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So, we’ve previously covered a recent study that shows that credit cards tend to increase our tendency to spend money, which I didn’t find entirely surprising. At present, credit card debt has been, and continues to be, on the rise. As a nation, we have about $850 billion in credit card debt. Not exactly chump change.
Understanding your own tendencies when it comes to credit is vitally important. If you’re on of those people that tends to let extra money burn a hole in your pocket, you may not want a card at all. If you’re looking to get out of credit card debt you already have, it may be time to consolidate your debt and focus on getting out. Freeze your card, burn it, cut it, whatever, but if it’s a hindrance to your financial well being, get rid of it!