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.
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!
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.
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?