Saturday, May 11, 2013

Are you a 'creditcard-oholic'?

We all have that one friend (at least one) who is addicted to credit card shopping. And if we don’t, probably that one friend is us! These people have multiple cards in their possession and all of them are mostly used to their limits. When the bills are generated, these friends scamper around begging for money to pay off these bills. Only to shop with the cards again. This addiction has taken families to bankruptcy and even to jail, owing to non payment of bills.

The best thing to do is abstain from using these plastic cards unless really important. And, to look for signs, what if you are turning into a credit card addict! How would you know?

Well, for one you will never keep much cash in your wallet and if you do, you will realise your purchases are burning a hole in it. If you are shopping on impulse, or when upset, or just because a sale is on, chances are you are using the card. You realised your cards have maxed out, but instead of paying the dues, you go and get new cards for more credit! And the worst thing - you hide yours cards as well as your purchases from your spouse! You would also own a lot, I mean a hell lot of things which have never been used.

How to get out of this? Well it's difficult, it's an addiction after all. Try by disposing/freezing all the plastic cards and spending only cash. If you have the amount in your wallet, you buy it. Else, you don't. This way every purchase is accounted for. OR! Be a mystery shopper with RedQuanta! Earn while you shop and give your valuable feedbacks to the merchants at the same time!

[This blogpost is in association with RedQuanta. You can also check their blog here.]

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