Get Rid of Credit Cards -- Should I Do This?

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Get Rid of Credit Cards : Should I Cut Them Up or Close the Accounts?

Get rid of credit cards --- How? If you are struggling with credit card debt, this may be one of the questions at the top of your mind.

For some people, just owning credit cards presents a huge temptation to spend. They go to the store, and see a pair of shoes they just have to have. It is not in their budget, but they know they have their credit card along, and can just charge it. Perhaps this is your struggle—you rationalize your purchases by saying to yourself: “I’ll pay it off right away.” Deep down, you know you might not be able to.

Should you just cut up your credit cards?

If you really have trouble spending and getting into debt, at least make sure you do not bring your credit cards with you when you shop. It’s kind of a like a drug addict putting themselves into a situation where they know there will be drugs available. If you let yourself be vulnerable to temptation, you may easily succumb.

With online shopping available from your home personal computer, maybe you should go a step further to stop your spending habits. I have known of some people who freeze their credit cards in a block of ice, making them very inaccessible.

The bottom line is, cut up your credit cards, if that is what it takes to make you stop spending money you do not have.

Should you get rid of credit cards?
Should you cancel your accounts?
Here are some practical answers to those questions:

First, your credit score is better off if you pay off your credit card accounts rather than canceling them.

Next, if you are going to cancel accounts, start by canceling store credit cards. Space it out over a period of time. Never cancel all credit cards at once, as this will negatively impact your credit score.

Finally, there are some situations where you may need a credit card, such as for renting a car. Of course, there arealternatives to credit cards, but financial experts recommend keeping open at least one or two major credit card accounts. Having one or two major credit card accounts is better for your credit score.

In conclusion, I highly recommend that you do not charge purchases on credit cards unless you KNOW you can pay the balance off every month.

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