Credit cards can be a great asset to have. When used responsibly, they can provide security against purchases, and they can also help to improve your credit score when you show that you are reliable with repayments.
However, if you become too dependent on credit cards and routinely spend more than you earn, credit card interest rates will likely have a negative effect on your life. If you become accustomed to shopping trips paid for by your credit card, you may develop a habit that could become an addiction. If you know that your credit card is having a negative effect on your life but you feel unable to stop, you should consider taking the following actions.
Pause the card until you’ve caught up with payments
If you know that you need to catch up on paying the balance, you may want to pause your credit cards. This will give you time to work hard on making repayments, and you can reactivate them when you are ready.
Cut up all cards
If you feel unable to resist reactivating your cards, you should consider cutting up all the credit cards you have. This way, you’ll be forced to live within your means.
File for bankruptcy
If you continue to use your credit cards because your debt is now so deep that you feel it would make no difference, it’s time to consider bankruptcy.
If your credit card use has gotten out of control, you should think about your future financial health and take the appropriate action to address your debts. An experienced attorney can help.