As a result of the American fiscal cliff, unemployment, foreclosure, student loan debt and more, Americans have been worn by the fight of financial survival. Financial survival methods have been explored in more than one way. Americans have fought to survive by exhausting their 401(k) plans, mutilating their retirement funds and budgeting off of credit cards. The old saying, “robbing Peter to pay Paul,” has become a common practice in America.

While trying to find ways to succeed and survive, many have been lured into credit card debt. Even college students find themselves applying for credit cards just to make it through the semester. However, many college students are held by the protection of the law. Foxbusiness.com reports, “Credit Card Accountability Responsibility and Disclosure, which became law in May 2009, stops predator lending practices and adds various provisions that protect students and their parents. Students, or anyone under the age of 21, will either need to prove they have sufficient income to pay off any incurred debt, co-sign a credit contract with a parent or family member, or become an authorized user under a parent’s credit.”

However, by the time a person graduates college or is old enough to acquire credit, they are swimming in debt just as fast as they can assume it. Credit cards are convenient spending with high interest. Eliminating credit card debt means that one must first diminish the desire to purchase. Having control over anxieties of having things can become the first step toward eliminating the debt.

Next, control and make payments that kill the interest owed on credit cards. Late payments are not profitable for credit card debt. Many are swamped in credit card debt not solely because of what is owed, but by the compounded interest owed on purchases.

As a rule of thumb, don’t purchase what you don’t need with credit cards. Control your spending. Eliminate the card when it no longer serves a purpose. Never let credit cards rule your life. High spending on credit cards does not mean a person is wealthy or disciplined with a savings. Every credit card user must budget to eliminate. Destroy the credit cards today. Emotional spending can become the crutch for credit card paranormal. Eliminating the debt gives you control over your finances instead of expending them.


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