Do you find yourself charging your lunch daily? Do you finance your wardrobe via credit? If you depend on a credit card to simply make ends meet consistently, re-evaluate your finances.
Making daily purchases using credit cards not only drives you deeper into debt, but also makes every single purchase costlier in the long run.
Think twice about discounts
Sometimes, it can seem like credit card companies are trying to fool you into saving by spending. When you go into a store or shop online, there is bound to be an offer to entice you to apply for credit.
From an in-store discount to free travel mileage, the end result is the same -- you increase your debt.
Some insist that paying the bill fully and within the promotion period keeps you from worrying about finance charges and other penalties that may apply. If this works for you, no problem!
But consider this: Nearly 34 million Americans admit to paying their credit cards late, and more than half missed paying altogether, according to a survey conducted by the National Foundation for Credit Counseling.
Do things differently
Instead of running up your credit card debt, take a different approach. For starters, re-evaluate your daily expenses to determine the areas where you can cut back to reduce your reliance on plastic.
If you are not disciplined enough to pay off your cards fully and on time, just say "no" to credit offers that tease perks and discounts.
Instead of using your credit card, save up money for large purchases. Do not buy something until you have the cash to pay for it.
You may love those fancy high-tech gadgets, like the latest smartphone. But buying them new is costly, and it becomes even more expensive if you finance a purchase through credit card debt. Instead, consider purchasing slightly used items to save money.
Before swiping your credit card, always determine whether it makes sense to borrow.
Remember: your choice, your future!