We are aware of all of the irresistible impulses of reckless spending in the present-day American lifestyle. We are overloaded by commercials and advertisements showing all the alluring and must have items, and the shinier and pretty customized credit cards with which we purchase all those products. With this combined temptation, it is no wonder we are unable to resist costly shopping excursions. As explained by a growing number of top economics, the issue with the American economy has been an overreliance on consumerism to combat our declining manufacturing base and propel the stock market upward. As a result, the dangers of loosening credit standards and the resulting abundance of available credit were summarily ignored and the use of credit was actually promoted. Like death and taxes, credit card debt became accepted as an unavoidable fact of life.
However, with the ongoing recession, the era of widespread credit has ended. The new objective for every American should be to save as much as possible. Only as a result of a concerted effort to bolster personal savings can we assist in the restoration of our economy and return our country to prosperity. Before this can occur, we must first eliminate the numerous debts, especially credit card debts that have amassed over many years. This task is necessary despite the obstacles, particularly for the younger borrowers who know of no other way of life. Let us face reality. For Americans who reached adulthood in the last 20 years, favoring spending over savings has been the rule of the day, as one’s status in the community is established by how much money you spend. From the trendy youth who have funded their stylish fashions and nightlife with credit to the upper middle class family that cannot resist the urge to purchase the latest gaming system or plasma television, debt has become an accepted aspect of the lives of people spanning two generations.
As with any compulsion, this type of activity can feel extremely difficult to alter and correct. Changing the tendencies developed over a life is never simple, and surprisingly the tools of the AA self-help industry may be helpful in changing this conduct. Admitting that you cannot control your credit card debt does not need mentioning. It is often repeated that each American has thirteen credit cards, and as you are reading this it is likely that this rings true for you as well. The importance of learning to live without credit and use cash to make purchases cannot be overstated, particularly given how our entire society is geared towards increasing the convenience of charging. Keep in mind that it was the credit card companies that used their influence to convert our society into one where cash purchases are viewed as suspect. These international giants are crafty; they have built entire advertising campaigns based on touting the ease and simplicity of using credit cards and the dangers and labors of carrying cash, although this could not be more untrue. These companies are rolling in profits as a result of persuading the country to eschew paper money in favor of credit cards. This is not surprising given the growing mountain of unsecured debt carried by the general public, which will only expand with the abundance of high interest rates and account fees attached to the cards.
Naturally, discontinuing credit card use when pressed for time (or even defending their use despite progressively more inexplicable ATM fees) is probably easier to profess than accomplish. As a result, many people are simply no longer bringing their cards out of their homes. Some less disciplined people have gone to even more creative lengths – leaving cards in hard to reach places, frozen in the freezer, any number of varying approaches – just to avoid the temptation to charge. Some even turn it into a challenge, creating a piñata to be split open after debts are eliminated, as a reward for discontinuing card use. If these drastic steps do little to curb your credit card use, you will be left with no other choice but to pass cards along to friends and family or to cut up and cancel the cards. While we would never promote such drastic steps – developing self-restraint and fiscal discipline should be more than enough – the most crucial step in effectively erasing credit card debt will always be to discontinue spending.
Morgan is a financial professional with a keen grasp on the current state of this economy. She enjoys helping guide others to debt settlement solutions. There are many debt settlement solutions out there, however every consumer should be skeptical of exactly how much a debt settlement or consolidation company can help. For a legitimate debt settlement and consolidation company please visit:
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