Sometimes desperate times call for desperate, or rather drastic measures.
Welcome to the next installment of Finance Friday!
If you are having difficulty reigning in your spending, specifically where credit cards are concerned, then it may be time to put them on ice. Literally.
When I started this journey to get my finances in order, I would leave my credit cards at home. I wouldn’t carry them in my wallet so that I wouldn’t use them when I was out. But what about when I got home?
As Seen on TV commercials get me all the time! OK, maybe not all the time but a lot of the time.
- The Oreck Vacuum Cleaner
- The Sonic Scrubber
- The Oreck Air Purifier
- Twist ‘N Clips
- The Food Saver
- The Ninja
- The Jack LaLanne Power Juicer
This list could continue on and on. There are some things I’m sure I don’t even remember purchasing. The point I’m making is each of these items has something in common. They were all purchased with my credit cards on a whim after seeing an As Seen on TV commercial!
At the rate I was going, I would have
owned been in debt to purchasing everything that caught my eye on television. I had to do something.
I remember reading somewhere that you should freeze your credit cards until you pay them off. Putting all my credit cards in a plastic baggie and then immersing that baggie in a bottle of water that I froze was my drastic measure.
My credit cards have been in the freezer for over 4 months. Initially, I would get tempted to unfreeze them when I saw something I really wanted. Then, I’d get distracted and forget all about it. Plus, it would take work breaking up that block of ice!
Having my credit cards in the freezer has allowed me to pay off a significant chunk of my debt. It’s like that Rotisserie Set it or Forget it Oven (Wait, I saw that on As Seen on TV too LOL).
Seriously though, if you plan to amass any kind of wealth you can not have credit card debt. Besides, debt is a harsh task masker. More on that on our next Finance Friday post in a couple of weeks.