Reduce Use of Credit Cards

NO MORE Mortgage believes that many times people give quick advice which sounds good on the surface, but often cannot be implemented. Here is a good thought about a piece of financial counsel that is often heard.

Reduce Use of Credit Cards: Pay off those 18% to 19% cards and you’ll get that amount of “return” on your money.

Okay, let’s talk about this. NO MORE Mortgage believes that paying off those high interest rate cards is excellent advice. The problem is, telling you that it should be done and actually teaching you how are two different things. Simply advising people to stop using their credit cards is not going to fix the problem because it’s not getting at the root of why people are using those cards in the first place.

The reason that many people are using credit cards to live beyond their means is that they do not understand their emotions about money, which leads to uncontrolled spending. No one, and I mean no one, will be able to stop using high interest rate credit cards just because they know they shouldn’t. That’s like telling someone who needs to lose weight that they shouldn’t eat the double chocolate fudge brownie that’s put in front of them. Knowing what you should do and doing it are two different things.

There’s no way you are going to do what you should until you examine your emotions about spending, create a spending plan, and then track every expense according to that plan to reveal your true feelings about where and how you spend money. Once you become aware of your emotions and what you truly value, you can begin to prioritize spending, which will ultimately lead to a reduction in credit card debt.

Get to the ROOT of the problem, or it is likely the problem will not be solved, and it will come back. A bad habit is not corrected until it is identified and admitted, and usually we need help from a trusted partner or a very strong system to stay on track.

NO MORE Mortgage can help you get to the root of the problem while becoming a trusted partner in all of your financial difficulties.

NO MORE Mortgage

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