Many people have fallen into the trap of living off their credit card. With credit card companies increasing fees, interest rates, and cutting lines of credit all the time you want to avoid relying on them for financial stability. This article will guide you on how to avoid living off your credit card.
Things You Will Need
To closely follow the steps on how to avoid living off your credit cards and avoid going into debt as a result.
The first step to avoid living off your credit cards is to only carry credit cards that require you to pay off purchases at the end of the month. This way you will not be tempted to make purchases that you are not absolutely positive that you can pay for, and you will avoid running up a debt and potentially high interest charges on that debt.
The second step is to never buy something spur of the moment. Impulse shopping can destroy your budget, and can result in someone having to live off of their credit cards because they wasted their money on frivolous items. If you see something that you like wait 24 house before you buy it so that you can decide if you really need the item, if after that time you decide that you do in fact want it then it will still be there the next day
The third step to avoid living off of your credit cards is to make a list of all the purchases you made in the month. Then examine those purchases and identify any that were not absolutely necessary. Besides food, clothing,(which does not mean wasteful spending on over priced clothes for fashion purposes, clothes that are truly needed) and bills, most people can cut several things out of their budget. This way you will not need to charge daily living expenses because you will have extra money that does not need to go towards credit card payments.
Tips & Warnings
Debt from credit cards can add up extremely fast, it is important to not fall into the habit of relying in your credit cards to survive financially