Few Examples Of When You Would Use The Slope Formula Why You Should Cut Up Your Credit Cards Now

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Why You Should Cut Up Your Credit Cards Now

Today’s modern society is based on dependence on plastic. Not the plastic associated with cosmetic surgery, but the kind of plastic you keep in your purse. The kind of plastic you leave home without. It’s amazing how people paid for goods and services before credit cards were invented! With the convenience that credit cards provide comes a slippery slope to unmanageable debt. If this all sounds too familiar to you, you should seriously consider cutting those cards.

Many people balk at the idea of ​​paying close to 30 percent interest on a loan, and yet there are still many people willing to use credit cards that charge more in interest. Given that you don’t want such a high interest rate on a loan to pay for your home or your car, why would you on your credit card purchases? Then there are some credit card companies that offer a low introductory rate only to raise their rates to such shocking heights after a certain period or after your first default. When you’re considering any such offer, it literally pays to scrutinize the small print and shop around for the best deal. Providing credit to borrowers is a big money maker so there should always be good deals because they want to attract your business.

Credit cards aren’t all bad, especially if you’re trying to establish some kind of credit history. Almost everything you borrow on credit is recorded against your credit history. An established credit history can be very valuable because it shows potential lenders whether or not you are a risk. When it comes to borrowing large sums, for example buying a house, a good credit history is essential if you want to secure the lowest interest rate for high-risk loan applicants to attract higher interest rates. Using credit cards to build a credit history can be very beneficial as long as you stay on top of your spending and never miss a payment.

When you’re borrowing against a credit card, it’s especially important that you don’t stretch your finances to the point where you can’t afford to pay off your balance without incurring huge interest charges. A relatively small debit balance remaining for a few months can quickly grow to a significant amount.

When you’re spending with a credit card, be aware that the convenience factor can mask some of the triggers that help your brain register a financial transaction. For example, when buying goods for cash, you may experience a real sense of loss (of money) when you experience receiving something (goods). When you buy intangible goods or services you lose part of the buying experience. When you make your purchases with a credit card you have fewer triggers for your mind to register. This can lead to very easy, guilt-free spending which isn’t a good thing when you’re trying to get out of debt.

Although we talk about cutting up your credit cards, it is absolutely not necessary to do so. As we’ve seen, there are some benefits to having them and they can be really useful in an emergency. You need to be disciplined enough to use it only when it is absolutely necessary and then clear the balance as soon as possible.

Of course, that doesn’t mean you should keep all your credit cards in case the unexpected happens. The fewer active cards you have, the less credit limit you will have available for spending. Your plan should be to decide which credit cards to keep and then clear balances from other cards as quickly as possible.

When you’re going through the process of canceling your credit card, don’t allow the lender’s efforts to keep you on board to change your mind. Remember why you’re closing your account, all the sacrifices you’ll have to make along the way, and the financial mess you could end up with.

Once you’ve exhausted your extra cards and cleared your debt, start saving before you start spending again and only buy what you can afford at the time. If you don’t have enough money, wait until you do. Either what you want will still be available or you’ve saved money meaning you’ve walked away from the idea altogether. Discipline really is the key to keeping debt clean once and for all.

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