Did you go cold turkey from CC?
Cutting down on use not working for me
, Feb 24 2012 07:09 AM
11 replies to this topic
Posted 24 February 2012 - 07:09 AM
Im looking for some motivation to just cut up my much used much needed CC. I get a weekly budget that covers fuel, food, and a small amount leftover for spending/kids.
I have a debt of 3k on it that i just cant seem to knock over. I try putting abit on from my weekly spendings each week but that leaves me short and i end up spending more on the CC than i have actually paid off it. It is getting out of hand and i know i need to learn to live without it. I guess i am hesitant becasue it will drastically alter my week. As in, i ownt be able to buy DS clothes if i need to or i wont be able to get that extra few groceries if i decide to cook something different on night.....It will leave me short. But i know i cant keep spending on it.
Did going cold turkey force you to just alter your spending, because i think that might be what i need to do...
Posted 24 February 2012 - 07:19 AM
quick answer - cut it up!! if you don't have it, you won't use it.
It'll suck big time for the first couple of weeks without that 'safety net' but you'll get used to it.
I promise, I got rid of my three - total balance at its worst was 15k but they are gone!! and such relief, that's priceless!
Posted 24 February 2012 - 07:21 AM
You could try freezing the card in a glass of water rather than cutting it up altogether. Each time you want to use it, you have to literally wait until it thaws.....
A girlfriend of mine did this when she had an issue with hers and it seemed to help her.
Posted 24 February 2012 - 07:35 AM
Yep its what I am in the process of doing right now. Like you, my card was just 3k. But it was stupid spending. There was nothing really on there that was a necessity. I'd put bits on it, try to pay it off, and just end up respending it anyway.
So this month when I got paid I transferred $1,000 onto my credit card and immediately called the bank to reduce my credit limit to $2,000. That way I have no choice but to live within my means. And to be honest, its been fine. I've stopped the impulse shopping and feel a lot better knowing that that money is paid off and now out of reach.
I will reduce it to a $500 limit eventually, to have in case of unexpected bills or whatever. But other than that I plan to be done with it.
Posted 24 February 2012 - 07:46 AM
Just call and cancel the card so it can't be used, and then slowly pay off the balance. You will get used to it.
Posted 24 February 2012 - 07:46 AM
i ownt be able to buy DS clothes if i need to or i wont be able to get that extra few groceries if i decide to cook something different on night.....It will leave me short.
You'll have to give these up. These aren't necessities. Don't mean to sound harsh, but it's usually the little things we don't need that gets us into these problems.
I agree with Curly Spikes, it will suck for a tiny amount of time but then, the satisfaction of paying it off and living debt free will outweigh that period of time by a million!
Cut it up!!!!
If you don't the problem will still be there in a years time, but the debt will be bigger and you'll have to give up even more to pay it off!
Posted 24 February 2012 - 12:15 PM
Learn to layby or wait for sales or save up the old fashioned way.
Maybe see a financial counsellor to see how to reduce the debt and live on a budget better than you are now.
Posted 24 February 2012 - 12:20 PM
Cut it up before it gets out of control.
Not everyone can manage a credit card, dont feel bad there are so many many many people out there that cant and are in a bigger pickle than you. Its not abnormal for people to have 5 different credit cards and be 20k + in debt.
Posted 24 February 2012 - 12:21 PM
Just cut it up. Pay for things with debit. Easy. I can truly say it is the best thing I have ever done for my financial position. I only have around $600 left on my CC and it will be cancelled as soon as the balance is $0.
Posted 24 February 2012 - 12:23 PM
Yep, I cut mine up. It was the best thing I could have ever done
Posted 24 February 2012 - 12:32 PM
I think you need to get rid of it. I haven't had a credit card for 10 years now (got a debit card for online shopping), and I do not miss it.
I guess i am hesitant becasue it will drastically alter my week. As in, i ownt be able to buy DS clothes if i need to or i wont be able to get that extra few groceries if i decide to cook something different on night.....It will leave me short.
It's sounds like you can't afford these luxuries anyway. I know I can't, and nor can a lot of people. I shop on a fortnightly basis (except F&V), and depending what we eat when - I just have to alter the menu according to what's left. It's amazing how creative you can get. And I'm sure your DS won't even notice he doesn't have a constant supply of new clothes.
Posted 24 February 2012 - 08:42 PM
Thanks so much everyone for the encouraging responses. I just paid $300 off it and it is now cut in a million peices in the bin. Its going to be hard but i now realise that unless i free myself of the temptation, im always going to be in debt.
So now my aim is to pay down 3K before baby #2 arrives in June....wish me luck!
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