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You Can Begin To Live Without Credit

Mar 13th 2011 at 10:15 AM

It usually is tough to comprehend how you can now live without plastic cards. Believe it or not, you will definitely quickly realize true concept of financial freedom. The intent is not to bash bank cards but merely press the issue that one won't have to accumulate charge card debts. Using credit cards is not harmful in case you are responsible and you could handle payments. The use of cards is also sound practice in the event you pay off entirely on payment dates.

I have to warn you here that it's going to need a alteration of your mindset. Initially you have got to consolidate or payoff your bank card debts. Once consolidation or payoff is achieved, you will have managed to get rid of debts. The next step is to refrain from using charge cards so that it prevents you from accumulating debts while staying within your means. Realize the latest mindset- you are not sacrificing but you're prioritizing

Avoid Monthly Payment Syndrome

We have been programmed to think in “monthly payment” mode. Let’s say you like something at a shop which costs $500. Most will not consider the cost $500 because that $500 will be charged towards the credit. The chances are you will say that will add extra $5 toward the charge card monthly payment. That is how over the time the credit card debts pile up. With new mindset, you will find yourself thinking on basis of $500. If you don't have that $500, you will delay purchasing till you've got $500. Being able to charge cards, you are able to encourage your impulsive purchases. By delaying purchase, ironically perhaps you may realize that you truly did not the item.

Track Your Spending

With new mindset, you will not charge the purchase to the plastic card (except for REAL emergency). That suggests you may have to track where you are spending money. Some of the expenditures ought to be curtailed if not totally eliminated. At the onset, you will not like new acquired lifestyle; however the notion of eradicating debts and being debt free will bear fruits ultimately. You can expect to purchase only if you have money. Eventually, you certainly will feel relief because there is no anxiety about accumulation of debts.

Increase Your Earnings

I am sure you might have realized that biggest difficulty in changing mindset is that there is adequate money coming in dependant on your family’s income. Surely, getting another job is out of question. Believe it or not, you'll find many opportunities online you are able to pursue which will enable you to get that extra added income without leaving your home. There is practically no investment. It is quite possible that over time you're likely to add up to $500 to $900 towards your income portfolio. Robert Kiyosaki explains in why it is important to start your own home business; see his video at:

By decreasing your bank card usage, tracking your spending and enhancing your earnings, you can expect to now have a significantly better prospect than in the past of achieving your financial freedom. With a little work, your credit-free lifestyle will ensure you don’t get caught in debt web. Ironically, you will discover that having money saved when you need it is lot more gratifying as opposed to the false purchasing power of your charge card.

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