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Addicted to credit

I feel I am addicted to my credit card. Any advice?

Posted by Robert J on 06/03/2014 @ 13:28

Credit cards are the downfall of so many. For one reason or another people have become dependent on their card. Flashing the card – even for small purchases – is just an automatic response.

Here are some ideas:

  • Limit yourself to one credit card.
  • Drop the limit on that card down to an emergency limit – $500 perhaps.
  • Instruct your bank not to offer you higher limits!
  • Don’t take your credit card with you on shopping expeditions.
  • Make it difficult to access this card – hide it, give it to someone else to look after, freeze it!
  • Work out how much you have to spend each day and only put that amount of money in your purse/wallet each day.

After a few weeks following this advice reality will start to creep back into your life. You will come to realise that money is finite – you have a certain amount and you have to live within that limit. You will surprised how your thinking starts to change. You will start to question your own spending:

  • Do I really need it?
  • I won’t buy it right now, I will wait till tomorrow and see how I feel about it then.
  • Can I buy this item more cheaply? Secondhand? Online?
  • What financial consequences will there be if I buy this item? Will I be broke for the rest of the month? Do I want that?
  • What is more important?

You should use credit cards only if you have the strength to control your use of them. As soon as you feel you are losing control revert back to this cash-only regime to bring reality back into your life.

Posted by Martin Speedie on 06/03/2014 @ 16:09
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