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.

Good Debt vs Bad Debt

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.

Good Debt vs Bad Debt

Pros Of Cutting Up Your Credit Card

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. 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.

Save Money In Interest 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.

Streamline Your Spending

One of the best parts about not carrying a credit card is that you have fewer bills. Imagine what life would be like if we weren’t swamped with managing our finances every day–it’s true, without cards there are fewer monthly financial responsibilities.

Fewer Bills To Manage

- Takes time to get cash and separate. - Not every store takes cash. - Eliminates the convenience of online shopping - Hard to separate funds as a couple. - Harder to track spending. - Holding cash can be unsafe.

Cons Of Cutting Up Your Credit Card

The benefits of cutting up a credit card are endless. From being able to prevent spending, and also stopping others from charging unauthorized purchases on your account.


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