Credit card debt, according to some sources, is the bane of the modern American consumer. If you believe the media, Americans are drowning in high-interest unsecured debt. It eats a large portion of our monthly income and prevents us from building up long-term savings.
Moreover, this glut of debt has spawned several cottage industries: get-rich-quick scammers buying up millions of old debts for pennies on the dollar, who then turn around and make a profit by collecting from consumers who have written off their old debt; debt consolidationlenders offering loans to help consumers shuffle their debt from one place to another, only to realize it hasn't decreased at all; bankruptcy lawyers who justify their astronomical rates by the new complicated bankruptcy laws.
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Debt is big business, and it's making a small minority of the population very, very rich. The rest of us have to figure out how to deal with our debt problems. I've started to find a way to begin to deal with my own credit card woes; namely, I'm trying to use them less.
This is not ground-breaking stuff, so don't expect a silver bullet or some quick scheme to eliminate your debt right away. No, my solution is simple, some would call it old school.
1. I hide my credit cards. Not where I can't find them, but I put them out of my sight. If I see them every day, I'll be more tempted to use them.
2. I get cash out of the ATM a few times a week. I only get enough to cover my expenses for a few days. If I run out of cash, I don't use my debit card and I certainly don't use my credit card.
3. I write down every dollar I spend. This helps me keep to a budget, but also, at the end of the month I examine my spending patterns to find where I can cut back. If I see myself spending too much in any one area, I find a way to reduce that expenditure.
So, these three steps help me curb my spending and avoid accumulating more debt. I've found most other methods are just a band-aid, and true debt reform comes from changing habits.
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