5 Tips for Living Without a Credit Card

For many people, credit cards symbolise a trap which continues to keep them in debt. While they can be very handy, credit cards often cause more harm than good. If you’re looking to shake your debt for good, here are 5 top tips for living without a credit card.

Get Your Finances Sorted

To ensure that you can really get the best start on living without a credit card, you should take a good look at your financial standing first. Without a solid foundation, you may end up having to revert to credit once more just to get you out of a difficult financial situation. If you are experiencing difficulty paying your bills, meeting your loan repayments and balancing your credit cards, it might be a good option to seek professional help.

Professional debt solutions specialists such as Fox Symes provide a range of support and advice to help you to consolidate and eliminate your debt, as well as alleviate financial strain. Fox Symes is one of Australia’s leading debt solutions specialists, and their team of professionals can help you to regain control over your finances for good. With this sorted, you can focus on living life without your credit card debt and take charge of your finances.

Update Your Budget

If you’ve been living off your credit card, chances are your budget will need a serious adjustment before you can get rid of your card for good. Sit down and work out exactly what your weekly expenses are, and weigh them against your income. Focus as much of your leftover funds into paying off your credit card as soon as possible. Once the card is paid off, allocate the money you were using into a separate savings account. Now instead of using your card, you can work with your own savings and stay debt free for good.

Resisting Temptation

The simple thing to remember about living without your credit card is this: if you have to use credit, you can’t afford to buy it. Don’t let the temptation of bargains or a special deal ruin all of the hard work you have put in to becoming debt free.

Cut Up Your Card

The reason so many people advocate cutting up your card is that it is a simple and effective way to remove the temptation of using credit without actually harming your credit rating. If you cancel your card, you run the risk of damaging your credit rating and undoing all the hard work you’re currently putting in. When you cut up the card, it is a physical as well as psychological commitment to living without credit.

Use Debit Instead

The majority of debit cards issued by banks can be used just like a credit card. They are designed to work with internet transactions as well as over the phone, so you can use your own money to pay bills and buy online rather than putting it on credit.

Breaking the cycle of credit card debt isn’t easy, but it can be achieved with a bit of hard work and determination. Credit is designed to be easy to access and hard to pay off, so you need to put all the odds in your favour if you are going to get rid of your card for good. Remember to seek professional help if you feel like you’re struggling with your finances, and find a reputable company such as Fox Symes who will work with you to eradicate your debt. Following these top tips will have you well on your way to enjoying life without the financial stress of credit card debt.