Credit cards can get the better of even the most financial savvy of people. Even the most positive sounding local credit card companies are troublesome. While some proponents of credit cards claim they can be used responsibly, we at Johnson Legal Group say its not worth the risk. The brand-new year is a time to start over with a blank slate. It’s an ideal time to rid yourself of negativity and provide yourself a fresh new outlook on life.
Unfortunately, this can be hard to do with debt hanging over your head. In fact, waking up to find yourself in deep– and ever increasing– debt can make it hard to concentrate on much of anything.
Luckily, there is an escape of financial obligation, even when it is deep and seemingly limitless. Although it will likely be a journey, there are a lot of others who have traveled the exact same road to help you out along the way. Most importantly, the liberty from debt discovered at the end of the roadway is well worth all your hard work.
The initial step on your journey to debt-free living is to ditch the charge card. Do not toss them out completely until they are settled, however do freeze them in a large block of ice, hand them over to a reliable family member to keep out of your reach, or conceal them from yourself in a place that is really bothersome to obtain to. This will keep you from utilizing them without a great deal of idea initially.
Here are 3 reasons you simply must stop using your credit cards.
Credit Cards are dangerous. Getting rid of them is a great way to avoid the hassle they can pose.
Credit Cards are Designed to Keep You in Debt
Charge card business want you to be in debt. They literally flourish off of your financial obligation, when you handle to work your escape of debt, they lose out on the unbelievable amount of interest you had actually been paying up until that point.
For this reason, these companies actually set things up so that an individual making the minimum payment and continuing to use the card every month would actually never ever work their escape of financial obligation. Even an individual with a relatively little financial obligation of around $4.000 would need around 15 years to settle that debt when paying only the minimum amount.
Using Credit Cards Will Only Make Your Scenario Worse
Clearly, because of the financial obligation carousel the charge card companies have put you on, continuing to utilize your credit cards definitely will not help matters. In fact, using your cards, even if you are getting some sort of reward for doing so, will without a doubt make your financial obligation situation worse.
Having Credit Cards Around is Too Tempting
Bring a credit card in your wallet, specifically when you are accustomed to utilizing the cards for anything and everything, resembles bring a little bit of temptation in your pocket at all times. Resisting the urge to utilize the card when you encounter a product you ‘d actually prefer to have takes an extraordinary amount of determination, and if you find yourself unable to resist, you just set yourself back even more.
For this reason, it is much better to obtain that card out of your hands and focus on having a good time without investing money. Instead you could learn to invest that money wisely
We hope this post has actually inspired you to provide yourself a brand-new financial start this new year. By working your escape of debt and staying that way, you give your household and yourself the priceless gift of flexibility. If you feel you do want a credit card solely for your credit rating, find one with no annual fees and no hidden fees for non-use; and then bury them in the back yard and forget about them. If you cannot afford something, don’t buy it. Figure out how you can afford it first.