Step 4-“Cutting up your credit cards”
“Cutting up your credit cards”
The answer to debt problems is not the creation of more debt and so the DebtWatchers program encourages the cutting up of credit cards, as continuing to use credit cards will undermine any and all efforts to get out of debt. It is so easy to use the card but so difficult to deal with the consequences, and then we start looking for the excuses which soon start to conflict with the rigorous honesty we are aiming to achieve.
The credit card alternative
It has all the appearances of a credit card but none of the consequences, as it can only be used if you have funds in the account. And its called a DEBIT card. When you are spending your own money you have a much more immediate awareness and consciousness of what is left. The other alternative is to take on secured debt, backed up by some form of collateral.
The thought process
By cutting up your credit cards and looking at the two other options we have given you it is likely to provide a cooling off period enabling you to analyse, and work on why you have debt and what you can do instead.
See all the steps at work for you in my book, Debtwatchers-Debt Mastery Program