It's Tracks!

Watch More Frugal and Money Saving Stories

The Best Affordable Laundry Detergent

Frugal Family Recipes with 5 Ingredients or Less!

Check Out The Full  Articles Here

The Best Affordable Laundry Detergent

Frugal Family Recipes with 5 Ingredients or Less!