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How can I avoid credit card debt?

When a person is struggling financially, they will likely start to depend more on credit cards to pay for their daily expenses. This can be tempting to do, but it can quickly spiral out of control, especially if the person starts to pay for non-essential items such as luxury clothing or restaurant food.

If you are worried about your credit card debt getting out of control, consider some of the following strategies so that you can have healthy finances and be free from finance-related stress.

Try to have a financial safety net

This strategy is best to implement before you run into financial difficulties. Everyone should try to save a certain percentage of their income every month and put it into a savings account. This will mean that you'll always have an emergency fund if you get laid off or start to experience financial hardships. This fund can be used instead of a credit card in difficult times.

Only spend on what you need

Many people are in the habit of making purchases that are not essential. In financially tough times, this behavior needs to be stopped. If you are worried about debts, you should try to make a budget of all essentials that you'll need to spend money on. Try to stick to these essential purchases so that you can minimize your debts.

If you have extensive credit card debts, you may need to take further action to address the issue. Filing for Chapter 7 bankruptcy could be one way of clearing all of your debts so that you can get a fresh financial start.

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