#CreditCards #DebtFreeJourney #CashOnly #FinancialFreedom
Hey guys, I’ve been on a rough journey dealing with $75,000 in debt (yikes, I know). After deciding to tackle it head-on with the Ramsey baby steps, I’m at a crossroads when it comes to my credit cards. 🤔
I’m thinking about closing all my credit card accounts to force myself to stop spending on them and switch to cash only. But I’m worried about the impact on my credit score. 📉
What do you guys think? Is it advisable to close my credit accounts to curb my spending habits? Or are there any other strategies you would suggest to help me stay on track? Let’s share some insights and support each other in this financial journey! 💸💪
I mean, only you can answer this question. I came through much financial unrest to a place where I love my cards because I love the rewards, but I’m also older and know that I’ve learned to budget. I am confident I will only spend what I have in the bank. Right now, I have like $5k on my cards, and I have $5k in the bank to pay them off when the statement balances come due.
Yeah, if you can’t do that, get rid of them. Don’t worry one second about what it will do to your credit. Just get them out of your life. But if you can master them, then keep them, because rewards are awesome.
If you can’t use credit cards responsibly, the most responsible move is to close the accounts.
If you feel you gain the necessary self control, the you could trial the cards again.
You can just cut up your cards and delete the card information from you Amazon account, etc. then when its all paid off and you think you can use cards responsibly, you can just ask for a new card to be issued. Your credit rating won’t get hurt by closing account(s)
Closing accounts won’t fix impulse spending, address the root issue for long-term success.
Have you ever attempted to pay the card off immediately after purchasing on it ? I clear my card daily – as I realize cash spending makes your feel it . When I shuffle the money from my account to the card I feel more in touch with the money and also collect the rewards .