It was just a few years ago consumers would only pay with plastic. According to many financial gurus it was the most recommended way to build credit. Fast forward three years and over the 2008 financial crisis many consumers are frantically wondering how to pay off their debt. If it’s possible to burn your financial obligation along with the plastic card you would do so.
Now, consumers are wondering which way should they go and realizing that it’s possible to build credit AND live without plastic. As we all know in real life plastic can smother you from breathing. It’s safe to say that this is a great analogy for the credit cards that are packed in your wallets.
Credit cards are smothering some consumers from flowing in the right direction and increasing credit scores. Instead the maxed out, minimum balance paid is stagnant. The cards are as useful as a colorful coaster on the coffee table.
If you’re wondering where should you begin…it starts one step at a time. Start with a savings plan by first paying off all your credit card debt then building your savings. It probably took one month to max out your credit card, but will take much longer to pay off.
When you decide to “throw away” your credit cards don’t throw your credit out the door at the same time. Stay Focus! Be discipline! Steadfast!
Stick with your savings plan and sacrifice your spending.
“Love yourself enough to support yourself.”
Property of SMG, LLC
Reported by Bahiyah Shabazz, MBA
- Consumers set on reducing debt (lv.com)
- The American Credit Card Craze (creditloan.com)
- Compare Credit Card Offers with DailyMarkets.com’s New Credit Card Reviews Section (prweb.com)
- Credit cards are finding ways to sneak in fees (fabulousandmoneysavvy.com)