Has your credit card caused you to buy a ton of unnecessary things? Has debt caused you to be anxious in your daily life? If the answer to both of these questions is – yes – don’t worry, you’re definitely not alone on this.
As of last year, there were more than 762 billion dollars in credit card debt in America. Yes – billion – you read that right. That means the average household in the United States has over 16,000 dollars in debt.
Taking out a loan for continuing education or buying a home makes sense to some. However, the matter of the fact is, a vast majority of debt in this country comes from spending money on luxuries people don’t actually need.
Common sense would tell you to stop spending money on unnecessary things, but we all know that these situations are a bit more complicated than that.
Thanks to our culture of consumerism, spending thousands of dollars on useless things more of a bad habit than anything else. In order to help you break that bad habit, let’s look at a few things you can do to reduce your credit card spending
Delete Your CC Data from Your Favorite Sites
Not long ago, if you wanted to make a purchase, you needed to sit in your car and go to the local mall. These days, it’s pretty easy to spend a ton of money on clothes and accessories without even noticing it. With online credit card processing, you can buy anything you want with just a few taps on your iPhone.
So how can you solve this problem? You simply need to make things harder for yourself. You should start by deleting the credit card data you have on various shopping websites. The next time you start browsing and thinking about spending money, you’ll have to enter your data all over again. This will definitely slow your spending down.
Ask the Bank to Reduce Your Card Limit
This little hack right here should only be done if you’re completely confident you won’t go over the spending limit. All you need to do is call up the bank, ask to talk to a representative, and request that they lower the credit amount on your credit card.
All it takes is five minutes and you’re done. And even if the bank rep insists on keeping your current card limit, just ask to talk to their manager, and politely explain the situation.
Try Keeping a Spending Journal
Being aware of your spending habits will allow you to discover what “triggers” your compulsive shopping behavior. Therefore, get a spending journal and every time you use the card, just make a small note. This will help you discover what you spend the most money on, when you spend it, etc.
And after a few months of recording and studying your spending habits, you’ll be able to recognize certain patterns. This will help you design a game plan that will allow you to avoid these “shopping triggers.”
If the tips we presented above don’t help, you can always cancel your credit cards altogether. While this may impact your credit score slightly, but keep in mind that maxing out your cards will definitely hurt your credit score even more.
With that being said, following the advice we gave you will probably help you cut your spending. Although it may take some time to get your spending under control, you’ll eventually form new, positive spending habits that will help you keep your credit score high.