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The Stress of Paying With Plastic:
You might have gotten
your first credit card offer when you were still in college. It was
exciting—the idea that you could be entrusted with a credit
card account. You could suddenly buy things you never dreamed possible.
Your standard of living seemed to grow considerably. This was especially
important during your college years, when money was so tight.
You may have run up
your credit card balances when you had your first child. You had to
buy so many things—a bassinet, crib, stroller—and a credit
card seemed a good way to pay for it. You might have realized that
it was wrong to overcharge, but you felt as if you had no other option.
Suddenly, you found yourself facing a mountain of credit card debt.
Millions of us use
credit cards each day to pay for both major ticket items and minor
goods. Credit cards are a multi-billion dollar industry, and the industry
seems to be growing all the time. Yet, there can be a tremendous amount
of stress associated with paying with plastic. This stress can also
be difficult to alleviate, since credit card use can be so addictive.
There can be the stress
involved in paying off your monthly balances. The balances might grow
so great, in fact, that you may have trouble paying them off entirely.
There can be the stress involved in trying to manage multiple credit
cards. Also, you might find yourself stressed out by even minimum
monthly payments. If you have to balance other major bills, such as
a mortgage and car payments, the financial stress can seem overwhelming.
How do you deal with
such stress? There are a number of strategies you can use. To begin
with, you can try cutting up your credit cards. This will eliminate
the temptation to overspend altogether. When your balances are no
longer rising, you might find it easier to deal with credit card debt.
However, you may view
credit cards as a natural part of life. Therefore, you might not want
to eliminate them from your wallet. In such a case, you must learn
to somehow deal with credit card debt. There are a couple of different
ways to do this. For instance, you might call the credit card company
and try to re-negotiate your interest rate. This may require you to
talk with a supervisor, but it can be well worth the effort. Cutting
your interest rate can significantly lower your payments.
Another technique
you can use is to put yourself on a credit card budget. Figure out,
realistically, how much credit card debt you can handle each month.
Once you figure out your limit, do not go over it under any circumstances.
Otherwise, you could find yourself paying significant monthly payments.
Also, try, if at all
possible, to pay your credit card bills on time. This means eliminating
late fees, which can prove to be a significant expense. By paying
your bills on time, you will improve your credit rating and you’ll
find yourself dealing with less stress.
In some cases, the
best way to deal with credit card stress is to discuss your problems
with a credit counselor. He or she may be able to work out a more
manageable payment plan for you. With the counselor’s help,
you should also learn techniques for better managing your money. Best
of all, such counseling is free, so it will not cause you additional
financial stress. You may find yourself to be tremendously relieved
after talking with a credit counselor about your problems.
You should not be
embarrassed by the fact that you are undergoing major credit card
stress. It can literally happen to anyone, particularly since credit
cards are so widely available. The important thing to remember is
that credit card stress, while difficult, is completely manageable.
By invoking proven money management strategies, you can learn to deal
effectively with your stress. You may even find that using credit
cards becomes an enjoyable experience, since you are doing it so rarely.
Also, be sure to talk with members of your family about the stress
you are undergoing. They may be able to help ease your stress level—and
they may curb their own spending habits as a result.
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