Updated: Nov 18, 2019
Do you see the creepiness here?
Stop using your credit card. Redesign your personal budget so you spend less than you earn. A budget is essential. It would be better to attack your credit card debt with any savings you possess. Few investments earn a 17% return or the average interest rate Americans pay on credit card debt. Use the money you save each month by reducing expenses and pay down the credit card. It may take 3 years to accomplish. Find a side hustle to make extra money and use the additional income to pay of the credit card debt.
If you decide that the consolidation loan solution is best, remember to put your credit cards on ice to stave off the creep. Literally put your credit cards in a sandwich bag. Fill the bag with water. Place assembly into your freezer. This puts your credit cards on ice! This will help you get out of the habit of using your card to pay for your every whim. Cutting your cards may be advisable. When you have paid off your balance, call the card company to send you a new card.
These methods eliminate taking a credit score hit because you closed the account. If you are irresponsible with credit cards, cancellation may be the best alternative.
Living debt free is worth the hassle! Be WalletWise.