Before starting to pay off your debts, you have to make sure you will stop incurring any more of it. This will leave you with peace while you are paying for the debts you already have without having to worry about the debts that you will add to it.
Some people think that having credit cards is an asset to them, but in reality, you don’t even need one. Here are some reasons why you don’t need a credit card.
You will be paying interest on every purchase
Needless to say, when you use a credit card to make a purchase, you’ll be adding a number of the payables in your monthly budget, plus the interest that comes along with it.
You will be tempted to use it
Even if you tell yourself that you already have enough debt, if an item you really want goes on sale, you’ll have a hard time convincing yourself that you don’t really need the item. Having a credit card gives you the “easy decision” which is in fact not the right one at all.
You will overspend
A cashless lifestyle is not as glamorous as it may seem. It may seem convenient while at the mall and shopping, but when the bill comes, it will lose all the glamour. Regrets may come because you overspent.
You don’t need it for emergencies
If you are financially conscious, you know that it is better to have an emergency fund in your bank account, than having a card “for emergencies.” We all know that you won’t be using it for emergencies only, so it will be better if you don’t get one at all.