When to stop using credit cards

Having a credit card or more often leads people to think that they have access to limitless free money

06:38 17 September 2013

Having no credit cards at hand means that you most certainly will not accumulate more debts, especially if you often find yourself spending more than you can actually afford. But there are many things that you need to take into consideration before renouncing your credit cards. Here are some of the most important of them:

• Only give up using credit cards if you can afford it. It sounds simple, but many people who stop using them end up needing even more than one credit card;

 

• if you are one of those persons who start using their credit as soon as they get it, than you should definitely consider not using any credit cards whatsoever;

 

• it may be the best solution to stop using any more credit cards if you often find that your credit balance is off the chart;

 

• How often do you repay your debts? Whether you should stop using credit cards or not depends on the answer to this question. If you rarely do, than you should definitely stop using them;

 

• even if you still don't consider not using any credit cards, at least try to reduce the number of cards that you use or use only credit cards that don't have a huge balance attached to them;

These are the main aspects to take into consideration if you contemplate not using credit cards anymore. Remember that even if you continue to use them, there are still ways of actually controlling the debt level by using them sparingly, only on things that you absolutely need or by making sure that you repay as much debts as you can.