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How can I stop using my credit cards?

When you are having cash flow problems, the use of credit cards can quickly become addictive. You may find that you worry about not being able to pay all of your bills, so you use your credit card for everything that you can. Since it's technically not your money, using a credit card can lead to making impulse purchases. You may justify these purchases by convincing yourself that you will find the money to pay it off at some point in the future.

It is for these reasons that credit cards can be very detrimental to a person's finances. If you have become highly dependent on multiple credit cards and you are worried about the effect it is having on your finances, consider taking action to stop the vicious cycle. The following are some ways in which you can put a stop to credit card dependency.

Create a budget that you can stick to

The reason why people so often use their credit card is that they are not living within their means. While this can be unavoidable in some situations, for example, a job loss, it can also be caused by making impulsive purchases. If you set up a budget and limit your spending on items such as clothing or meals out, you are likely to dramatically reduce your spending.

Build up an emergency fund

For those times that you are forced to spend more money than you are earning, an emergency fund can be useful. By making an effort to build up an emergency fund over time, you will be less likely to reach for your credit card when you are having financial issues.

Cancel the card

If you know that keeping a credit card in your wallet tempts you to make extravagant purchases, consider whether it's time to cancel all credit cards. By doing so, you will be able to start getting into more healthy habits when it comes to your finances.

If you are struggling due to overwhelming credit card debts that have built up over time, you may want to consider filing for bankruptcy. If you have a low income, Chapter 7 bankruptcy could help you to wipe away your incurred debts in a matter of months.

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