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Here's why you should stop creating credit card debt

It's so easy to use a credit card to buy something you want now, rather than waiting until you've saved enough money. Want a new cellphone? Want to buy $1,000 of Bitcoin? You can painlessly purchase these items without a second thought by whipping out a tiny piece of plastic.

The problem is, the pain will eventually show up in the form of monthly payments and interest. If you're not careful, the debt can get out of control very quickly and lead to your financial ruin. But if this isn't enough reason to prevent you from holding debt on a credit card, keep reading.

Here's why credit card debt is counterproductive and damaging

The following reasons to avoid credit card debt could help motivate you toward having more financial responsibility for yourself and your purchases:

  • The quick fix of buying what you want now instead of saving and waiting means that you don't have self-control. It's a good and healthful practice to save your money for the future so you don't have to finance things on your credit card.
  • If you have to finance your purchase, it means that you haven't been adhering to your budget, or maybe it means you don't even have a budget.
  • Credit card interest rates mean you never get a "good deal" on something you buy. Eventually, you'll make up for any savings in the form of extra and unnecessary money paid to the credit card company.
  • Your credit card interest will go up if you're unable to pay off your balance in full. You might have an introductory rate, that goes away after holding your balance for a certain period of time. Don't fall for this trap!
  • Getting into debt trouble on your credit cards will hurt your credit score, and this will end up costing you big when you try to buy a house or a car. It could even cause your insurance rates to go up.

Are you motivated to avoid credit card debt?

The above reasons should motivate you to get your credit card use under control -- and to take care of your credit card debt as quickly as possible. However, if you're stuck under a mountain of out of control debt, Chapter 7 or Chapter 13 bankruptcy could be the solution you're looking for.

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