I want to start a group called Credit Card Users Anonymous.
I’ve learned my lesson when it comes to credit cards and the abuse of them, aka overspending. The accessibility of that little card is so tempting you want to take it everywhere you go. And the more you travel with it, the more likely you are to spend. It can become addictive!
I have only one card, and I rarely take it with me. But I have a friend who is the complete opposite. We used to joke in college that he had an unlimited ATM card. And once he began using credit cards, that impulsive spending habit transferred over.
I remember talking to him about his spending habit and how it would catch up with him. We’d lost contact for a short time, but he recently found me on Facebook. We caught up, and he shared with me that he had to file bankruptcy because of his mounting debt. I was saddened by his story, but it wasn’t that surprising to me.
This is a cautionary tale that I hope will scare you straight (if you’re anything like my friend). Now that I have your attention, here are a couple of tips I found that give you ways to prevent yourself from overspending on your credit cards.
- Delete card information from online sites — Have you bought an item online? Sites tend to store your credit-card information to make buying things easy. This allows you to check out quickly — without giving enough thought to your purchase. Removing your stored credit-card information from these sites makes it harder for you to buy things without some thought.
- Freeze your card — Place your card in a paper cup full of water and freeze it. If you want to purchase something, this will give you a few hours to think about it (and hopefully change your mind) while the ice melts. Want to make it even more challenging? Cover the number with foil or add dye before freezing the water.
- Lock ’em up — If you have a safe, you can lock away your cards similar to the way you lock up documents you rarely use like passports, investment papers, and legal documents.
Let me know if you have any more ways to curb overspending via credit card. AC: 0611-4875
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