How close are you to getting out of debt? If you’ve been diligent about making payments and reducing your debt, you might want to start thinking about what your financial plan is once you’re done paying off your credit cards. If your goal is to get rid of credit cards, letting go of them can seem daunting. But it is definitely possible to survive without a credit card – you just need to make a plan!
Start Saving
The closer you get to clearing credit card balances, chances are you’re paying less every month, making it a perfect time to save money. This is especially important if you used your credit card as an emergency fund. Instead of having that potentially dangerous debt, you’ll have real cash that can pay for anything. If you already have a debit card, you can connect your savings account to it just in case. The sooner you can start building your emergency fund, the better.
Make The Right Choices On Cash Items
For a lot of people, their debt has devastated their credit history, making it difficult to buy a car, rent an apartment, or even get a cell phone. When you’ve built up enough savings to just pay cash on items, make sure you’re doing your research and that you’re buying items for the right reasons. Just like retirement, if you’re thinking about a big-ticket item, make sure it’s the right investment for you.
Set Goals
Just like any other kind of life goal, setting financial goals is key to making sure you can survive without credit cards. Once you have a better picture of what your situation is post-credit-cards, start setting key deadlines for an amount you plan to save. Even better, if you’re taking steps to cut down on monthly bills and other expenses, you can end up hitting your goals faster.
It’s entirely possible to live without credit cards – you just need to formulate a plan and stick to it!
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