Simple Ways To Avoid Overusing Your Credit Card

Credit card debt is something that many of us have become accustomed to. The reality is, the vast majority of American households not only have credit cards but carry balances on those cards from month to month. Unfortunately, much of this credit card debt is due to overuse of these cards. Taking this too far could put you right in the middle of a financial hardship. Another unfortunate twist to this entire thing is that understanding credit cards and debt is not a course taught in your average school. As consumers, we just try to wing it! Well, below is a little bit of guidance to help you avoid overusing your credit cards…

Know And Control Your Debt To Income Ratio

Your debt to income ratio is a factor included in the calculation of your credit score. And, for good reason! If you have too much debt for your income to afford to pay back, chances are, the lenders will have an extremely hard time getting their money back. It is important to keep your total credit card balances below 10% of your annual income. Doing so and budgeting properly, you should have no problem paying your debts back. However, if you calculate your debt to income ratio and find out that it’s over 10%, you may want to stop using your credit cards all together until you’ve brought your ratio down.

Think Logically At The Checkout

As consumers, we are bread to spend with no regard for future consequences. Don’t become another slave to consumerism! Challenge yourself to think logically when it comes to the use of your credit card. Before you ever use your card, you should always ask yourself, “Can I afford to pay this purchase off along with the rest of my credit card debt within the next 6 months, should I have to?” and, “Is this purchase a need or a want?”. If you find that you don’t necessarily need what you are buying, you shouldn’t make the purchase. If you think that the purchase will make it impossible to pay off your debts within 6 months, you shouldn’t make the purchase.

If All Else Fails, Choose An Extreme Option

As consumers, many of us need credit cards as a financial pillow. However, the drive to use their credit cards outside of emergencies has caused many households to undergo financial hardship and in extreme cases, even bankruptcy. If you really want to stop using your credit card for non-emergency purchases but it burns a hole in your wallet, I’ve got a great option for you. Put your credit card in a freezer bag and fill the bag with water. Now, put the bag in the freezer and forget it was ever there. If you want to make a frivolous purchase, you probably won’t be willing to clean up the mess to get to your card. But, if you need something in an emergency situation, cleaning up a little water is a cost you will be willing to pay!

About The Author – Joshua Rodriguez

This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance and avid personal finance journalist. Join the conversation about this article on facebook or Google+!

29 Responses to Simple Ways To Avoid Overusing Your Credit Card
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    This is good stuff. Credit card debt can get out of hand so quickly. The interest rates are often so ridiculous that carrying any balance at all is money thrown away. I know emergencies happen, but my wife and I try to avoid carrying a balance if at all possible. We use our credit cards for most purchases in order to receive the rewards, but make sure to pay off the balance every month (most of the time it is paid off twice a month).

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  2. Are You in Debt? A Balance Transfer Card Can Help You Pay It Down Faster | FITnancials
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Simple Ways To Avoid Overusing Your Credit Card

Credit card debt is something that many of us have become accustomed to. The reality is, the vast majority of American households not only have credit cards but carry balances on those cards from month to month. Unfortunately, much of this credit card debt is due to overuse of these cards. Taking this too far could put you right in the middle of a financial hardship. Another unfortunate twist to this entire thing is that understanding credit cards and debt is not a course taught in your average school. As consumers, we just try to wing it! Well, below is a little bit of guidance to help you avoid overusing your credit cards…

Know And Control Your Debt To Income Ratio

Your debt to income ratio is a factor included in the calculation of your credit score. And, for good reason! If you have too much debt for your income to afford to pay back, chances are, the lenders will have an extremely hard time getting their money back. It is important to keep your total credit card balances below 10% of your annual income. Doing so and budgeting properly, you should have no problem paying your debts back. However, if you calculate your debt to income ratio and find out that it’s over 10%, you may want to stop using your credit cards all together until you’ve brought your ratio down.

Think Logically At The Checkout

As consumers, we are bread to spend with no regard for future consequences. Don’t become another slave to consumerism! Challenge yourself to think logically when it comes to the use of your credit card. Before you ever use your card, you should always ask yourself, “Can I afford to pay this purchase off along with the rest of my credit card debt within the next 6 months, should I have to?” and, “Is this purchase a need or a want?”. If you find that you don’t necessarily need what you are buying, you shouldn’t make the purchase. If you think that the purchase will make it impossible to pay off your debts within 6 months, you shouldn’t make the purchase.

If All Else Fails, Choose An Extreme Option

As consumers, many of us need credit cards as a financial pillow. However, the drive to use their credit cards outside of emergencies has caused many households to undergo financial hardship and in extreme cases, even bankruptcy. If you really want to stop using your credit card for non-emergency purchases but it burns a hole in your wallet, I’ve got a great option for you. Put your credit card in a freezer bag and fill the bag with water. Now, put the bag in the freezer and forget it was ever there. If you want to make a frivolous purchase, you probably won’t be willing to clean up the mess to get to your card. But, if you need something in an emergency situation, cleaning up a little water is a cost you will be willing to pay!

About The Author – Joshua Rodriguez

This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance and avid personal finance journalist. Join the conversation about this article on facebook or Google+!

29 Responses to Simple Ways To Avoid Overusing Your Credit Card
  1. How To Create A Blog
    June 13, 2013 | 9:45 pm

    It’s really a great and helpful piece of info. I’m glad
    that you shared this useful info with us. Please stay us informed like this.
    Thank you for sharing.

  2. automaty online
    June 18, 2013 | 7:29 pm

    You made some good points there. I looked on the net for
    additional information about the issue and found most individuals will go along with your views
    on this web site.

  3. 555credits.ru
    July 11, 2013 | 8:12 pm

    Wow that was odd. I just wrote an extremely long comment but after I
    clicked submit my comment didn’t show up. Grrrr… well I’m not writing
    all that over again. Anyways, just wanted to say fantastic blog!

  4. wisowuwy.Webege.com
    July 29, 2013 | 3:36 pm

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    and yours is the best I’ve discovered till now. However, what about the bottom line? Are you certain in regards to the source?

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    August 3, 2013 | 3:40 pm

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    WordPress on several websites for about a year and am nervous about switching
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  9. Jeremiah
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    This is good stuff. Credit card debt can get out of hand so quickly. The interest rates are often so ridiculous that carrying any balance at all is money thrown away. I know emergencies happen, but my wife and I try to avoid carrying a balance if at all possible. We use our credit cards for most purchases in order to receive the rewards, but make sure to pay off the balance every month (most of the time it is paid off twice a month).

  10. credit card card
    September 26, 2013 | 1:09 pm

    Hello are using WordPress for your site platform?
    I’m new to the blog world but I’m trying to
    get started and set up my own. Do you require any
    coding knowledge to make your own blog? Any help would be really appreciated!

  11. marketing salary
    January 21, 2014 | 8:38 pm

    Hi every one, here every person is sharing these kinds of knowledge, thus it’s nice
    to read this weblog, and I used to pay a visit this website everyday.

  12. beginner guitar games
    February 25, 2014 | 7:23 pm

    You need to be a part of a contest for one of the greatest websites online.
    I will recommend this site!

  13. football
    August 28, 2014 | 5:59 am

    I honestly believe that Adrian Peterson, Arian Foster, Ray Rice, Marshawn Lynch, or Jamaal
    Charles should be your focus in the first round.
    Do you wear your own football package when actively playing football along with friends on the park or even wear your shirt casually around town or perhaps is this your ritual to wear your groups
    colors when going down to the pub. I guess a handful of suspensions was enough
    to satisfy the NCAA.

  14. Free Cash Flow System
    January 16, 2016 | 6:17 pm

    fantastic issues altogether, you just gained a new reader.
    What may you recommend in regards to your post that
    you simply made some days ago? Any certain?

  15. Calvin
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    However wanna commentary oon some basic things, The website taste iss great, thee articles is in point
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  16. mortgage mortgage refinancing
    February 11, 2016 | 11:39 am

    There’s certainly a lot to know about this topic.
    I really like all of the points you have made.

  17. homemade honey masks diy
    February 11, 2016 | 11:37 pm

    I do trust all the ideas you’ve presented to your post. They’re really convincing and can certainly work.
    Still, the posts are very short for newbies. Could you please prolong
    them a bit from next time? Thank you for the post.

  18. emarketing
    February 14, 2016 | 1:26 pm

    If you desire to grow your experience just keep visiting this web page and be updated with
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  19. Chandra
    February 19, 2016 | 5:56 pm

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  20. eskimo hand auger review
    February 23, 2016 | 6:40 am

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  21. bhattjela89.deviantart.com
    March 23, 2016 | 9:57 am

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  22. iphone
    April 18, 2016 | 2:14 am

    The wonderful device is comprised of excellent camera features that enable the users to click clear pictures.
    Once you take your finger off you will be returned to the
    AZ keyboard. If you’ve been aware of mobile marketing and advertising platforms like Admob, in – Mobi, as well as others.

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Trackbacks/Pingbacks
  1. Pet Clothes for Small Dogs
  2. Are You in Debt? A Balance Transfer Card Can Help You Pay It Down Faster | FITnancials
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