The New Year is a time for clean slates and new beginnings. However, getting a fresh start can be difficult if there is a huge amount of debt hanging over your head. It can consume your thoughts and concerns, making it difficult to work towards other goals. It can also cast a negative shadow over your life, making you feel like your situation is hopeless.
But being in debt does not mean things are hopeless! The journey to being debt-free can be difficult and fraught with obstacles, but it is possible. One of the first steps you can take to start your 2017 on the right path is to ditch your credit cards. Our Englewood bankruptcy attorney explains how your credit cards can be hindering your efforts to get out of debt.
Reasons, why you should get rid of your credit cards, include:
They are a temptation.
You don’t have to actually get rid of your credit cards if you just never use them, right? That would be correct if most people could resist the temptation. Carrying your credit cards with you in a wallet is like carrying that enticement to spend money with you. What will actually make it easier to resist temptation: deciding not to pull out that credit card or not being able to pull out the credit card at all? Don’t put yourself in a dangerous situation on purpose—getting rid of the cards is step one.
They make your debt worse.
Credit card companies create incentives to keep people using their cards. They offer things like points and discounts when you purchase things. It is easy to feel like you are getting a great deal when you use your credit cards and “earn things back,” when in reality you are just racking up debt. Those incentives aren’t worth the cost of getting them, especially for those who already feel like they are drowning in what they owe.
They are designed to keep you in debt.
Credit card companies love when their users stay in debt. The collect tons of money on the interest that accumulates. Minimum payments are constructed in a way that keeps the individual in debt from ever getting out of that debt. By continually only paying the minimum amount, you continue to tread water without getting anywhere.
Start today: cut up those credit cards and get rid of them. If you are struggling with large amounts of debt, it's time you take action into your own hands and work towards a brighter, debt-free future.
If you are struggling with credit card debt and bankruptcy, contact the Law Office of Michael Boyd today.